Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.23.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Fair Value, Assets Measured on Recurring Basis
Financial Instruments Recorded at Fair Value on a Recurring Basis
September 30, 2023 December 31, 2022
(In millions) Level 1 Level 2 Total Level 1 Level 2 Total
Cash equivalents
Money market funds $ 1,711  $ —  $ 1,711  $ 3,017  $ —  $ 3,017 
Commercial paper —  822  822  —  224  224 
U.S. Treasury and agency securities 229  —  229  —  —  — 
Time deposits and certificate of deposits —  212  212  —  159  159 
Foreign government securities —  47  47  —  —  — 
Short-term investments
Commercial paper —  464  464  —  441  441 
Time deposits and certificates of deposits —  7  7  —  —  — 
Asset-backed and mortgage-backed securities —  34  34  —  39  39 
U.S. Treasury and agency securities 1,518  —  1,518  466  —  466 
Foreign government securities —  149  149  —  74  74 
Equity investments 52  —  52  —  —  — 
Other non-current assets
Time deposits and certificates of deposits —  3  3  —  9  9 
Equity investments
 —  —  —  8  —  8 
Deferred compensation plan investments 110  —  110  90  —  90 
Total assets measured at fair value $ 3,620  $ 1,738  $ 5,358  $ 3,581  $ 946  $ 4,527 
Summary of Investment Holdings, Schedule of Investments The following is a summary of cash equivalents and short-term investments:
September 30, 2023 December 31, 2022
Cost/ Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair
Value		 Cost/ Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair
Value
(in millions) (in millions)
Asset-backed and mortgage-backed securities $ 37  $ —  $ (3) $ 34  $ 42  $ —  $ (3) $ 39 
Commercial paper 1,286  —  —  1,286  669  —  (4) 665 
Money market funds 1,711  —  —  1,711  3,017  —  —  3,017 
Time deposits and certificates of deposits 219  —  —  219  159  —  —  159 
U.S. Treasury and agency securities 1,750  —  (3) 1,747  471  —  (5) 466 
Foreign government securities 196  —  —  196  74  —  —  74 
Equity investments 50  2  —  52  —  —  —  — 
$ 5,249  $ 2  $ (6) $ 5,245  $ 4,432  $ —  $ (12) $ 4,420 
Investments Classified by Contractual Maturity Date
The contractual maturities of cash equivalents and investments classified as available-for-sale are as follows:
September 30, 2023 December 31, 2022
Amortized Cost Fair Value Amortized Cost Fair Value
(In millions) (In millions)
Due within 1 year $ 3,067  $ 3,063  $ 1,224  $ 1,218 
Due in 1 year through 5 years 391  391  159  156 
Due in 5 years and later 33  31  41  38 
$ 3,491  $ 3,485  $ 1,424  $ 1,412 
Financial Instruments Not Recorded at Fair Value
The Company carries its financial instruments at fair value except for its debt. The carrying amounts and estimated fair values of the Company’s debt are as follows:
  September 30, 2023 December 31, 2022
  Carrying
Amount		 Estimated
Fair Value		 Carrying
Amount		 Estimated
Fair Value
  (In millions) (In millions)
Current portion of long-term debt, net $ 752  $ 735  $ —  $ — 
Long-term debt, net of current portion $ 1,715  $ 1,483  $ 2,467  $ 2,281