Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Composition of Investments

	December 31, 2014
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Aggregate Fair Value
U.S. government and agency obligations	$	1,951	$	2	$	(2	)	$	1,951
U.S. corporate debt securities	1,998		1		(4		)	1,995
High yield corporate debt securities	570		9		(16		)	563
Asset-backed securities	53		—		—			53
Municipal obligations	948		2		—			950
Auction rate securities	29		—		(2		)	27
Foreign debt securities	2,566		2		(4		)	2,564
Total fixed income securities	8,115		16		(28		)	8,103
Publicly traded equity securities	117		103		(11		)	209
Total	$	8,232	$	119	$	(39	)	$	8,312

The following tables summarize the composition of our short- and long-term investments at September 30, 2015 and December 31, 2014 (tables in millions):

	September 30, 2015
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Aggregate Fair Value
U.S. government and agency obligations	$	2,376	$	5	$	(1	)	$	2,380
U.S. corporate debt securities	2,549		4		(5		)	2,548
High yield corporate debt securities	370		2		(22		)	350
Asset-backed securities	30		—		—			30
Municipal obligations	850		2		—			852
Auction rate securities	27		—		(2		)	25
Foreign debt securities	2,559		3		(8		)	2,554
Total fixed income securities	8,761		16		(38		)	8,739
Publicly traded equity securities	178		52		(9		)	221
Total	$	8,939	$	68	$	(47	)	$	8,960

Fair Value Hierarchy For Financial Assets And Liabilities Measured At Fair Value

The following tables represent our fair value hierarchy for our financial assets and liabilities measured at fair value as of September 30, 2015 and December 31, 2014 (tables in millions):

	September 30, 2015
	Level 1		Level 2			Level 3		Total
Cash	$	1,643	$	—		$	—	$	1,643
Cash equivalents	3,264		417			—		3,681
U.S. government and agency obligations	1,404		976			—		2,380
U.S. corporate debt securities	—		2,548			—		2,548
High yield corporate debt securities	—		350			—		350
Asset-backed securities	—		30			—		30
Municipal obligations	—		852			—		852
Auction rate securities	—		—			25		25
Foreign debt securities	—		2,554			—		2,554
Publicly traded equity securities	221		—			—		221
Total cash and investments	$	6,532	$	7,727		$	25	$	14,284
Other items:
Strategic investments held at cost	$	—	$	—		$	382	$	382
Investment in joint venture	—		—			38		38
Long-term debt carried at discounted cost	—		(5,514		)	—		(5,514		)
Foreign exchange derivative assets	—		49			—		49
Foreign exchange derivative liabilities	—		(47		)	—		(47		)
Commodity derivative liabilities	—		(4		)	—		(4		)

	December 31, 2014
	Level 1		Level 2			Level 3		Total
Cash	$	2,022	$	—		$	—	$	2,022
Cash equivalents	3,710		611			—		4,321
U.S. government and agency obligations	1,141		810			—		1,951
U.S. corporate debt securities	—		1,995			—		1,995
High yield corporate debt securities	—		563			—		563
Asset-backed securities	—		53			—		53
Municipal obligations	—		950			—		950
Auction rate securities	—		—			27		27
Foreign debt securities	—		2,564			—		2,564
Publicly traded equity securities	209		—			—		209
Total cash and investments	$	7,082	$	7,546		$	27	$	14,655
Other items:
Strategic investments held at cost	$	—	$	—		$	333	$	333
Investment in joint venture	—		—			37		37
Long-term debt carried at discounted cost	—		(5,544		)	—		(5,544		)
Foreign exchange derivative assets	—		44			—		44
Foreign exchange derivative liabilities	—		(71		)	—		(71		)
Commodity derivative assets	—		12			—		12

Unrealized Losses on Investments by Investment Category and Length of Time in Continuous Unrealized Loss Position

Unrealized losses on investments at September 30, 2015 by investment category and length of time the investment has been in a continuous unrealized loss position are as follows (table in millions):

	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. government and agency obligations	$	321	$	(1	)	$	—	$	—		$	321	$	(1	)
U.S. corporate debt securities	1,103		(5		)	—		—			1,103		(5		)
High yield corporate debt securities	239		(17		)	30		(5		)	269		(22		)
Auction rate securities	—		—			25		(2		)	25		(2		)
Foreign debt securities	1,220		(8		)	—		—			1,220		(8		)
Publicly traded equity securities	2		(1		)	19		(8		)	21		(9		)
Total	$	2,885	$	(32	)	$	74	$	(15	)	$	2,959	$	(47	)

Contractual Maturities of Investments

The contractual maturities of fixed income securities held at September 30, 2015 are as follows (table in millions):

	September 30, 2015
	Amortized Cost Basis		Aggregate Fair Value
Due within one year	$	2,302	$	2,303
Due after 1 year through 5 years	5,618		5,617
Due after 5 years through 10 years	523		503
Due after 10 years	318		316
Total	$	8,761	$	8,739