Investments (Tables)
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3 Months Ended |
Mar. 31, 2019 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
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| 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 interest-bearing securities, which are considered available-for-sale, by type of security were as follows (in millions): | | | | | | | | | | | | | | | | | | Types of securities as of March 31, 2019 | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Fair values | U.S. Treasury notes | | $ | 2,709 |
| | $ | — |
| | $ | (27 | ) | | $ | 2,682 |
| U.S. Treasury bills | | 3,475 |
| | — |
| | — |
| | 3,475 |
| Other government-related debt securities: | | | | | | | | | U.S. | | 112 |
| | — |
| | (1 | ) | | 111 |
| Foreign and other | | 964 |
| | 4 |
| | (10 | ) | | 958 |
| Corporate debt securities: | | | | | | | | | Financial | | 2,771 |
| | 1 |
| | (22 | ) | | 2,750 |
| Industrial | | 2,481 |
| | 4 |
| | (27 | ) | | 2,458 |
| Other | | 572 |
| | 1 |
| | (7 | ) | | 566 |
| Residential-mortgage-backed securities | | 1,404 |
| | — |
| | (22 | ) | | 1,382 |
| Other mortgage- and asset-backed securities | | 478 |
| | — |
| | (11 | ) | | 467 |
| Money market mutual funds | | 4,375 |
| | — |
| | — |
| | 4,375 |
| Other short-term interest-bearing securities | | 6,428 |
| | — |
| | — |
| | 6,428 |
| Total interest-bearing securities | | $ | 25,769 |
| | $ | 10 |
| | $ | (127 | ) | | $ | 25,652 |
|
| | | | | | | | | | | | | | | | | | Types of securities as of December 31, 2018 | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Fair values | U.S. Treasury notes | | $ | 2,710 |
| | $ | — |
| | $ | (47 | ) | | $ | 2,663 |
| U.S. Treasury bills | | 8,191 |
| | — |
| | — |
| | 8,191 |
| Other government-related debt securities: | | | | | | | | | U.S. | | 112 |
| | — |
| | (2 | ) | | 110 |
| Foreign and other | | 972 |
| | 1 |
| | (41 | ) | | 932 |
| Corporate debt securities: | | | | | | | | | Financial | | 2,778 |
| | — |
| | (81 | ) | | 2,697 |
| Industrial | | 2,603 |
| | — |
| | (99 | ) | | 2,504 |
| Other | | 583 |
| | — |
| | (21 | ) | | 562 |
| Residential-mortgage-backed securities | | 1,458 |
| | — |
| | (36 | ) | | 1,422 |
| Other mortgage- and asset-backed securities | | 483 |
| | — |
| | (14 | ) | | 469 |
| Money market mutual funds | | 5,659 |
| | — |
| | — |
| | 5,659 |
| Other short-term interest-bearing securities | | 3,515 |
| | — |
| | — |
| | 3,515 |
| Total interest-bearing securities | | $ | 29,064 |
| | $ | 1 |
| | $ | (341 | ) | | $ | 28,724 |
|
|
| Fair values of available-for-sale investments by classification in the Consolidated Balance Sheets |
The fair values of interest-bearing securities by location in the Condensed Consolidated Balance Sheets were as follows (in millions): | | | | | | | | | | Condensed Consolidated Balance Sheets locations | | March 31,
2019 | | December 31,
2018 | Cash and cash equivalents | | $ | 6,709 |
| | $ | 6,365 |
| Marketable securities | | 18,943 |
| | 22,359 |
| Total interest-bearing securities | | $ | 25,652 |
| | $ | 28,724 |
|
|
| Fair values of available-for-sale interest-bearing security investments by contractual maturity |
The fair values of interest-bearing securities by contractual maturity, except for mortgage- and asset-backed securities that do not have a single maturity date, were as follows (in millions): | | | | | | | | | | Contractual maturities | | March 31,
2019 | | December 31,
2018 | Maturing in one year or less | | $ | 14,357 |
| | $ | 17,424 |
| Maturing after one year through three years | | 4,600 |
| | 3,356 |
| Maturing after three years through five years | | 3,987 |
| | 5,168 |
| Maturing after five years through ten years | | 859 |
| | 885 |
| Mortgage- and asset-backed securities | | 1,849 |
| | 1,891 |
| Total interest-bearing securities | | $ | 25,652 |
| | $ | 28,724 |
|
|
| Available-for-sale securities, continuous unrealized loss position, fair value |
The fair values and gross unrealized losses of interest-bearing securities 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 | Types of securities as of March 31, 2019 | | Fair values | | Unrealized losses | | Fair values | | Unrealized losses | U.S. Treasury notes | | $ | 1,190 |
| | $ | (11 | ) | | $ | 1,452 |
| | $ | (16 | ) | Other government-related debt securities: | | | | | | | | | U.S. | | — |
| | — |
| | 111 |
| | (1 | ) | Foreign and other | | 410 |
| | (6 | ) | | 307 |
| | (4 | ) | Corporate debt securities: | | | | | | | | | Financial | | 1,783 |
| | (14 | ) | | 822 |
| | (8 | ) | Industrial | | 1,516 |
| | (20 | ) | | 634 |
| | (7 | ) | Other | | 454 |
| | (6 | ) | | 36 |
| | (1 | ) | Residential-mortgage-backed securities | | 558 |
| | (9 | ) | | 809 |
| | (13 | ) | Other mortgage- and asset-backed securities | | 17 |
| | — |
| | 450 |
| | (11 | ) | Total | | $ | 5,928 |
| | $ | (66 | ) | | $ | 4,621 |
| | $ | (61 | ) |
| | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | Types of securities as of December 31, 2018 | | Fair values | | Unrealized losses | | Fair values | | Unrealized losses | U.S. Treasury notes | | $ | 1,219 |
| | $ | (21 | ) | | $ | 1,444 |
| | $ | (26 | ) | Other government-related debt securities: | | | | | | | | | U.S. | | — |
| | — |
| | 110 |
| | (2 | ) | Foreign and other | | 631 |
| | (31 | ) | | 240 |
| | (10 | ) | Corporate debt securities: | | | | | | | | | Financial | | 1,968 |
| | (59 | ) | | 718 |
| | (22 | ) | Industrial | | 1,898 |
| | (81 | ) | | 529 |
| | (18 | ) | Other | | 529 |
| | (20 | ) | | 28 |
| | (1 | ) | Residential-mortgage-backed securities | | 576 |
| | (14 | ) | | 840 |
| | (22 | ) | Other mortgage- and asset-backed securities | | 17 |
| | — |
| | 451 |
| | (14 | ) | Total | | $ | 6,838 |
| | $ | (226 | ) | | $ | 4,360 |
| | $ | (115 | ) |
|