Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Composition of Investments

	December 31, 2014
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Aggregate Fair Value
U.S. government and agency obligations	$	1,951	$	2	$	(2	)	$	1,951
U.S. corporate debt securities	1,998		1		(4		)	1,995
High yield corporate debt securities	570		9		(16		)	563
Asset-backed securities	53		—		—			53
Municipal obligations	948		2		—			950
Auction rate securities	29		—		(2		)	27
Foreign debt securities	2,566		2		(4		)	2,564
Total fixed income securities	8,115		16		(28		)	8,103
Publicly traded equity securities	117		103		(11		)	209
Total	$	8,232	$	119	$	(39	)	$	8,312

The following tables summarize the composition of our short- and long-term investments at March 31, 2015 and December 31, 2014 (tables in millions):

	March 31, 2015
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Aggregate Fair Value
U.S. government and agency obligations	$	2,261	$	5	$	(1	)	$	2,265
U.S. corporate debt securities	2,390		6		(1		)	2,395
High yield corporate debt securities	394		8		(7		)	395
Asset-backed securities	87		—		—			87
Municipal obligations	960		2		—			962
Auction rate securities	29		—		(2		)	27
Foreign debt securities	2,664		5		(1		)	2,668
Total fixed income securities	8,785		26		(12		)	8,799
Publicly traded equity securities	201		98		(14		)	285
Total	$	8,986	$	124	$	(26	)	$	9,084

Fair Value Hierarchy For Financial Assets And Liabilities Measured At Fair Value

The following tables represent our fair value hierarchy for our financial assets and liabilities measured at fair value as of March 31, 2015 and December 31, 2014 (tables in millions):

	March 31, 2015
	Level 1		Level 2			Level 3		Total
Cash	$	2,254	$	—		$	—	$	2,254
Cash equivalents	2,079		55			—		2,134
U.S. government and agency obligations	1,250		1,015			—		2,265
U.S. corporate debt securities	—		2,395			—		2,395
High yield corporate debt securities	—		395			—		395
Asset-backed securities	—		87			—		87
Municipal obligations	—		962			—		962
Auction rate securities	—		—			27		27
Foreign debt securities	—		2,668			—		2,668
Publicly traded equity securities	285		—			—		285
Total cash and investments	$	5,868	$	7,577		$	27	$	13,472
Other items:
Strategic investments held at cost	$	—	$	—		$	339	$	339
Investment in joint venture	—		—			37		37
Long-term debt carried at discounted cost	—		(5,614		)	—		(5,614		)
Foreign exchange derivative assets	—		87			—		87
Foreign exchange derivative liabilities	—		(86		)	—		(86		)
Commodity derivative liabilities	—		(5		)	—		(5		)

	December 31, 2014
	Level 1		Level 2			Level 3		Total
Cash	$	2,022	$	—		$	—	$	2,022
Cash equivalents	3,710		611			—		4,321
U.S. government and agency obligations	1,141		810			—		1,951
U.S. corporate debt securities	—		1,995			—		1,995
High yield corporate debt securities	—		563			—		563
Asset-backed securities	—		53			—		53
Municipal obligations	—		950			—		950
Auction rate securities	—		—			27		27
Foreign debt securities	—		2,564			—		2,564
Publicly traded equity securities	209		—			—		209
Total cash and investments	$	7,082	$	7,546		$	27	$	14,655
Other items:
Strategic investments held at cost	$	—	$	—		$	333	$	333
Investment in joint venture	—		—			37		37
Long-term debt carried at discounted cost	—		(5,544		)	—		(5,544		)
Foreign exchange derivative assets	—		44			—		44
Foreign exchange derivative liabilities	—		(71		)	—		(71		)
Commodity derivative assets	—		12			—		12

Unrealized Losses on Investments by Investment Category and Length of Time in Continuous Unrealized Loss Position

Unrealized losses on investments at March 31, 2015 by investment category and length of time the investment has been in a continuous unrealized loss position are as follows (table in millions):

	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
U.S. government and agency obligations	$	501	$	(1	)	$	—	$	—		$	501	$	(1	)
U.S. corporate debt securities	778		(1		)	—		—			778		(1		)
High yield corporate debt securities	138		(7		)	—		—			138		(7		)
Auction rate securities	—		—			27		(2		)	27		(2		)
Foreign debt securities	918		(1		)	—		—			918		(1		)
Publicly traded equity securities	106		(10		)	9		(4		)	115		(14		)
Total	$	2,441	$	(20	)	$	36	$	(6	)	$	2,477	$	(26	)

Contractual Maturities of Investments

The contractual maturities of fixed income securities held at March 31, 2015 are as follows (table in millions):

	March 31, 2015
	Amortized Cost Basis		Aggregate Fair Value
Due within one year	$	2,036	$	2,037
Due after 1 year through 5 years	5,905		5,920
Due after 5 years through 10 years	524		523
Due after 10 years	320		319
Total	$	8,785	$	8,799