Cash, Cash Equivalents and Marketable Securities

9 Months Ended

Sep. 30, 2011

Cash, Cash Equivalents and Marketable Securities [Abstract]

Cash, Cash Equivalents and Marketable Securities

4. Cash, Cash Equivalents and Marketable Securities

     A summary of our cash, cash equivalents and short- and long-term marketable securities by major security type follows:

			Short-Term		Long-Term
	Cash and		Marketable		Marketable
	Cash Equivalents		Securities		Securities		Total
			(In millions)
September 30, 2011
Cash	$	110	$	—	$	—	$	110
Bank deposits		1,530		—		1		1,531
Money market funds		262		—		—		262
U.S. treasury and and agency obligations		—		143		774		917
Commercial paper		431		336		—		767
Corporate bonds		—		239		395		634
Asset-backed securities and other		—		8		14		22
	$	2,333	$	726	$	1,184	$	4,243
December 31, 2010
Cash	$	103	$	—	$	—	$	103
Bank deposits		455		—		—		455
Money market funds		641		—		—		641
U.S. treasury and and agency obligations		4		586		1,360		1,950
Commercial paper		419		363		—		782
Corporate bonds		—		86		41		127
	$	1,622	$	1,035	$	1,401	$	4,058

     The following table presents the gross unrealized gains and losses and fair values for those investments aggregated by major security type:

			Gross		Gross
			Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value
			(In millions)
September 30, 2011
U.S. treasury and and agency obligations	$	917	$	1	$	(1	)	$	917
Corporate bonds		636		1		(3	)		634
	$	1,553	$	2	$	(4	)	$	1,551
December 31, 2010
U.S. treasury and and agency obligations	$	1,953	$	2	$	(5	)	$	1,950

     The following table shows the fair value measurements for those investments aggregated by major security type:

	Level 1		Level 2		Level 3		Fair Value
	(In millions)
September 30, 2011
Cash	$	110	$	—	$	—	$	110
Bank deposits		1,531		—		—		1,531
Money market funds		262		—		—		262
U.S. treasury and and agency obligations		917		—		—		917
Commercial paper		—		767		—		767
Corporate bonds		13		621		—		634
Asset-backed securities and other		—		22		—		22
	$	2,833	$	1,410	$	—	$	4,243
December 31, 2010
Cash	$	103	$	—	$	—	$	103
Bank deposits		455		—		—		455
Money market funds		641		—		—		641
U.S. treasury and and agency obligations		1,950		—		—		1,950
Commercial paper		—		782		—		782
Corporate bonds		20		107		—		127
	$	3,169	$	889	$	—	$	4,058

     There were no transfers between Level 1, Level 2 or Level 3 securities in the nine months ended September 30, 2011. All of our long-term marketable securities had maturities of between one and three years in duration at September 30, 2011. As of September 30, 2011, we had approximately $1.21 billion of cash, cash equivalents, and short-term investments held by our foreign subsidiaries.

     At September 30, 2011 we had 180 investments that were in an unrealized loss position for less than 12 months. Our gross unrealized losses of $4 million at September 30, 2011 were due to changes in interest rates. We have determined that the gross unrealized losses on these investments at September 30, 2011 are temporary in nature. We evaluate securities for other-than-temporary impairment on a quarterly basis. Impairment is evaluated considering numerous factors, and their relative significance varies depending on the situation. Factors considered include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the issuer, and our intent and ability to hold the investment in order to allow for an anticipated recovery in fair value.