| Investment Components |
The components of investments were as follows:
|
(In millions) |
|
Fair Value
Level |
|
|
Adjusted
Cost Basis |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Recorded
Basis |
|
|
Cash
and Cash
Equivalents |
|
|
Short-term
Investments |
|
|
Equity
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Other Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
Level 2 |
|
|
$ |
6,423 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
6,423 |
|
|
$ |
3,307 |
|
|
$ |
3,116 |
|
|
$ |
0 |
|
|
Certificates of deposit |
|
Level 2 |
|
|
|
2,694 |
|
|
|
0 |
|
|
|
0 |
|
|
|
2,694 |
|
|
|
2,250 |
|
|
|
444 |
|
|
|
0 |
|
|
U.S. government securities |
|
Level 1 |
|
|
|
67,941 |
|
|
|
0 |
|
|
|
(3,963 |
) |
|
|
63,978 |
|
|
|
1,029 |
|
|
|
62,949 |
|
|
|
0 |
|
|
U.S. agency securities |
|
Level 2 |
|
|
|
5,525 |
|
|
|
0 |
|
|
|
(6 |
) |
|
|
5,519 |
|
|
|
674 |
|
|
|
4,845 |
|
|
|
0 |
|
|
Foreign government bonds |
|
Level 2 |
|
|
|
491 |
|
|
|
1 |
|
|
|
(27 |
) |
|
|
465 |
|
|
|
0 |
|
|
|
465 |
|
|
|
0 |
|
|
Mortgage- and asset-backed securities |
|
Level 2 |
|
|
|
883 |
|
|
|
1 |
|
|
|
(43 |
) |
|
|
841 |
|
|
|
0 |
|
|
|
841 |
|
|
|
0 |
|
|
Corporate notes and bonds |
|
Level 2 |
|
|
|
11,310 |
|
|
|
8 |
|
|
|
(676 |
) |
|
|
10,642 |
|
|
|
0 |
|
|
|
10,642 |
|
|
|
0 |
|
|
Corporate notes and bonds |
|
Level 3 |
|
|
|
88 |
|
|
|
1 |
|
|
|
0 |
|
|
|
89 |
|
|
|
0 |
|
|
|
89 |
|
|
|
0 |
|
|
Municipal securities |
|
Level 2 |
|
|
|
370 |
|
|
|
8 |
|
|
|
(17 |
) |
|
|
361 |
|
|
|
0 |
|
|
|
361 |
|
|
|
0 |
|
|
Municipal securities |
|
Level 3 |
|
|
|
104 |
|
|
|
0 |
|
|
|
(7 |
) |
|
|
97 |
|
|
|
0 |
|
|
|
97 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt investments |
|
|
|
|
$ |
95,829 |
|
|
$ |
19 |
|
|
$ |
(4,739 |
) |
|
$ |
91,109 |
|
|
$ |
7,260 |
|
|
$ |
83,849 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity investments |
|
Level 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,521 |
|
|
$ |
1,082 |
|
|
$ |
0 |
|
|
$ |
439 |
|
|
Equity investments |
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,658 |
|
|
|
0 |
|
|
|
0 |
|
|
|
6,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,179 |
|
|
$ |
1,082 |
|
|
$ |
0 |
|
|
$ |
7,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
7,304 |
|
|
$ |
7,304 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
Derivatives, net (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 |
|
|
|
0 |
|
|
|
13 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
106,605 |
|
|
$ |
15,646 |
|
|
$ |
83,862 |
|
|
$ |
7,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Other Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
Level 2 |
|
|
$ |
2,500 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
2,500 |
|
|
$ |
2,498 |
|
|
$ |
2 |
|
|
$ |
0 |
|
|
Certificates of deposit |
|
Level 2 |
|
|
|
2,071 |
|
|
|
0 |
|
|
|
0 |
|
|
|
2,071 |
|
|
|
2,032 |
|
|
|
39 |
|
|
|
0 |
|
|
U.S. government securities |
|
Level 1 |
|
|
|
79,696 |
|
|
|
29 |
|
|
|
(2,178 |
) |
|
|
77,547 |
|
|
|
9 |
|
|
|
77,538 |
|
|
|
0 |
|
|
U.S. agency securities |
|
Level 2 |
|
|
|
419 |
|
|
|
0 |
|
|
|
(9 |
) |
|
|
410 |
|
|
|
0 |
|
|
|
410 |
|
|
|
0 |
|
|
Foreign government bonds |
|
Level 2 |
|
|
|
506 |
|
|
|
0 |
|
|
|
(24 |
) |
|
|
482 |
|
|
|
0 |
|
|
|
482 |
|
|
|
0 |
|
|
Mortgage- and asset-backed securities |
|
Level 2 |
|
|
|
727 |
|
|
|
1 |
|
|
|
(30 |
) |
|
|
698 |
|
|
|
0 |
|
|
|
698 |
|
|
|
0 |
|
|
Corporate notes and bonds |
|
Level 2 |
|
|
|
11,661 |
|
|
|
4 |
|
|
|
(554 |
) |
|
|
11,111 |
|
|
|
0 |
|
|
|
11,111 |
|
|
|
0 |
|
|
Corporate notes and bonds |
|
Level 3 |
|
|
|
67 |
|
|
|
0 |
|
|
|
0 |
|
|
|
67 |
|
|
|
0 |
|
|
|
67 |
|
|
|
0 |
|
|
Municipal securities |
|
Level 2 |
|
|
|
368 |
|
|
|
19 |
|
|
|
(13 |
) |
|
|
374 |
|
|
|
0 |
|
|
|
374 |
|
|
|
0 |
|
|
Municipal securities |
|
Level 3 |
|
|
|
103 |
|
|
|
0 |
|
|
|
(6 |
) |
|
|
97 |
|
|
|
0 |
|
|
|
97 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt investments |
|
|
|
|
$ |
98,118 |
|
|
$ |
53 |
|
|
$ |
(2,814 |
) |
|
$ |
95,357 |
|
|
$ |
4,539 |
|
|
$ |
90,818 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity investments |
|
Level 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,590 |
|
|
$ |
1,134 |
|
|
$ |
0 |
|
|
$ |
456 |
|
|
Equity investments |
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,435 |
|
|
|
0 |
|
|
|
0 |
|
|
|
6,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,025 |
|
|
$ |
1,134 |
|
|
$ |
0 |
|
|
$ |
6,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,258 |
|
|
$ |
8,258 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
Derivatives, net (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
|
|
0 |
|
|
|
8 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
111,648 |
|
|
$ |
13,931 |
|
|
$ |
90,826 |
|
|
$ |
6,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Refer to Note 5 – Derivatives for further information on the fair value of our derivative instruments. |
|
| Unrealized Losses on Debt Investments |
Debt investments with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows:
|
|
|
Less than 12 Months |
|
|
12 Months or Greater |
|
|
|
|
|
|
|
Total
Unrealized
Losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
|
|
Fair Value |
|
|
|
Unrealized
Losses |
|
|
|
Fair Value |
|
|
|
Unrealized
Losses |
|
|
|
Total
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
|
$ |
40,516 |
|
|
$ |
(2,586 |
) |
|
$ |
8,890 |
|
|
$ |
(1,383 |
) |
|
$ |
49,406 |
|
|
$ |
(3,969 |
) |
|
Foreign government bonds |
|
|
365 |
|
|
|
(14 |
) |
|
|
94 |
|
|
|
(13 |
) |
|
|
459 |
|
|
|
(27 |
) |
|
Mortgage- and asset-backed securities |
|
|
396 |
|
|
|
(22 |
) |
|
|
148 |
|
|
|
(21 |
) |
|
|
544 |
|
|
|
(43 |
) |
|
Corporate notes and bonds |
|
|
6,908 |
|
|
|
(337 |
) |
|
|
3,204 |
|
|
|
(339 |
) |
|
|
10,112 |
|
|
|
(676 |
) |
|
Municipal securities |
|
|
125 |
|
|
|
(5 |
) |
|
|
149 |
|
|
|
(19 |
) |
|
|
274 |
|
|
|
(24 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
48,310 |
|
|
$ |
(2,964 |
) |
|
$ |
12,485 |
|
|
$ |
(1,775 |
) |
|
$ |
60,795 |
|
|
$ |
(4,739 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 Months |
|
|
12 Months or Greater |
|
|
|
|
|
|
|
Total
Unrealized
Losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
|
|
Fair Value |
|
|
|
Unrealized
Losses |
|
|
|
Fair Value |
|
|
|
Unrealized
Losses |
|
|
|
Total
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
|
$ |
59,092 |
|
|
$ |
(1,835 |
) |
|
$ |
2,210 |
|
|
$ |
(352 |
) |
|
$ |
61,302 |
|
|
$ |
(2,187 |
) |
|
Foreign government bonds |
|
|
418 |
|
|
|
(18 |
) |
|
|
27 |
|
|
|
(6 |
) |
|
|
445 |
|
|
|
(24 |
) |
|
Mortgage- and asset-backed securities |
|
|
510 |
|
|
|
(26 |
) |
|
|
41 |
|
|
|
(4 |
) |
|
|
551 |
|
|
|
(30 |
) |
|
Corporate notes and bonds |
|
|
9,443 |
|
|
|
(477 |
) |
|
|
786 |
|
|
|
(77 |
) |
|
|
10,229 |
|
|
|
(554 |
) |
|
Municipal securities |
|
|
178 |
|
|
|
(12 |
) |
|
|
74 |
|
|
|
(7 |
) |
|
|
252 |
|
|
|
(19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
69,641 |
|
|
$ |
(2,368 |
) |
|
$ |
3,138 |
|
|
$ |
(446 |
) |
|
$ |
72,779 |
|
|
$ |
(2,814 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Investment Maturities |
Debt Investment Maturities
|
(In millions) |
|
Adjusted
Cost Basis |
|
|
Estimated
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
28,885 |
|
|
$ |
28,758 |
|
|
Due after one year through five years |
|
|
50,751 |
|
|
|
48,134 |
|
|
Due after five years through 10 years |
|
|
14,845 |
|
|
|
13,012 |
|
|
Due after 10 years |
|
|
1,348 |
|
|
|
1,205 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
95,829 |
|
|
$ |
91,109 |
|
|
|
|
|
|
|
|
|
|
|
|