Investments (Tables)

9 Months Ended

Sep. 30, 2017

Schedule of Investments [Line Items]

Investments

Our investments were as follows:

	September 30, 2017		December 31, 2016
	(in millions)
Short-term investments:
Trading investment securities	$	25	$	25
Available-for-sale investment securities	2,075		2,264
Held-to-maturity investment securities	677		40
Time deposits	359		806
Total short-term investments	$	3,136	$	3,135

Long-term investments:
Equity and cost method investments	$	72	$	62
Held-to-maturity investment securities	190		—
Total long-term investments	$	262	$	62

Available-for-sale Securities [Member]

Schedule of Investments [Line Items]

Unrealized Gain (Loss) on Investments

The amortized cost, gross unrealized gains and losses and fair value of available-for-sale investment securities at September 30, 2017 were as follows:

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in millions)
U.S. Treasury and agency debt securities	$	658	$	—	$	(2	)	$	656
Corporate and other debt securities	452		—		(1		)	451
Certificates of deposit and commercial paper	546		1		—			547
Asset-backed securities	289		—		(1		)	288
Municipal debt securities	133		—		—			133
Total available-for-sale investment securities	$	2,078	$	1	$	(4	)	$	2,075

The amortized cost, gross unrealized gains and losses and fair value of available-for-sale investment securities at December 31, 2016 were as follows:

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in millions)
U.S. Treasury and agency debt securities	$	605	$	—	$	(3	)	$	602
Corporate and other debt securities	407		—		(2		)	405
Certificates of deposit and commercial paper	910		1		—			911
Asset-backed securities	232		—		(1		)	231
Municipal debt securities	116		—		(1		)	115
Total available-for-sale investment securities	$	2,270	$	1	$	(7	)	$	2,264

Securities in Continuous Unrealized Loss Positions

The fair value and related unrealized losses of available-for-sale investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of September 30, 2017:

	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in millions)
U.S. Treasury and agency debt securities	$	546	$	(1	)	$	44	$	(1	)	$	590	$	(2	)
Corporate and other debt securities	253		(1		)	37		—			290		(1		)
Certificates of deposit and commercial paper	25		—			—		—			25		—
Asset-backed securities	226		(1		)	10		—			236		(1		)
Municipal debt securities	60		—			7		—			67		—
Total	$	1,110	$	(3	)	$	98	$	(1	)	$	1,208	$	(4	)

The fair value and related unrealized losses of available-for-sale investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of December 31, 2016:

	Less than 12 Months					12 Months or More				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in millions)
U.S. Treasury and agency debt securities	$	526	$	(3	)	$	—	$	—	$	526	$	(3	)
Corporate and other debt securities	342		(2		)	1		—		343		(2		)
Certificates of deposit and commercial paper	185		—			—		—		185		—
Asset-backed securities	206		(1		)	1		—		207		(1		)
Municipal debt securities	88		(1		)	1		—		89		(1		)
Total	$	1,347	$	(7	)	$	3	$	—	$	1,350	$	(7	)

Contractual Maturities

The contractual maturities of our fixed income available-for-sale investment securities as of September 30, 2017 are set forth in the following table:

	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	692	$	692
Due after one year up to two years	539		538
Due after two years up to three years	461		460
Due after three years	97		97
Asset-backed securities	289		288
Total available-for-sale investment securities	$	2,078	$	2,075

Schedule of Realized Gain (Loss)

Proceeds from sales of available-for-sale investment securities and the gross gains and losses that have been included in earnings as a result of those sales were as follows:

	Three Months Ended   September 30,						Nine Months Ended   September 30,
	2017			2016			2017			2016
	(in millions)
Proceeds from sales of available-for-sale investment securities	$	375		$	465		$	2,020		$	2,843
Gross gains	$	—		$	1		$	1		$	5
Gross losses	(1		)	(4		)	(2		)	(4		)
Net realized (losses) gains on sales of available-for-sale investment securities	$	(1	)	$	(3	)	$	(1	)	$	1

Held-to-maturity Securities [Member]

Schedule of Investments [Line Items]

Unrealized Gain (Loss) on Investments

The amortized cost, gross unrealized gains and losses and fair value of held-to-maturity investment securities at September 30, 2017 were as follows:

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in millions)
Short-term investments:
Corporate and other debt securities	$	281	$	—	$	—		$	281
Commercial paper	396		—		—			396
Total short-term held-to-maturity investments	677		—		—			677
Long-term investments:
Corporate and other debt securities	190		—		(1		)	189
Total held-to-maturity investment securities	$	867	$	—	$	(1	)	$	866

The amortized cost, gross unrealized gains and losses and fair value of held-to-maturity investment securities at December 31, 2016 were as follows:

	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(in millions)
Short-term investments:
Certificates of deposit and commercial paper	$	40	$	—	$	—	$	40

Securities in Continuous Unrealized Loss Positions

The fair value and related unrealized losses of held-to-maturity investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of September 30, 2017:

	Less than 12 Months					12 Months or More				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in millions)
Corporate and other debt securities	$	363	$	(1	)	$	—	$	—	$	363	$	(1	)
Commercial paper	268		—			—		—		268		—
Total	$	631	$	(1	)	$	—	$	—	$	631	$	(1	)

Contractual Maturities

The contractual maturities of our fixed income held-to-maturity investment securities as of September 30, 2017 are set forth in the following table:

	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	677	$	677
Due after one year up to two years	184		183
Due after two years	6		6
Total held-to-maturity investment securities	$	867	$	866