Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Composition of Investments

	December 31, 2015
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Aggregate Fair Value
U.S. government and agency obligations	$	2,449	$	—	$	(8	)	$	2,441
U.S. corporate debt securities	2,257		1		(10		)	2,248
High yield corporate debt securities	307		2		(22		)	287
Asset-backed securities	20		—		—			20
Municipal obligations	731		1		—			732
Auction rate securities	27		—		(2		)	25
Foreign debt securities	2,332		—		(9		)	2,323
Total fixed income securities	8,123		4		(51		)	8,076
Publicly traded equity securities	126		40		(8		)	158
Total	$	8,249	$	44	$	(59	)	$	8,234

The following tables summarize the composition of our short- and long-term investments at March 31, 2016 and December 31, 2015 (tables in millions):

	March 31, 2016
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Aggregate Fair Value
U.S. government and agency obligations	$	2,054	$	5	$	(1	)	$	2,058
U.S. corporate debt securities	2,364		11		(2		)	2,373
High yield corporate debt securities	220		3		(8		)	215
Asset-backed securities	13		—		—			13
Municipal obligations	640		—		—			640
Auction rate securities	25		—		(2		)	23
Foreign debt securities	2,298		6		(2		)	2,302
Total fixed income securities	7,614		25		(15		)	7,624
Publicly traded equity securities	113		18		(9		)	122
Total	$	7,727	$	43	$	(24	)	$	7,746

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 March 31, 2016 and December 31, 2015 (tables in millions):

	March 31, 2016
	Level 1		Level 2			Level 3		Total
Cash	$	2,305	$	—		$	—	$	2,305
Cash equivalents	4,025		894			—		4,919
U.S. government and agency obligations	1,258		800			—		2,058
U.S. corporate debt securities	—		2,373			—		2,373
High yield corporate debt securities	—		215			—		215
Asset-backed securities	—		13			—		13
Municipal obligations	—		640			—		640
Auction rate securities	—		—			23		23
Foreign debt securities	—		2,302			—		2,302
Publicly traded equity securities	122		—			—		122
Total cash and investments	$	7,710	$	7,237		$	23	$	14,970
Other items:
Strategic investments held at cost	$	—	$	—		$	385	$	385
Investment in joint venture	—		—			39		39
Long-term debt carried at discounted cost	—		(5,186		)	—		(5,186		)
Foreign exchange derivative assets	—		74			—		74
Foreign exchange derivative liabilities	—		(79		)	—		(79		)
Commodity derivative liabilities	—		(6		)	—		(6		)

	December 31, 2015
	Level 1		Level 2			Level 3		Total
Cash	$	2,095	$	—		$	—	$	2,095
Cash equivalents	3,861		593			—		4,454
U.S. government and agency obligations	1,495		946			—		2,441
U.S. corporate debt securities	—		2,248			—		2,248
High yield corporate debt securities	—		287			—		287
Asset-backed securities	—		20			—		20
Municipal obligations	—		732			—		732
Auction rate securities	—		—			25		25
Foreign debt securities	—		2,323			—		2,323
Publicly traded equity securities	158		—			—		158
Total cash and investments	$	7,609	$	7,149		$	25	$	14,783
Other items:
Strategic investments held at cost	$	—	$	—		$	384	$	384
Investment in joint venture	—		—			39		39
Long-term debt carried at discounted cost	—		(4,999		)	—		(4,999		)
Foreign exchange derivative assets	—		39			—		39
Foreign exchange derivative liabilities	—		(78		)	—		(78		)
Commodity derivative liabilities	—		(4		)	—		(4		)

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

Unrealized losses on investments at March 31, 2016 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	$	466	$	(1	)	$	—	$	—		$	466	$	(1	)
U.S. corporate debt securities	485		(2		)	—		—			485		(2		)
High yield corporate debt securities	99		(6		)	23		(2		)	122		(8		)
Auction rate securities	—		—			23		(2		)	23		(2		)
Foreign debt securities	721		(1		)	81		(1		)	802		(2		)
Publicly traded equity securities	2		(1		)	2		(8		)	4		(9		)
Total	$	1,773	$	(11	)	$	129	$	(13	)	$	1,902	$	(24	)

Contractual Maturities of Investments

The contractual maturities of fixed income securities held at March 31, 2016 are as follows (table in millions):

	March 31, 2016
	Amortized Cost Basis		Aggregate Fair Value
Due within one year	$	2,542	$	2,543
Due after 1 year through 5 years	4,496		4,509
Due after 5 years through 10 years	332		330
Due after 10 years	244		242
Total	$	7,614	$	7,624