v3.20.2
Financial Instruments - Investments - Unrealized Gains and Losses Related to Equity Securities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 27, 2020
Sep. 29, 2019
Sep. 27, 2020
Sep. 29, 2019
Fair Value Disclosures [Abstract]        
Net (gains)/losses recognized during the period on equity securities [1],[2] $ 70 $ (6) $ (408) $ (153)
Less: Net (gains)/losses recognized during the period on equity securities sold during the period 2 (3) (16) (13)
Net unrealized (gains)/losses during the reporting period on equity securities still held at the reporting date [3] $ 68 $ (3) $ (391) $ (140)
[1] The losses in the third quarter of 2020 include, among other things, unrealized losses of $131 million related to our investment in Allogene. The gains in the first nine months of 2020 include, among other things, unrealized gains of $243 million related to our investment in Allogene and unrealized gains of $154 million related to our investment in BioNTech. The gains in the first nine months of 2019 included, among other things, unrealized gains of $115 million related to our investments in Cortexyme, Inc. and SpringWorks Therapeutics, Inc. For additional information on investments, see Note 7B.
[2] Reported in Other (income)/deductions––net. See Note 4.
[3] Included in net unrealized gains are observable price changes on equity securities without readily determinable fair values. Since January 1, 2018, there were cumulative impairments and downward adjustments of $82 million and upward adjustments of $63 million. Impairments, downward and upward adjustments were not significant in the third quarters and the first nine months of 2020 and 2019.