Investments (Tables)

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of available-for-sale investments by type of security

The amortized cost, gross unrealized gains, gross unrealized losses and fair values of available-for-sale investments by type of security were as follows (in millions):

Type of security as of March 31, 2018	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. Treasury securities	$	5,207	$	—	$	(104	)	$	5,103
Other government-related debt securities:
U.S.	132		—		(3		)	129
Foreign and other	1,714		3		(43		)	1,674
Corporate debt securities:
Financial	6,189		1		(137		)	6,053
Industrial	5,687		6		(128		)	5,565
Other	916		1		(21		)	896
Residential-mortgage-backed securities	1,745		—		(46		)	1,699
Other mortgage- and asset-backed securities	1,293		—		(26		)	1,267
Money market mutual funds	9,234		—		—			9,234
Other short-term interest-bearing securities	50		—		—			50
Total available-for-sale investments	$	32,167	$	11	$	(508	)	$	31,670

Type of security as of December 31, 2017	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
U.S. Treasury securities	$	8,313	$	1	$	(72	)	$	8,242
Other government-related debt securities:
U.S.	225		—		(2		)	223
Foreign and other	2,415		18		(11		)	2,422
Corporate debt securities:
Financial	10,089		17		(34		)	10,072
Industrial	9,688		34		(52		)	9,670
Other	1,393		3		(6		)	1,390
Residential-mortgage-backed securities	2,198		—		(30		)	2,168
Other mortgage- and asset-backed securities	2,312		—		(15		)	2,297
Money market mutual funds	3,245		—		—			3,245
Other short-term interest-bearing securities	1,440		—		—			1,440
Total interest-bearing securities	41,318		73		(222		)	41,169
Equity securities	135		14		—			149
Total available-for-sale investments	$	41,453	$	87	$	(222	)	$	41,318

Fair values of available-for-sale investments by classification in the Consolidated Balance Sheets

The fair values of available-for-sale investments by location in the Condensed Consolidated Balance Sheets were as follows (in millions):

Condensed Consolidated Balance Sheets location	March 31, 2018		December 31, 2017
Cash and cash equivalents	$	9,239	$	3,291
Marketable securities	22,431		37,878
Other assets	—		149
Total available-for-sale investments	$	31,670	$	41,318

Fair values of available-for-sale interest-bearing security investments by contractual maturity

The fair values of available-for-sale interest-bearing security investments by contractual maturity, except for mortgage- and asset-backed securities that do not have a single maturity date, were as follows (in millions):

Contractual maturity	March 31, 2018		December 31, 2017
Maturing in one year or less	$	9,403	$	6,733
Maturing after one year through three years	6,579		12,820
Maturing after three years through five years	10,934		13,836
Maturing after five years through ten years	1,788		3,263
Maturing after ten years	—		52
Mortgage- and asset-backed securities	2,966		4,465
Total interest-bearing securities	$	31,670	$	41,169

Available-for-sale securities, continuous unrealized loss position, fair value

he fair values and gross unrealized losses of available-for-sale investments in an unrealized loss position aggregated by type and length of time that the securities have been in a continuous loss position were as follows (in millions):

	Less than 12 months					12 months or more
Type of security as of March 31, 2018	Fair value		Unrealized losses			Fair value		Unrealized losses
U.S. Treasury securities	$	5,023	$	(103	)	$	53	$	(1	)
Other government-related debt securities:
U.S.	103		(2		)	26		(1		)
Foreign and other	1,367		(39		)	88		(4		)
Corporate debt securities:
Financial	5,648		(128		)	325		(9		)
Industrial	4,702		(117		)	397		(11		)
Other	727		(18		)	93		(3		)
Residential-mortgage-backed securities	1,464		(39		)	226		(7		)
Other mortgage- and asset-backed securities	1,105		(22		)	162		(4		)
Total	$	20,139	$	(468	)	$	1,370	$	(40	)

	Less than 12 months					12 months or more
Type of security as of December 31, 2017	Fair value		Unrealized losses			Fair value		Unrealized losses
U.S. Treasury securities	$	7,728	$	(70	)	$	195	$	(2	)
Other government-related debt securities:
U.S.	188		(1		)	34		(1		)
Foreign and other	1,163		(9		)	115		(2		)
Corporate debt securities:
Financial	5,928		(28		)	462		(6		)
Industrial	5,760		(43		)	612		(9		)
Other	868		(4		)	117		(2		)
Residential-mortgage-backed securities	1,838		(24		)	276		(6		)
Other mortgage- and asset-backed securities	1,777		(12		)	250		(3		)
Total	$	25,250	$	(191	)	$	2,061	$	(31	)