Investments (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Investments [Line Items]

Investments

Our investments were as follows:

	March 31, 2019		December 31, 2018
	(in millions)
Short-term investments:
Equity investment securities	$	25	$	25
Available-for-sale investment securities	1,361		1,760
Held-to-maturity investment securities	826		1,065
Time deposits (1)	506		500
Total short-term investments	$	2,718	$	3,350

Long-term investments:
Equity and cost method investments	$	73	$	74
Held-to-maturity investment securities	6		6
Total long-term investments	$	79	$	80

            

(1)

Includes $427 million and $423 million in restricted time deposits as of March 31, 2019 and December 31, 2018, respectively. See Note 9.

Available-for-sale Securities [Member]

Schedule of Investments [Line Items]

Unrealized Gain (Loss) on Investments

The amortized cost, gross unrealized gains and losses and fair value of available-for-sale investment securities at March 31, 2019 were as follows:

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in millions)
U.S. Treasury and agency debt securities	$	576	$	1	$	(4	)	$	573
Corporate and other debt securities	371		1		(1		)	371
Certificates of deposit and commercial paper	19		—		—			19
Asset-backed securities	341		1		(1		)	341
Municipal debt securities	57		—		—			57
Total available-for-sale investment securities	$	1,364	$	3	$	(6	)	$	1,361

The amortized cost, gross unrealized gains and losses and fair value of available-for-sale investment securities at December 31, 2018 were as follows:

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in millions)
U.S. Treasury and agency debt securities	$	630	$	1	$	(6	)	$	625
Corporate and other debt securities	420		—		(4		)	416
Certificates of deposit and commercial paper	296		—		—			296
Asset-backed securities	336		—		(2		)	334
Municipal debt securities	90		—		(1		)	89
Total available-for-sale investment securities	$	1,772	$	1	$	(13	)	$	1,760

Securities in Continuous Unrealized Loss Positions

The fair value and related unrealized losses of available-for-sale investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of March 31, 2019:

	Less than 12 Months				12 Months or More					Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in millions)
U.S. Treasury and agency debt securities	$	13	$	—	$	412	$	(4	)	425		(4		)
Corporate and other debt securities	15		—		233		(1		)	248		(1		)
Certificates of deposit and commercial paper	8		—		—		—			8		—
Asset-backed securities	33		—		157		(1		)	190		(1		)
Municipal debt securities	1		—		32		—			33		—
Total	$	70	$	—	$	834	$	(6	)	$	904	$	(6	)

The fair value and related unrealized losses of available-for-sale investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of December 31, 2018:

	Less than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(in millions)
U.S. Treasury and agency debt securities	$	84	$	—		$	446	$	(6	)	$	530	$	(6	)
Corporate and other debt securities	108		(1		)	254		(3		)	362		(4		)
Certificates of deposit and commercial paper	295		—			—		—			295		—
Asset-backed securities	93		—			179		(2		)	272		(2		)
Municipal debt securities	17		—			64		(1		)	81		(1		)
Total	$	597	$	(1	)	$	943	$	(12	)	$	1,540	$	(13	)

Contractual Maturities

The contractual maturities of our fixed income available-for-sale investment securities as of March 31, 2019 are set forth in the following table:

	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	299	$	297
Due after one year up to two years	485		482
Due after two years up to three years	179		180
Due after three years	60		61
Asset-backed securities	341		341
Total available-for-sale investment securities	$	1,364	$	1,361

Schedule of Realized Gain (Loss)

Proceeds from sales of available-for-sale investment securities and the gross gains and losses that have been included in earnings as a result of those sales were as follows:

	Three Months Ended March 31,
	2019			2018
	(in millions)
Proceeds from sales of available-for-sale investment securities	$	314		$	125
Gross gains	$	1		$	—
Gross losses	(1		)	(1		)
Net realized (losses) on sales of available-for-sale investment securities	$	—		$	(1	)

Held-to-maturity Securities [Member]

Schedule of Investments [Line Items]

Unrealized Gain (Loss) on Investments

The amortized cost, gross unrealized gains and losses and fair value of held-to-maturity investment securities at March 31, 2019 were as follows:

	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(in millions)
Short-term investments:
Corporate and other debt securities	$	417	$	1	$	—	$	418
Commercial paper	409		1		—		410
Total short-term held-to-maturity investments	826		2		—		828
Long-term investments:
Corporate and other debt securities	6		—		—		6
Total held-to-maturity investment securities	$	832	$	2	$	—	$	834

The amortized cost, gross unrealized gains and losses and fair value of held-to-maturity investment securities at December 31, 2018 were as follows:

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in millions)
Short-term investments:
Corporate and other debt securities	$	546	$	—	$	—		$	546
Commercial paper	519		—		(1		)	518
Total short-term held-to-maturity investments	1,065		—		(1		)	1,064
Long-term investments:
Corporate and other debt securities	6		—		—			6
Total held-to-maturity investment securities	$	1,071	$	—	$	(1	)	$	1,070

Securities in Continuous Unrealized Loss Positions

The fair value and related unrealized losses of held-to-maturity investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of March 31, 2019:

	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in millions)
Corporate and other debt securities	$	29	$	—	$	6	$	—	$	35	$	—
Commercial paper	92		—		—		—		92		—
Total	$	121	$	—	$	6	$	—	$	127	$	—

The fair value and related unrealized losses of held-to-maturity investment securities in a continuous unrealized loss position for less than 12 months and for 12 months or longer were as follows as of December 31, 2018:

	Less than 12 Months					12 Months or More				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in millions)
Corporate and other debt securities	$	263	$	—		$	57	$	—	$	320	$	—
Commercial paper	268		(1		)	—		—		268		(1		)
Total	$	531	$	(1	)	$	57	$	—	$	588	$	(1	)

Contractual Maturities

The contractual maturities of our fixed income held-to-maturity investment securities as of March 31, 2019 are set forth in the following table:

	Amortized Cost		Fair Value
	(in millions)
Due within one year	$	826	$	828
Due after one year up to two years	6		6
Total held-to-maturity investment securities	$	832	$	834