Short-term Investments

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Short-term Investments

SHORT-TERM INVESTMENTS

Investments Components

The components of investments were as follows:

	March 31, 2022
(In millions)	Fair Value Level	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments
Available-for-sale debt securities
Commercial paper	Level 2	$	2,481	$	—	$	(5)	$	2,476	$	270	$	2,206
Certificates of deposit and time deposits	Level 2	4,540		—		(3)		4,537		3,350		1,187
U.S. government securities	Level 1	28		—		—		28		—		28
Corporate notes and bonds	Level 2	28		—		—		28		—		28
Total available-for-sale debt securities		$	7,077	$	—	$	(8)	$	7,069	$	3,620	$	3,449
Cash								3,528		3,528		—
Total								$	10,597	$	7,148	$	3,449

	December 31, 2021
(In millions)	Fair Value Level	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Short-term Investments
Available-for-sale debt securities
Commercial paper	Level 2	$	4,905	$	—	$	(1)	$	4,904	$	868	$	4,036
Certificates of deposit and time deposits	Level 2	2,024		—		—		2,024		750		1,274
U.S. government securities	Level 1	28		—		—		28		—		28
Corporate notes and bonds	Level 2	271		—		—		271		61		210
Total available-for-sale debt securities		$	7,228	$	—	$	(1)	$	7,227	$	1,679	$	5,548
Cash								3,612		3,612		—
Total								$	10,839	$	5,291	$	5,548

Our investment policy includes concentration limits and credit rating requirements which limits our investments to high quality, short term and highly liquid securities.

Unrealized losses on debt investments held from May 14, 2021 to March 31, 2022 were not material. Realized gains/losses were not material. All of our available-for-sale debt securities held as of March 31, 2022 mature within one year or less or are readily available for use.