Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Composition of Investments

The following tables summarize the composition of our short- and long-term investments at June 30, 2016 and December 31, 2015 (tables in millions):

	June 30, 2016
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Aggregate Fair Value
U.S. government and agency obligations	$	1,639	$	8	$	(1	)	$	1,646
U.S. corporate debt securities	2,172		14		—			2,186
High yield corporate debt securities	68		1		(2		)	67
Asset-backed securities	8		—		—			8
Municipal obligations	517		—		—			517
Foreign debt securities	2,236		11		—			2,247
Total fixed income securities	6,640		34		(3		)	6,671
Publicly traded equity securities	113		18		(8		)	123
Total	$	6,753	$	52	$	(11	)	$	6,794

	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

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 June 30, 2016 and December 31, 2015 (tables in millions):

	June 30, 2016
	Level 1		Level 2			Level 3		Total
Cash	$	2,284	$	—		$	—	$	2,284
Cash equivalents	6,560		510			—		7,070
U.S. government and agency obligations	1,005		641			—		1,646
U.S. corporate debt securities	—		2,186			—		2,186
High yield corporate debt securities	—		67			—		67
Asset-backed securities	—		8			—		8
Municipal obligations	—		517			—		517
Foreign debt securities	—		2,247			—		2,247
Publicly traded equity securities	123		—			—		123
Total cash and investments	$	9,972	$	6,176		$	—	$	16,148
Other items:
Strategic investments held at cost	$	—	$	—		$	404	$	404
Long-term debt carried at discounted cost	—		(5,281		)	—		(5,281		)
Foreign exchange derivative assets	—		45			—		45
Foreign exchange derivative liabilities	—		(61		)	—		(61		)
Commodity derivative liabilities	—		(4		)	—		(4		)

	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 June 30, 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	$	128	$	(1	)	$	—	$	—		$	128	$	(1	)
High yield corporate debt securities	20		(1		)	15		(1		)	35		(2		)
Publicly traded equity securities	2		(1		)	2		(7		)	4		(8		)
Total	$	150	$	(3	)	$	17	$	(8	)	$	167	$	(11	)

Contractual Maturities of Investments

The contractual maturities of fixed income securities held at June 30, 2016 are as follows (table in millions):

	June 30, 2016
	Amortized Cost Basis		Aggregate Fair Value
Due within one year	$	2,378	$	2,379
Due after 1 year through 5 years	3,910		3,938
Due after 5 years through 10 years	162		163
Due after 10 years	190		191
Total	$	6,640	$	6,671