Fair Value Measurements and Investments (Tables)

6 Months Ended

Mar. 31, 2023

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and Liabilities Measured at Fair Value on a Recurring Basis


	Fair Value Measurements Using Inputs Considered as
	Level 1				Level 2
	March 31, 2023		September 30, 2022		March 31, 2023		September 30, 2022
	(in millions)
Assets
Cash equivalents and restricted cash equivalents:
Money market funds	$	11,548	$	11,736	$	—	$	—

U.S. Treasury securities	—		799		—		—
Investment securities:
Marketable equity securities	327		437		—		—
U.S. government-sponsored debt securities	—		—		1,016		457
U.S. Treasury securities	4,249		4,005		—		—
Other current and non-current assets:
Money market funds	22		22		—		—
Derivative instruments	—		—		158		1,131
Total	$	16,146	$	16,999	$	1,174	$	1,588
Liabilities
Accrued compensation and benefits:
Deferred compensation liability	$	171	$	146	$	—	$	—
Accrued and other liabilities:
Derivative instruments	—		—		389		418
Total	$	171	$	146	$	389	$	418

Schedule of Amortized Cost, Unrealized Gains and Losses, and Fair Value of Debt Securities

The amortized cost, unrealized gains and losses and fair value of debt securities were as follows:


	March 31, 2023
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
	(in millions)
U.S. government-sponsored debt securities	$	1,016	$	1	$	(1)	$	1,016
U.S. Treasury securities	4,332		6		(89)		4,249
Total	$	5,348	$	7	$	(90)	$	5,265


	September 30, 2022
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
	(in millions)
U.S. government-sponsored debt securities	$	458	$	—	$	(1)	$	457
U.S. Treasury securities	4,937		—		(133)		4,804
Total	$	5,395	$	—	$	(134)	$	5,261

Debt securities with unrealized losses for less than 12 months and 12 months or greater were as follows:


	March 31, 2023
	Less Than 12 Months				12 Months or Greater
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
U.S. government-sponsored debt securities	$	179	$	(1)	$	—	$	—
U.S. Treasury securities	882		(11)		2,270		(78)
Total	$	1,061	$	(12)	$	2,270	$	(78)


	September 30, 2022
	Less Than 12 Months
	Fair Value		Gross Unrealized Losses
	(in millions)
U.S. government-sponsored debt securities	$	408	$	(1)
U.S. Treasury securities	3,507		(133)
Total	$	3,915	$	(134)

Debt Securities Classified by Contractual Maturity Date

The stated maturities of debt securities were as follows:


	March 31, 2023
	(in millions)
Due within one year	$	2,425
Due after 1 year through 5 years	2,840
Total	$	5,265

Schedule of Non-Marketable Equity Securities

The following table summarizes the total carrying value of the Company’s non-marketable equity securities held as of March 31, 2023 including cumulative unrealized gains and losses:


	March 31, 2023
	(in millions)
Initial cost basis	$	754
Adjustments:
Upward adjustments	829
Downward adjustments (including impairment)	(438)
Carrying amount, end of period	$	1,145

Unrealized gains and losses included in the carrying value of the Company’s non-marketable equity securities still held as of March 31, 2023 and 2022 were as follows:


	Three Months Ended March 31,				Six Months Ended March 31,
	2023		2022		2023		2022
	(in millions)
Upward adjustments	$	2	$	2	$	19	$	226
Downward adjustments (including impairment)	$	(89)	$	(53)	$	(89)	$	(53)