Financial Instruments

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

FINANCIAL INSTRUMENTS

Cash, Cash Equivalents, Restricted Cash, and Marketable Securities

As of December 31, 2020 and 2021, our cash, cash equivalents, restricted cash, and marketable securities primarily consisted of cash, AAA-rated money market funds, U.S. and foreign government and agency securities, other investment grade securities, and marketable equity securities. Cash equivalents and marketable securities are recorded at fair value. The following table summarizes, by major security type, our cash, cash equivalents, restricted cash, and marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in millions):


	December 31, 2020
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Cash	$	10,063	$	—	$	—	$	10,063
Level 1 securities:
Money market funds	27,430		—		—		27,430
Equity securities (1)							617
Level 2 securities:
Foreign government and agency securities	5,130		1		—		5,131
U.S. government and agency securities	7,410		30		(1)		7,439
Corporate debt securities	29,684		305		(1)		29,988
Asset-backed securities	3,206		32		(3)		3,235
Other fixed income securities	701		9		—		710
Equity securities (1)							40
	$	83,624	$	377	$	(5)	$	84,653
Less: Restricted cash, cash equivalents, and marketable securities (2)							(257)
Total cash, cash equivalents, and marketable securities							$	84,396


	December 31, 2021
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Cash	$	10,942	$	—	$	—	$	10,942
Level 1 securities:
Money market funds	20,312		—		—		20,312
Equity securities (1)							1,646
Level 2 securities:
Foreign government and agency securities	181		—		—		181
U.S. government and agency securities	4,316		9		(25)		4,300
Corporate debt securities	35,810		75		(121)		35,764
Asset-backed securities	6,763		7		(32)		6,738
Other fixed income securities	688		2		(4)		686
Equity securities (1)(3)							15,740
	$	79,012	$	93	$	(182)	$	96,309
Less: Restricted cash, cash equivalents, and marketable securities (2)							(260)
Total cash, cash equivalents, and marketable securities							$	96,049

___________________

(1)The related unrealized gain (loss) recorded in “Other income (expense), net” was $4 million, $448 million, and $11.6 billion for the years ended December 31, 2019, 2020, and 2021.

(2)We are required to pledge or otherwise restrict a portion of our cash, cash equivalents, and marketable fixed income securities primarily as collateral for real estate, amounts due to third-party sellers in certain jurisdictions, debt, and standby and trade letters of credit. We classify cash, cash equivalents, and marketable fixed income securities with use restrictions of less than twelve months as “Accounts receivable, net and other” and of twelve months or longer as non-current “Other assets” on our consolidated balance sheets. See “Note 7 — Commitments and Contingencies.”

(3)Our equity investment in Rivian of $15.6 billion reflects a discount for lack of marketability until Q1 2022 due to regulatory sales restrictions. In addition, we are subject to contractual sales restrictions until Q2 2022.

The following table summarizes gross gains and gross losses realized on sales of marketable fixed income securities (in millions):


	Year Ended December 31,
	2019		2020		2021
Realized gains	$	11	$	92	$	85
Realized losses	7		56		38

The following table summarizes the remaining contractual maturities of our cash equivalents and marketable fixed income securities as of December 31, 2021 (in millions):


	Amortized Cost		Estimated Fair Value
Due within one year	$	39,070	$	39,075
Due after one year through five years	22,790		22,712
Due after five years through ten years	2,124		2,121
Due after ten years	4,086		4,073
Total	$	68,070	$	67,981

Actual maturities may differ from the contractual maturities because borrowers may have certain prepayment conditions.

Consolidated Statements of Cash Flows Reconciliation

The following table provides a reconciliation of the amount of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows (in millions):


	December 31, 2020		December 31, 2021
Cash and cash equivalents	$	42,122	$	36,220
Restricted cash included in accounts receivable, net and other	233		242
Restricted cash included in other assets	22		15
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	42,377	$	36,477