Notes to Financial Statements
The components of investments were as follows:
(In millions) |
|
Fair Value |
|
|
Adjusted Cost Basis |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Recorded Basis |
|
|
Cash and Cash Equivalents |
|
|
Short-term Investments |
|
|
Equity Investments |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Other Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
Level 2 |
|
|
$ |
6,618 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
6,618 |
|
|
$ |
4,638 |
|
|
$ |
1,980 |
|
|
$ |
0 |
|
Certificates of deposit |
|
Level 2 |
|
|
|
2,770 |
|
|
|
0 |
|
|
|
0 |
|
|
|
2,770 |
|
|
|
1,763 |
|
|
|
1,007 |
|
|
|
0 |
|
U.S. government securities |
|
Level 1 |
|
|
|
88,151 |
|
|
|
5,580 |
|
|
|
(12 |
) |
|
|
93,719 |
|
|
|
1,151 |
|
|
|
92,568 |
|
|
|
0 |
|
U.S. agency securities |
|
Level 2 |
|
|
|
1,772 |
|
|
|
3 |
|
|
|
0 |
|
|
|
1,775 |
|
|
|
418 |
|
|
|
1,357 |
|
|
|
0 |
|
Foreign government bonds |
|
Level 2 |
|
|
|
7,196 |
|
|
|
15 |
|
|
|
(1 |
) |
|
|
7,210 |
|
|
|
0 |
|
|
|
7,210 |
|
|
|
0 |
|
Mortgage- and asset-backed securities |
|
Level 2 |
|
|
|
4,537 |
|
|
|
38 |
|
|
|
(4 |
) |
|
|
4,571 |
|
|
|
0 |
|
|
|
4,571 |
|
|
|
0 |
|
Corporate notes and bonds |
|
Level 2 |
|
|
|
8,010 |
|
|
|
353 |
|
|
|
(1 |
) |
|
|
8,362 |
|
|
|
0 |
|
|
|
8,362 |
|
|
|
0 |
|
Corporate notes and bonds |
|
Level 3 |
|
|
|
62 |
|
|
|
0 |
|
|
|
0 |
|
|
|
62 |
|
|
|
0 |
|
|
|
62 |
|
|
|
0 |
|
Municipal securities |
|
Level 2 |
|
|
|
291 |
|
|
|
62 |
|
|
|
(1 |
) |
|
|
352 |
|
|
|
0 |
|
|
|
352 |
|
|
|
0 |
|
Municipal securities |
|
Level 3 |
|
|
|
95 |
|
|
|
0 |
|
|
|
(7 |
) |
|
|
88 |
|
|
|
0 |
|
|
|
88 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt investments |
|
|
|
|
$ |
119,502 |
|
|
$ |
6,051 |
|
|
$ |
(26 |
) |
|
$ |
125,527 |
|
|
$ |
7,970 |
|
|
$ |
117,557 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity investments |
|
Level 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,655 |
|
|
$ |
897 |
|
|
$ |
0 |
|
|
$ |
758 |
|
Equity investments |
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,036 |
|
|
|
0 |
|
|
|
0 |
|
|
|
3,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,691 |
|
|
$ |
897 |
|
|
$ |
0 |
|
|
$ |
3,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,565 |
|
|
$ |
5,565 |
|
|
$ |
0 |
|
|
$ |
0 |
|
Derivatives, net (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21 |
) |
|
|
0 |
|
|
|
(21 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
135,762 |
|
|
$ |
14,432 |
|
|
$ |
117,536 |
|
|
$ |
3,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
|
Fair Value Level |
|
|
Adjusted Cost Basis |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
Recorded Basis |
|
|
Cash and Cash Equivalents |
|
|
Short-term Investments |
|
|
Equity Investments |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Other Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
Level 2 |
|
|
$ |
4,687 |
|
|
$ |
1 |
|
|
$ |
0 |
|
|
$ |
4,688 |
|
|
$ |
1,618 |
|
|
$ |
3,070 |
|
|
$ |
0 |
|
Certificates of deposit |
|
Level 2 |
|
|
|
2,898 |
|
|
|
0 |
|
|
|
0 |
|
|
|
2,898 |
|
|
|
1,646 |
|
|
|
1,252 |
|
|
|
0 |
|
U.S. government securities |
|
Level 1 |
|
|
|
92,067 |
|
|
|
6,495 |
|
|
|
(1 |
) |
|
|
98,561 |
|
|
|
3,168 |
|
|
|
95,393 |
|
|
|
0 |
|
U.S. agency securities |
|
Level 2 |
|
|
|
2,439 |
|
|
|
2 |
|
|
|
0 |
|
|
|
2,441 |
|
|
|
449 |
|
|
|
1,992 |
|
|
|
0 |
|
Foreign government bonds |
|
Level 2 |
|
|
|
6,982 |
|
|
|
6 |
|
|
|
(3 |
) |
|
|
6,985 |
|
|
|
1 |
|
|
|
6,984 |
|
|
|
0 |
|
Mortgage- and asset-backed securities |
|
Level 2 |
|
|
|
4,865 |
|
|
|
41 |
|
|
|
(6 |
) |
|
|
4,900 |
|
|
|
0 |
|
|
|
4,900 |
|
|
|
0 |
|
Corporate notes and bonds |
|
Level 2 |
|
|
|
8,500 |
|
|
|
327 |
|
|
|
(17 |
) |
|
|
8,810 |
|
|
|
0 |
|
|
|
8,810 |
|
|
|
0 |
|
Corporate notes and bonds |
|
Level 3 |
|
|
|
58 |
|
|
|
0 |
|
|
|
0 |
|
|
|
58 |
|
|
|
0 |
|
|
|
58 |
|
|
|
0 |
|
Municipal securities |
|
Level 2 |
|
|
|
313 |
|
|
|
57 |
|
|
|
(4 |
) |
|
|
366 |
|
|
|
0 |
|
|
|
366 |
|
|
|
0 |
|
Municipal securities |
|
Level 3 |
|
|
|
91 |
|
|
|
0 |
|
|
|
0 |
|
|
|
91 |
|
|
|
0 |
|
|
|
91 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt investments |
|
|
|
|
$ |
122,900 |
|
|
$ |
6,929 |
|
|
$ |
(31 |
) |
|
$ |
129,798 |
|
|
$ |
6,882 |
|
|
$ |
122,916 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity investments |
|
Level 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,198 |
|
|
$ |
784 |
|
|
$ |
0 |
|
|
$ |
414 |
|
Equity investments |
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,551 |
|
|
|
0 |
|
|
|
0 |
|
|
|
2,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,749 |
|
|
$ |
784 |
|
|
$ |
0 |
|
|
$ |
2,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,910 |
|
|
$ |
5,910 |
|
|
$ |
0 |
|
|
$ |
0 |
|
Derivatives, net (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35 |
|
|
|
0 |
|
|
|
35 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
139,492 |
|
|
$ |
13,576 |
|
|
$ |
122,951 |
|
|
$ |
2,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Refer to Note 5 – Derivatives for further information on the fair value of our derivative instruments. |