|
Cash and Investments (Tables)
|
12 Months Ended |
|
Dec. 31, 2011
|
| Schedule of Cash, Cash Equivalents and Short-term Investments |
Cash, cash equivalents,
and marketable securities consisted of the following (in
millions):
|
|
|
|
|
|
|
|
|
| |
|
As of December 31, |
|
| |
|
2010 |
|
|
2011 |
|
|
Cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$ |
4,652 |
|
|
$ |
4,712 |
|
|
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
Time deposits
|
|
|
973 |
|
|
|
534 |
|
|
Money market and other
funds(1)
|
|
|
7,547 |
|
|
|
4,462 |
|
|
U.S. government agencies
|
|
|
0 |
|
|
|
275 |
|
|
U.S. government notes
|
|
|
300 |
|
|
|
0 |
|
|
Foreign government bonds
|
|
|
150 |
|
|
|
0 |
|
|
Corporate debt securities
|
|
|
8 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
Total cash and cash
equivalents
|
|
|
13,630 |
|
|
|
9,983 |
|
|
|
|
|
|
|
|
|
|
|
Marketable securities:
|
|
|
|
|
|
|
|
|
|
Time deposits
|
|
|
307 |
|
|
|
495 |
|
|
U.S. government agencies
|
|
|
1,857 |
|
|
|
6,226 |
|
|
U.S. government notes
|
|
|
3,930 |
|
|
|
11,579 |
|
|
Foreign government bonds
|
|
|
1,172 |
|
|
|
1,629 |
|
|
Municipal securities
|
|
|
2,503 |
|
|
|
1,794 |
|
|
Corporate debt securities
|
|
|
5,742 |
|
|
|
6,112 |
|
|
Agency residential mortgage-backed
securities
|
|
|
5,673 |
|
|
|
6,501 |
|
|
Marketable equity
securities
|
|
|
161 |
|
|
|
307 |
|
|
|
|
|
|
|
|
|
|
|
Total marketable
securities
|
|
|
21,345 |
|
|
|
34,643 |
|
|
|
|
|
|
|
|
|
|
|
Total cash, cash equivalents, and
marketable securities
|
|
$ |
34,975 |
|
|
$ |
44,626 |
|
|
|
|
|
|
|
|
|
|
| (1) |
The
balances at December 31, 2010 and December 31, 2011 included
$1.6 billion and $1.3 billion of cash collateral received in
connection with our securities lending program, which was invested
in reverse repurchase agreements maturing within three months. See
below for further discussion on this program.
|
|
| Available-for-sale Securities |
The following tables
summarize unrealized gains and losses related to our investments in
marketable securities designated as available-for-sale (in
millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of December 31, 2010 |
|
| |
|
Adjusted
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Time deposits
|
|
$ |
307 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
307 |
|
|
U.S. government agencies
|
|
|
1,864 |
|
|
|
1 |
|
|
|
(8 |
) |
|
|
1,857 |
|
|
U.S. government notes
|
|
|
3,950 |
|
|
|
30 |
|
|
|
(50 |
) |
|
|
3,930 |
|
|
Foreign government bonds
|
|
|
1,154 |
|
|
|
23 |
|
|
|
(5 |
) |
|
|
1,172 |
|
|
Municipal securities
|
|
|
2,492 |
|
|
|
16 |
|
|
|
(5 |
) |
|
|
2,503 |
|
|
Corporate debt securities
|
|
|
5,600 |
|
|
|
167 |
|
|
|
(25 |
) |
|
|
5,742 |
|
|
Agency residential mortgage-backed
securities
|
|
|
5,649 |
|
|
|
56 |
|
|
|
(32 |
) |
|
|
5,673 |
|
|
Marketable equity security
|
|
|
150 |
|
|
|
11 |
|
|
|
0 |
|
|
|
161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
21,166 |
|
|
$ |
304 |
|
|
$ |
(125 |
) |
|
$ |
21,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of December 31, 2011 |
|
| |
|
Adjusted
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Time deposits
|
|
$ |
495 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
495 |
|
|
U.S. government agencies
|
|
|
6,211 |
|
|
|
15 |
|
|
|
0 |
|
|
|
6,226 |
|
|
U.S. government notes
|
|
|
11,475 |
|
|
|
104 |
|
|
|
0 |
|
|
|
11,579 |
|
|
Foreign government bonds
|
|
|
1,608 |
|
|
|
32 |
|
|
|
(11 |
) |
|
|
1,629 |
|
|
Municipal securities
|
|
|
1,775 |
|
|
|
19 |
|
|
|
0 |
|
|
|
1,794 |
|
|
Corporate debt securities
|
|
|
6,023 |
|
|
|
187 |
|
|
|
(98 |
) |
|
|
6,112 |
|
|
Agency residential mortgage-backed
securities
|
|
|
6,359 |
|
|
|
147 |
|
|
|
(5 |
) |
|
|
6,501 |
|
|
Marketable equity
securities
|
|
|
228 |
|
|
|
79 |
|
|
|
0 |
|
|
|
307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
34,174 |
|
|
$ |
583 |
|
|
$ |
(114 |
) |
|
$ |
34,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments Classified by Contractual Maturity Date |
The following table
summarizes the estimated fair value of our investments in
marketable securities, excluding the marketable equity securities,
designated as available-for-sale and classified by the contractual
maturity date of the securities (in millions):
|
|
|
|
|
| |
|
As of
December 31,
2011 |
|
|
Due in 1 year
|
|
$ |
13,242 |
|
|
Due in 1 year through 5
years
|
|
|
7,482 |
|
|
Due in 5 years through 10
years
|
|
|
5,525 |
|
|
Due after 10 years
|
|
|
8,087 |
|
|
|
|
|
|
|
Total
|
|
$ |
34,336 |
|
|
|
|
|
|
|
| Schedule of Unrealized Loss on Investments |
The following tables
present gross unrealized losses and fair values for those
investments that were in an unrealized loss position as of
December 31, 2010 and 2011, aggregated by investment category
and the length of time that individual securities have been in a
continuous loss position (in millions):
|
|
|
|
|
|
|
|
|
| |
|
As of December 31, 2010 |
|
| |
|
Less than 12 Months |
|
| |
|
Fair Value |
|
|
Unrealized
Loss |
|
|
U.S. government agencies
|
|
$ |
831 |
|
|
$ |
(8 |
) |
|
U.S. government notes
|
|
|
2,225 |
|
|
|
(50 |
) |
|
Foreign government bonds
|
|
|
129 |
|
|
|
(5 |
) |
|
Municipal securities
|
|
|
962 |
|
|
|
(5 |
) |
|
Corporate debt securities
|
|
|
1,061 |
|
|
|
(25 |
) |
|
Agency residential mortgage-backed
securities
|
|
|
1,675 |
|
|
|
(32 |
) |
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
6,883 |
|
|
$ |
(125 |
) |
|
|
|
|
|
|
|
|
|
As of December 31, 2010, we did
not have any investments in marketable securities that were in an
unrealized loss position for 12 months or
greater.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of December 31, 2011 |
|
| |
|
Less than 12 Months |
|
|
12 Months or Greater |
|
|
Total |
|
| |
|
Fair Value |
|
|
Unrealized
Loss |
|
|
Fair Value |
|
|
Unrealized
Loss |
|
|
Fair Value |
|
|
Unrealized
Loss |
|
|
Foreign government bonds
|
|
$ |
302 |
|
|
$ |
(11 |
) |
|
$ |
6 |
|
|
$ |
0 |
|
|
$ |
308 |
|
|
$ |
(11 |
) |
|
Corporate debt securities
|
|
|
2,160 |
|
|
|
(97 |
) |
|
|
17 |
|
|
|
(1 |
) |
|
|
2,177 |
|
|
|
(98 |
) |
|
Agency residential mortgage-backed
securities
|
|
|
716 |
|
|
|
(3 |
) |
|
|
19 |
|
|
|
(2 |
) |
|
|
735 |
|
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
3,178 |
|
|
$ |
(111 |
) |
|
$ |
42 |
|
|
$ |
(3 |
) |
|
$ |
3,220 |
|
|
$ |
(114 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|