Marketable and Other Securities

12 Months Ended

Dec. 31, 2023

The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost:


	Fair Value Level	December 31, 2023		December 31, 2022
Cash and cash equivalents
Cash and time deposits		$	8,977	$	8,921
Available-for-sale debt securities
U.S. government and agencies	2	211		1,012
Corporate debt	2	1,439		2,778
Sovereign debt	2	734		1,828
Total available-for-sale debt securities – cash equivalents		2,384		5,618
Money market funds	1	7,491		4,613
Total cash and cash equivalents		$	18,853	$	19,153
Marketable debt securities
U.S. government and agencies	2	$	3,495	$	4,357
Corporate debt	2	3,274		5,147
Mortgage and asset-backed	2	589		538
Sovereign debt	2	255		2,108
Total available-for-sale debt securities – marketable securities		$	7,613	$	12,150
Restricted cash
Cash and cash equivalents		$	277	$	341
Money market funds	1	2,787		2,455
Total restricted cash		$	3,064	$	2,796

Available-for-sale debt securities included above with contractual maturities(a)
Due in one year or less		$	3,725
Due between one and five years		5,500


Total available-for-sale debt securities with contractual maturities		$	9,225

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(a) Excludes mortgage and asset-backed securities of $589 million at December 31, 2023 as these securities are not due at a single maturity date.

Proceeds from the sale of available-for-sale debt securities sold prior to maturity were $2.1 billion, $1.8 billion and $1.9 billion in the years ended December 31, 2023, 2022 and 2021. Available-for-sale debt securities had net unrealized gains of $196 million in the year ended December 31, 2023 and net unrealized losses of $319 million and an insignificant amount in years ended December 31, 2022 and 2021. Cumulative unrealized losses on available-for-sale debt securities were $160 million and $344 million at December 31, 2023 and 2022.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows:


	December 31, 2023		December 31, 2022
Cash and cash equivalents	$	18,853	$	19,153
Restricted cash included in Other current assets	2,604		2,356
Restricted cash included in Other assets	460		440
Total	$	21,917	$	21,948