XML 20 R9.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Financial Instruments | 6 Months Ended
--- | ---
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Financial Instruments | FINANCIAL INSTRUMENTS Cash, Cash Equivalents, Restricted Cash, and Marketable Securities As of December 31, 2023 and June 30, 2024, our cash, cash equivalents, restricted cash, and marketable securities primarily consisted of cash, AAA-rated money market funds, U.S. and foreign government and agency securities, other investment grade securities, and marketable equity securities. Cash equivalents and marketable securities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets. Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3—Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. We measure the fair value of money market funds and certain marketable equity securities based on quoted prices in active markets for identical assets or liabilities. Other marketable securities were valued either based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. The following table summarizes, by major security type, our cash, cash equivalents, restricted cash, and marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in millions):
| December 31, 2023 |  | June 30, 2024
| Total Estimated Fair Value |  | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Total Estimated Fair Value
Cash | $ | 11,706 |  |  | $ | 10,194 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,194 |
Level 1 securities: |  |  |  |  |  |  |  |  |
Money market funds | 39,160 |  |  | 21,631 |  |  | — |  |  | — |  |  | 21,631 |
Equity securities (1) | 4,658 |  |  |  |  |  |  |  |  | 3,017 |
Level 2 securities: |  |  |  |  |  |  |  |  |
Foreign government and agency securities | 505 |  |  | 19 |  |  | — |  |  | — |  |  | 19 |
U.S. government and agency securities | 1,699 |  |  | 1,967 |  |  | 1 |  |  | (80) |  |  | 1,888 |
Corporate debt securities | 27,805 |  |  | 51,577 |  |  | — |  |  | (110) |  |  | 51,467 |
Asset-backed securities | 1,646 |  |  | 1,320 |  |  | — |  |  | (33) |  |  | 1,287 |
Other debt securities | 104 |  |  | 87 |  |  | — |  |  | (3) |  |  | 84 |
| $ | 87,283 |  |  | $ | 86,795 |  |  | $ | 1 |  |  | $ | (226) |  |  | $ | 89,587 |
Less: Restricted cash, cash equivalents, and marketable securities (2) | (503) |  |  |  |  |  |  |  |  | (495) |
Total cash, cash equivalents, and marketable securities | $ | 86,780 |  |  |  |  |  |  |  |  | $ | 89,092 |
___________________ (1)The related unrealized gain (loss) recorded in “Other income (expense), net” was $284 million and $443 million in Q2 2023 and Q2 2024, and $(195) million and $(1.7) billion for the six months ended June 30, 2023 and 2024. (2)We are required to pledge or otherwise restrict a portion of our cash, cash equivalents, and marketable debt securities primarily as collateral for real estate, amounts due to third-party sellers in certain jurisdictions, debt, and standby and trade letters of credit. We classify cash, cash equivalents, and marketable debt securities with use restrictions of less than twelve months as “Accounts receivable, net and other” and of twelve months or longer as non-current “Other assets” on our consolidated balance sheets. See “Note 4 — Commitments and Contingencies.” The following table summarizes the remaining contractual maturities of our cash equivalents and marketable debt securities as of June 30, 2024 (in millions):
| Amortized Cost |  | Estimated Fair Value
Due within one year | $ | 72,253 |  |  | $ | 72,204 |
Due after one year through five years | 3,220 |  |  | 3,101 |
Due after five years through ten years | 356 |  |  | 345 |
Due after ten years | 772 |  |  | 726 |
Total | $ | 76,601 |  |  | $ | 76,376 |
Actual maturities may differ from the contractual maturities because borrowers may have certain prepayment conditions. Non-Marketable Investments We hold equity warrants giving us the right to acquire stock of other companies. As of December 31, 2023 and June 30, 2024, these warrants had a fair value of $2.2 billion and $2.1 billion, with gains and losses recognized in “Other income (expense), net” on our consolidated statements of operations. These warrants are classified as Level 2 and 3 assets. As of December 31, 2023 and June 30, 2024, equity investments not accounted for under the equity-method and without readily determinable fair values had a carrying value of $754 million and $815 million, with adjustments recognized in “Other income (expense), net” on our consolidated statements of operations. In Q3 2023, we invested in a $1.25 billion note from Anthropic, PBC, which is convertible to equity. In Q1 2024, we invested $2.75 billion in a second convertible note. The notes are classified as available for sale and reported at fair value with unrealized gains and losses included in “Accumulated other comprehensive income (loss).” The notes are classified as Level 3 assets. We also have a commercial arrangement primarily for the provision of AWS cloud services, which includes the use of AWS chips. All non-marketable investments are recorded within “Other assets” on our consolidated balance sheets. Consolidated Statements of Cash Flows Reconciliation The following table provides a reconciliation of the amount of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows (in millions):
| December 31, 2023 |  | June 30, 2024
Cash and cash equivalents | $ | 73,387 |  |  | $ | 71,178 |
Restricted cash included in accounts receivable, net and other | 497 |  |  | 491 |
Restricted cash included in other assets | 6 |  |  | 4 |
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows | $ | 73,890 |  |  | $ | 71,673 |

X
- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration