Investments (Tables)

6 Months Ended

Jun. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of available-for-sale investments by type of security

The amortized cost, gross unrealized gains, gross unrealized losses and fair values of available-for-sale investments by type of security were as follows (in millions):



Types of securities as of June 30, 2018	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair values
U.S. Treasury securities	$	3,477	$	—	$	(86	)	$	3,391
Other government-related debt securities:
U.S.	132		—		(4		)	128
Foreign and other	1,451		1		(62		)	1,390
Corporate debt securities:
Financial	4,091		1		(124		)	3,968
Industrial	3,957		4		(122		)	3,839
Other	699		—		(23		)	676
Residential-mortgage-backed securities	1,632		—		(53		)	1,579
Other mortgage- and asset-backed securities	672		—		(20		)	652
Money market mutual funds	7,341		—		—			7,341
Other short-term interest-bearing securities	5,872		—		—			5,872
Total available-for-sale investments	$	29,324	$	6	$	(494	)	$	28,836



Types of securities as of December 31, 2017	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair values
U.S. Treasury securities	$	8,313	$	1	$	(72	)	$	8,242
Other government-related debt securities:
U.S.	225		—		(2		)	223
Foreign and other	2,415		18		(11		)	2,422
Corporate debt securities:
Financial	10,089		17		(34		)	10,072
Industrial	9,688		34		(52		)	9,670
Other	1,393		3		(6		)	1,390
Residential-mortgage-backed securities	2,198		—		(30		)	2,168
Other mortgage- and asset-backed securities	2,312		—		(15		)	2,297
Money market mutual funds	3,245		—		—			3,245
Other short-term interest-bearing securities	1,440		—		—			1,440
Total interest-bearing securities	41,318		73		(222		)	41,169
Equity securities	135		14		—			149
Total available-for-sale investments	$	41,453	$	87	$	(222	)	$	41,318

Amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of available-for-sale investments by type of security

The amortized cost, gross unrealized gains, gross unrealized losses and fair values of available-for-sale investments by type of security were as follows (in millions):



Types of securities as of June 30, 2018	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair values
U.S. Treasury securities	$	3,477	$	—	$	(86	)	$	3,391
Other government-related debt securities:
U.S.	132		—		(4		)	128
Foreign and other	1,451		1		(62		)	1,390
Corporate debt securities:
Financial	4,091		1		(124		)	3,968
Industrial	3,957		4		(122		)	3,839
Other	699		—		(23		)	676
Residential-mortgage-backed securities	1,632		—		(53		)	1,579
Other mortgage- and asset-backed securities	672		—		(20		)	652
Money market mutual funds	7,341		—		—			7,341
Other short-term interest-bearing securities	5,872		—		—			5,872
Total available-for-sale investments	$	29,324	$	6	$	(494	)	$	28,836



Types of securities as of December 31, 2017	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair values
U.S. Treasury securities	$	8,313	$	1	$	(72	)	$	8,242
Other government-related debt securities:
U.S.	225		—		(2		)	223
Foreign and other	2,415		18		(11		)	2,422
Corporate debt securities:
Financial	10,089		17		(34		)	10,072
Industrial	9,688		34		(52		)	9,670
Other	1,393		3		(6		)	1,390
Residential-mortgage-backed securities	2,198		—		(30		)	2,168
Other mortgage- and asset-backed securities	2,312		—		(15		)	2,297
Money market mutual funds	3,245		—		—			3,245
Other short-term interest-bearing securities	1,440		—		—			1,440
Total interest-bearing securities	41,318		73		(222		)	41,169
Equity securities	135		14		—			149
Total available-for-sale investments	$	41,453	$	87	$	(222	)	$	41,318

Fair values of available-for-sale investments by classification in the Consolidated Balance Sheets

The fair values of available-for-sale investments by location in the Condensed Consolidated Balance Sheets were as follows (in millions):



Condensed Consolidated Balance Sheets locations	June 30, 2018		December 31, 2017
Cash and cash equivalents	$	9,572	$	3,291
Marketable securities	19,264		37,878
Other assets	—		149
Total available-for-sale investments	$	28,836	$	41,318

Fair values of available-for-sale interest-bearing security investments by contractual maturity

The fair values of available-for-sale interest-bearing security investments by contractual maturity, except for mortgage- and asset-backed securities that do not have a single maturity date, were as follows (in millions):



Contractual maturities	June 30, 2018		December 31, 2017
Maturing in one year or less	$	13,265	$	6,733
Maturing after one year through three years	4,066		12,820
Maturing after three years through five years	7,940		13,836
Maturing after five years through ten years	1,334		3,263
Maturing after ten years	—		52
Mortgage- and asset-backed securities	2,231		4,465
Total interest-bearing securities	$	28,836	$	41,169

Available-for-sale securities, continuous unrealized loss position, fair value

The fair values and gross unrealized losses of available-for-sale investments in an unrealized loss position aggregated by type and length of time that the securities have been in a continuous loss position were as follows (in millions):



	Less than 12 months					12 months or more
Types of securities as of June 30, 2018	Fair values		Unrealized losses			Fair values		Unrealized losses
U.S. Treasury securities	$	3,355	$	(85	)	$	36	$	(1	)
Other government-related debt securities:
U.S.	102		(3		)	26		(1		)
Foreign and other	1,209		(56		)	112		(6		)
Corporate debt securities:
Financial	3,673		(115		)	258		(9		)
Industrial	3,244		(110		)	314		(12		)
Other	584		(20		)	65		(3		)
Residential-mortgage-backed securities	1,267		(42		)	303		(11		)
Other mortgage- and asset-backed securities	540		(16		)	112		(4		)
Total	$	13,974	$	(447	)	$	1,226	$	(47	)



	Less than 12 months					12 months or more
Types of securities as of December 31, 2017	Fair values		Unrealized losses			Fair values		Unrealized losses
U.S. Treasury securities	$	7,728	$	(70	)	$	195	$	(2	)
Other government-related debt securities:
U.S.	188		(1		)	34		(1		)
Foreign and other	1,163		(9		)	115		(2		)
Corporate debt securities:
Financial	5,928		(28		)	462		(6		)
Industrial	5,760		(43		)	612		(9		)
Other	868		(4		)	117		(2		)
Residential-mortgage-backed securities	1,838		(24		)	276		(6		)
Other mortgage- and asset-backed securities	1,777		(12		)	250		(3		)
Total	$	25,250	$	(191	)	$	2,061	$	(31	)