Investments (Tables)

6 Months Ended

Jun. 30, 2019

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 interest-bearing securities, which are considered available-for-sale, by type of security were as follows (in millions):



Types of securities as of June 30, 2019	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair values
U.S. Treasury notes	$	2,709	$	10	$	(2	)	$	2,717
U.S. Treasury bills	3,497		—		—			3,497
Other government-related debt securities:
U.S.	112		—		—			112
Foreign and other	962		18		(3		)	977
Corporate debt securities:
Financial	2,755		19		(1		)	2,773
Industrial	2,400		14		(6		)	2,408
Other	558		4		—			562
Residential-mortgage-backed securities	1,335		2		(4		)	1,333
Other mortgage- and asset-backed securities	469		—		(6		)	463
Money market mutual funds	3,886		—		—			3,886
Other short-term interest-bearing securities	2,389		—		—			2,389
Total interest-bearing securities	$	21,072	$	67	$	(22	)	$	21,117



Types of securities as of December 31, 2018	Amortized cost		Gross unrealized gains		Gross unrealized losses			Fair values
U.S. Treasury notes	$	2,710	$	—	$	(47	)	$	2,663
U.S. Treasury bills	8,191		—		—			8,191
Other government-related debt securities:
U.S.	112		—		(2		)	110
Foreign and other	972		1		(41		)	932
Corporate debt securities:
Financial	2,778		—		(81		)	2,697
Industrial	2,603		—		(99		)	2,504
Other	583		—		(21		)	562
Residential-mortgage-backed securities	1,458		—		(36		)	1,422
Other mortgage- and asset-backed securities	483		—		(14		)	469
Money market mutual funds	5,659		—		—			5,659
Other short-term interest-bearing securities	3,515		—		—			3,515
Total interest-bearing securities	$	29,064	$	1	$	(341	)	$	28,724

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

The fair values of interest-bearing securities by location in the Condensed Consolidated Balance Sheets were as follows (in millions):



Condensed Consolidated Balance Sheets locations	June 30, 2019		December 31, 2018
Cash and cash equivalents	$	4,884	$	6,365
Marketable securities	16,233		22,359
Total interest-bearing securities	$	21,117	$	28,724

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

The fair values of interest-bearing securities 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, 2019		December 31, 2018
Maturing in one year or less	$	9,872	$	17,424
Maturing after one year through three years	5,730		3,356
Maturing after three years through five years	2,961		5,168
Maturing after five years through ten years	758		885
Mortgage- and asset-backed securities	1,796		1,891
Total interest-bearing securities	$	21,117	$	28,724

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

The fair values and gross unrealized losses of interest-bearing securities 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, 2019	Fair values		Unrealized losses			Fair values		Unrealized losses
U.S. Treasury notes	$	105	$	—		$	724	$	(2	)
Other government-related debt securities:
U.S.	—		—			48		—
Foreign and other	6		—			115		(3		)
Corporate debt securities:
Financial	121		—			320		(1		)
Industrial	191		(3		)	500		(3		)
Other	30		—			40		—
Residential-mortgage-backed securities	93		—			685		(4		)
Other mortgage- and asset-backed securities	—		—			401		(6		)
Total	$	546	$	(3	)	$	2,833	$	(19	)



	Less than 12 months					12 months or more
Types of securities as of December 31, 2018	Fair values		Unrealized losses			Fair values		Unrealized losses
U.S. Treasury notes	$	1,219	$	(21	)	$	1,444	$	(26	)
Other government-related debt securities:
U.S.	—		—			110		(2		)
Foreign and other	631		(31		)	240		(10		)
Corporate debt securities:
Financial	1,968		(59		)	718		(22		)
Industrial	1,898		(81		)	529		(18		)
Other	529		(20		)	28		(1		)
Residential-mortgage-backed securities	576		(14		)	840		(22		)
Other mortgage- and asset-backed securities	17		—			451		(14		)
Total	$	6,838	$	(226	)	$	4,360	$	(115	)