| 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 and Other Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Other Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
Level 2 |
|
$ |
3,515 |
|
$ |
0 |
|
$ |
0 |
|
|
$ |
3,515 |
|
|
$ |
3,515 |
|
$ |
0 |
|
|
$ |
0 |
|
Certificates of deposit |
|
Level 2 |
|
|
3,349 |
|
|
0 |
|
|
0 |
|
|
|
3,349 |
|
|
|
3,302 |
|
|
47 |
|
|
|
0 |
|
U.S. government securities |
|
Level 1 |
|
|
46,013 |
|
|
1 |
|
|
(2,233 |
) |
|
|
43,781 |
|
|
|
18 |
|
|
43,763 |
|
|
|
0 |
|
U.S. agency securities |
|
Level 2 |
|
|
11 |
|
|
0 |
|
|
0 |
|
|
|
11 |
|
|
|
0 |
|
|
11 |
|
|
|
0 |
|
Foreign government bonds |
|
Level 2 |
|
|
311 |
|
|
7 |
|
|
(17 |
) |
|
|
301 |
|
|
|
0 |
|
|
301 |
|
|
|
0 |
|
Mortgage- and asset-backed securities |
|
Level 2 |
|
|
987 |
|
|
5 |
|
|
(33 |
) |
|
|
959 |
|
|
|
0 |
|
|
959 |
|
|
|
0 |
|
Corporate notes and bonds |
|
Level 2 |
|
|
8,693 |
|
|
38 |
|
|
(198 |
) |
|
|
8,533 |
|
|
|
0 |
|
|
8,533 |
|
|
|
0 |
|
Corporate notes and bonds |
|
Level 3 |
|
|
2,376 |
|
|
27 |
|
|
(3 |
) |
|
|
2,400 |
|
|
|
0 |
|
|
123 |
|
|
|
2,277 |
|
Municipal securities |
|
Level 2 |
|
|
254 |
|
|
1 |
|
|
(11 |
) |
|
|
244 |
|
|
|
0 |
|
|
244 |
|
|
|
0 |
|
Municipal securities |
|
Level 3 |
|
|
104 |
|
|
0 |
|
|
(16 |
) |
|
|
88 |
|
|
|
0 |
|
|
88 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt investments |
|
|
|
$ |
65,613 |
|
$ |
79 |
|
$ |
(2,511 |
) |
|
$ |
63,181 |
|
|
$ |
6,835 |
|
$ |
54,069 |
|
|
$ |
2,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity investments |
|
Level 1 |
|
|
|
|
|
|
|
|
|
|
|
$ |
4,425 |
|
|
$ |
1,000 |
|
$ |
0 |
|
|
$ |
3,425 |
|
Equity investments |
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
9,879 |
|
|
|
0 |
|
|
0 |
|
|
|
9,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14,304 |
|
|
$ |
1,000 |
|
$ |
0 |
|
|
$ |
13,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,647 |
|
|
$ |
9,647 |
|
$ |
0 |
|
|
$ |
0 |
|
Derivatives, net (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
|
|
0 |
|
|
4 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
87,136 |
|
|
$ |
17,482 |
|
$ |
54,073 |
|
|
$ |
15,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions) |
|
Fair Value Level |
|
Adjusted Cost Basis |
|
Unrealized Gains |
|
Unrealized Losses |
|
|
Recorded Basis |
|
Cash and Cash Equivalents |
|
Short-term Investments |
|
Equity and Other Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Other Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
Level 2 |
|
$ |
4,666 |
|
$ |
0 |
|
$ |
0 |
|
|
$ |
4,666 |
|
$ |
4,666 |
|
$ |
0 |
|
$ |
0 |
|
Certificates of deposit |
|
Level 2 |
|
|
1,547 |
|
|
0 |
|
|
0 |
|
|
|
1,547 |
|
|
1,503 |
|
|
44 |
|
|
0 |
|
U.S. government securities |
|
Level 1 |
|
|
49,603 |
|
|
4 |
|
|
(2,948 |
) |
|
|
46,659 |
|
|
14 |
|
|
46,645 |
|
|
0 |
|
U.S. agency securities |
|
Level 2 |
|
|
17 |
|
|
0 |
|
|
0 |
|
|
|
17 |
|
|
0 |
|
|
17 |
|
|
0 |
|
Foreign government bonds |
|
Level 2 |
|
|
319 |
|
|
3 |
|
|
(16 |
) |
|
|
306 |
|
|
0 |
|
|
306 |
|
|
0 |
|
Mortgage- and asset-backed securities |
|
Level 2 |
|
|
944 |
|
|
3 |
|
|
(35 |
) |
|
|
912 |
|
|
0 |
|
|
912 |
|
|
0 |
|
Corporate notes and bonds |
|
Level 2 |
|
|
9,106 |
|
|
28 |
|
|
(318 |
) |
|
|
8,816 |
|
|
0 |
|
|
8,816 |
|
|
0 |
|
Corporate notes and bonds |
|
Level 3 |
|
|
1,641 |
|
|
0 |
|
|
(1 |
) |
|
|
1,640 |
|
|
0 |
|
|
140 |
|
|
1,500 |
|
Municipal securities |
|
Level 2 |
|
|
262 |
|
|
0 |
|
|
(13 |
) |
|
|
249 |
|
|
0 |
|
|
249 |
|
|
0 |
|
Municipal securities |
|
Level 3 |
|
|
104 |
|
|
0 |
|
|
(17 |
) |
|
|
87 |
|
|
0 |
|
|
87 |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt investments |
|
|
|
$ |
68,209 |
|
$ |
38 |
|
$ |
(3,348 |
) |
|
$ |
64,899 |
|
$ |
6,183 |
|
$ |
57,216 |
|
$ |
1,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Fair Value Recorded in Net Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity investments |
|
Level 1 |
|
|
|
|
|
|
|
|
|
|
|
$ |
3,547 |
|
$ |
561 |
|
$ |
0 |
|
$ |
2,986 |
|
Equity investments |
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
10,114 |
|
|
0 |
|
|
0 |
|
|
10,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
13,661 |
|
$ |
561 |
|
$ |
0 |
|
$ |
13,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11,571 |
|
$ |
11,571 |
|
$ |
0 |
|
$ |
0 |
|
Derivatives, net (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
|
|
0 |
|
|
12 |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
90,143 |
|
$ |
18,315 |
|
$ |
57,228 |
|
$ |
14,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
|
$ |
871 |
|
|
$ |
(61 |
) |
|
$ |
42,775 |
|
|
$ |
(2,172 |
) |
|
$ |
43,646 |
|
|
$ |
(2,233 |
) |
Foreign government bonds |
|
|
99 |
|
|
|
(4 |
) |
|
|
127 |
|
|
|
(13 |
) |
|
|
226 |
|
|
|
(17 |
) |
Mortgage- and asset-backed securities |
|
|
277 |
|
|
|
(6 |
) |
|
|
244 |
|
|
|
(27 |
) |
|
|
521 |
|
|
|
(33 |
) |
Corporate notes and bonds |
|
|
1,781 |
|
|
|
(17 |
) |
|
|
4,339 |
|
|
|
(184 |
) |
|
|
6,120 |
|
|
|
(201 |
) |
Municipal securities |
|
|
0 |
|
|
|
0 |
|
|
|
237 |
|
|
|
(27 |
) |
|
|
237 |
|
|
|
(27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
3,028 |
|
|
$ |
(88 |
) |
|
$ |
47,722 |
|
|
$ |
(2,423 |
) |
|
$ |
50,750 |
|
|
$ |
(2,511 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
|
$ |
529 |
|
|
$ |
(12 |
) |
|
$ |
45,821 |
|
|
$ |
(2,936 |
) |
|
$ |
46,350 |
|
|
$ |
(2,948 |
) |
Foreign government bonds |
|
|
79 |
|
|
|
(2 |
) |
|
|
180 |
|
|
|
(14 |
) |
|
|
259 |
|
|
|
(16 |
) |
Mortgage- and asset-backed securities |
|
|
201 |
|
|
|
(1 |
) |
|
|
409 |
|
|
|
(34 |
) |
|
|
610 |
|
|
|
(35 |
) |
Corporate notes and bonds |
|
|
1,310 |
|
|
|
(9 |
) |
|
|
5,779 |
|
|
|
(310 |
) |
|
|
7,089 |
|
|
|
(319 |
) |
Municipal securities |
|
|
38 |
|
|
|
(1 |
) |
|
|
243 |
|
|
|
(29 |
) |
|
|
281 |
|
|
|
(30 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
2,157 |
|
|
$ |
(25 |
) |
|
$ |
52,432 |
|
|
$ |
(3,323 |
) |
|
$ |
54,589 |
|
|
$ |
(3,348 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt Investment Maturities |
Debt Investment Maturities The following table outlines maturities of our debt investments as of December 31, 2024:
|
|
|
|
|
|
|
|
|
(In millions) |
|
Adjusted Cost Basis |
|
|
Estimated Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
22,927 |
|
|
$ |
22,788 |
|
Due after one year through five years |
|
|
33,344 |
|
|
|
31,774 |
|
Due after five years through 10 years |
|
|
7,934 |
|
|
|
7,325 |
|
Due after 10 years |
|
|
1,408 |
|
|
|
1,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
65,613 |
|
|
$ |
63,181 |
|
|
|
|
|
|
|
|
|
|
|