Fair Value

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value

Note 11 : Fair Value

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

	Sep 30, 2023								Dec 31, 2022
	Fair Value Measured and Recorded at Reporting Date Using								Fair Value Measured and Recorded at Reporting Date Using
(In Millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Corporate debt	$	—	$	1,074	$	—	$	1,074	$	—	$	856	$	—	$	856
Financial institution instruments¹	1,779		1,876		—		3,655		6,899		1,474		—		8,373
Government debt²	—		49		—		49		—		—		—		—
Reverse repurchase agreements	—		2,334		—		2,334		—		1,301		—		1,301
Short-term investments:
Corporate debt	—		6,168		—		6,168		—		5,381		—		5,381
Financial institution instruments¹	35		4,105		—		4,140		196		4,729		—		4,925
Government debt²	50		7,051		—		7,101		48		6,840		—		6,888
Other current assets:
Derivative assets	131		1,013		—		1,144		—		1,264		—		1,264
Loans receivable	—		53		—		53		—		53		—		53
Marketable equity securities	1,117		—		—		1,117		1,341		—		—		1,341
Other long-term assets:
Derivative assets	—		1		—		1		—		10		—		10
Total assets measured and recorded at fair value	$	3,112	$	23,724	$	—	$	26,836	$	8,484	$	21,908	$	—	$	30,392
Liabilities
Other accrued liabilities:
Derivative liabilities	$	17	$	727	$	147	$	891	$	111	$	485	$	89	$	685
Other long-term liabilities:
Derivative liabilities	—		841		—		841		—		699		—		699
Total liabilities measured and recorded at fair value	$	17	$	1,568	$	147	$	1,732	$	111	$	1,184	$	89	$	1,384

1Level 1 investments consist of money market funds. Level 2 investments consist primarily of certificates of deposit, time deposits, and notes and bonds issued by financial institutions.

2Level 1 investments consist primarily of US Treasury securities. Level 2 investments consist primarily of non-US government debt.

Assets Measured and Recorded at Fair Value on a Non-Recurring Basis

Our non-marketable equity securities, equity method investments, and certain non-financial assets, such as intangible assets and property, plant, and equipment, are recorded at fair value only if an impairment or observable price adjustment is recognized in the current period. If an observable price adjustment or impairment is recognized on our non-marketable equity securities during the period, we classify these assets as Level 3.

Financial Instruments Not Recorded at Fair Value on a Recurring Basis

Financial instruments not recorded at fair value on a recurring basis include non-marketable equity securities and equity method investments that have not been remeasured or impaired in the current period, grants receivable, reverse repurchase agreements with original maturities greater than three months, and issued debt. We classify the fair value of grants receivable and reverse repurchase agreements with original maturities greater than three months as Level 2. The estimated fair value of these financial instruments approximates their carrying value. The aggregate carrying value of grants receivable as of September 30, 2023 was $833 million (the aggregate carrying value as of December 31, 2022 was $437 million). We have no reverse repurchase agreements with original maturities greater than three months as of September 30, 2023 (the aggregate carrying value as of December 31, 2022 was $400 million).

We classify the fair value of issued debt (excluding any commercial paper) as Level 2. The fair value of our issued debt was $43.5 billion as of September 30, 2023 ($34.3 billion as of December 31, 2022).