v3.24.0.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Marketable equity securities
The following tables summarize our cash, cash equivalents, and marketable securities measured at fair value on a recurring basis (in millions):
As of December 31, 2022
Fair Value HierarchyAdjusted CostGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsMarketable Securities
Fair value changes recorded in other comprehensive income
Time deposits
Level 2$5,297 $0 $0 $5,297 $5,293 $4 
Government bondsLevel 241,03664 (2,045)39,055 283 38,772 
Corporate debt securitiesLevel 228,5788 (1,569)27,017 1 27,016 
Mortgage-backed and asset-backed securitiesLevel 216,1765 (1,242)14,939 0 14,939 
Total investments with fair value change reflected in other comprehensive income(1)
$91,087 $77 $(4,856)$86,308 $5,577 $80,731 
Fair value adjustments recorded in net income
Money market fundsLevel 1$7,234 $7,234 $0 
Current marketable equity securities(2)
Level 14,013 0 4,013 
Mutual fundsLevel 2339 0 339 
Government bondsLevel 21,877 440 1,437 
Corporate debt securitiesLevel 23,744 65 3,679 
Mortgage-backed and asset-backed securitiesLevel 21,686 2 1,684 
Total investments with fair value change recorded in net income
$18,893 $7,741 $11,152 
Cash0 8,561 0 
Total$91,087 $77 $(4,856)$105,201 $21,879 $91,883 
(1)Represents gross unrealized gains and losses for debt securities recorded to AOCI.
(2)The long-term portion of marketable equity securities (subject to long-term lock-up restrictions) of $803 million as of December 31, 2022 is included within other non-current assets.
As of December 31, 2023
Fair Value HierarchyAdjusted CostGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsMarketable Securities
Fair value changes recorded in other comprehensive income
Time deposits
Level 2$2,628 $0 $0 $2,628 $2,628 $0 
Government bondsLevel 238,106 233 (679)37,660 1,993 35,667 
Corporate debt securitiesLevel 222,457 112 (637)21,932 0 21,932 
Mortgage-backed and asset-backed securitiesLevel 217,243 88 (634)16,697 0 16,697 
Total investments with fair value change reflected in other comprehensive income(1)
$80,434 $433 $(1,950)$78,917 $4,621 $74,296 
Fair value adjustments recorded in net income
Money market fundsLevel 1$6,480 $6,480 $0 
Current marketable equity securities(2)
Level 14,2820 4,282
Mutual fundsLevel 23110 311
Government bondsLevel 21,952347 1,605
Corporate debt securitiesLevel 23,78291 3,691
Mortgage-backed and asset-backed securitiesLevel 22,6830 2,683
Total investments with fair value change recorded in net income
$19,490 $6,918 $12,572 
Cash0 12,509 0 
Total$80,434 $433 $(1,950)$98,407 $24,048 $86,868 
(1)Represents gross unrealized gains and losses for debt securities recorded to AOCI.
(2)The long-term portion of marketable equity securities (subject to long-term lock-up restrictions) of $1.4 billion as of December 31, 2023 is included within other non-current assets.
Available-for-sale debt securities The following table summarizes gains and losses for debt securities, reflected as a component of OI&E (in millions):    
Year Ended December 31,
 202120222023
Unrealized gain (loss) on fair value option debt securities
$(122)$(557)$386 
Gross realized gain on debt securities432 103 182 
Gross realized loss on debt securities(329)(1,588)(1,833)
(Increase) decrease in allowance for credit losses
(91)(22)50 
Total gain (loss) on debt securities recognized in other income (expense), net$(110)$(2,064)$(1,215)
Investments by maturity date
The following table summarizes the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates (in millions):
As of December 31, 2023
Due in one year or less
$11,231 
Due in one year through five years
41,477 
Due in five years through 10 years
15,351 
Due after 10 years14,216 
Total$82,275 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables present fair values and gross unrealized losses recorded to AOCI, 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, 2022
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
Government bonds$21,039 $(1,004)$13,438 $(1,041)$34,477 $(2,045)
Corporate debt securities11,228 (440)15,125 (1,052)26,353 (1,492)
Mortgage-backed and asset-backed securities7,725 (585)6,964 (657)14,689 (1,242)
Total$39,992 $(2,029)$35,527 $(2,750)$75,519 $(4,779)
 As of December 31, 2023
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss		Fair ValueUnrealized
Loss
Government bonds$1,456 $(22)$13,897 $(657)$15,353 $(679)
Corporate debt securities827 (5)15,367 (592)16,194 (597)
Mortgage-backed and asset-backed securities2,945 (26)7,916 (608)10,861 (634)
Total$5,228 $(53)$37,180 $(1,857)$42,408 $(1,910)
Carrying Value Of Marketable And Non-Marketable Equity Securities
The carrying values for marketable and non-marketable equity securities are summarized below (in millions):

As of December 31, 2022As of December 31, 2023
Marketable Equity SecuritiesNon-Marketable Equity SecuritiesTotalMarketable Equity SecuritiesNon-Marketable Equity SecuritiesTotal
Total initial cost$5,764 $16,157 $21,921 $5,418 $17,616 $23,034 
Cumulative net gain (loss)(1)
(608)12,372 11,764 555 11,150 11,705 
Carrying value$5,156 $28,529 $33,685 $5,973 $28,766 $34,739 
(1)Non-marketable equity securities cumulative net gain (loss) is comprised of $16.8 billion gains and $4.5 billion losses (including impairments) as of December 31, 2022 and $18.1 billion gains and $6.9 billion losses (including impairments) as of December 31, 2023.
Gains and losses on equity securities
Gains and losses (including impairments), net, for marketable and non-marketable equity securities included in OI&E are summarized below (in millions):
Year Ended December 31,
 2021
2022
2023
Realized net gain (loss) on equity securities sold during the period$1,196 $(442)$690 
Unrealized net gain (loss) on marketable equity securities1,335 (3,242)790 
Unrealized net gain (loss) on non-marketable equity securities(1)
9,849 229 (1,088)
Total gain (loss) on equity securities in other income (expense), net$12,380 $(3,455)$392 
(1)Unrealized gain (loss) on non-marketable equity securities accounted for under the measurement alternative is comprised of $10.0 billion, $3.3 billion, and $1.8 billion of upward adjustments as of December 31, 2021, 2022, and 2023, respectively, and $122 million, $3.0 billion, and $2.9 billion of downward adjustments (including impairments) as of December 31, 2021, 2022, and 2023, respectively.
In the table above, realized net gain (loss) on equity securities sold during the period reflects the difference between the sale proceeds and the carrying value of the equity securities at the beginning of the period or the purchase date, if later.
Cumulative Net Gain (Loss) On Equity Securities Sold
Cumulative net gains (losses) on equity securities sold during the period, which is summarized in the following table (in millions), represents the total net gains (losses) recognized after the initial purchase date of the equity security sold during the period. While these net gains (losses) may have been reflected in periods prior to the period of sale, we believe they are important supplemental information as they reflect the economic net gains (losses) on the securities sold during the period. Cumulative net gains (losses) are calculated as the difference between the sale price and the initial purchase price for the equity security sold during the period.
Equity Securities Sold During the Year Ended December 31,
 20222023
Total sale price$1,784 $1,981 
Total initial cost937 1,512 
Cumulative net gains (losses)
$847 $469 
Schedule of gross notional amounts of derivative instruments
The gross notional amounts of outstanding derivative instruments were as follows (in millions):
As of December 31,
20222023
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges $15,972 $18,039 
Fair value hedges$2,117 $2,065 
Net investment hedges$8,751 $9,472 
Derivatives not designated as hedging instruments:
Foreign exchange contracts$34,979 $39,722 
Other contracts$7,932 $10,818 
Schedule of derivative instruments
The fair values of outstanding derivative instruments were as follows (in millions):
 As of December 31, 2022As of December 31, 2023
 
Assets(1)
Liabilities(2)
Assets(1)
Liabilities(2)
Derivatives designated as hedging instruments:
     Foreign exchange contracts$271 $556 $205 $242 
Derivatives not designated as hedging instruments:
     Foreign exchange contracts365 207 134 156 
     Other contracts40 47 114 47 
Total derivatives not designated as hedging instruments405 254 248 203 
Total$676 $810 $453 $445 
(1)    Derivative assets are recorded as other current and non-current assets in the Consolidated Balance Sheets.
(2)    Derivative liabilities are recorded as accrued expenses and other liabilities, current and non-current in the Consolidated Balance Sheets.
Schedule of gain (loss) on derivative instruments
The gains (losses) on derivatives in cash flow hedging and net investment hedging relationships recognized in other comprehensive income (OCI) are summarized below (in millions):
 Year Ended December 31,
202120222023
Derivatives in cash flow hedging relationship:
Foreign exchange contracts
Amount included in the assessment of effectiveness$806 $1,699 $90 
Amount excluded from the assessment of effectiveness48 (188)84 
Derivatives in net investment hedging relationship:
Foreign exchange contracts
Amount included in the assessment of effectiveness754 608 (287)
Total$1,608 $2,119 $(113)
The table below presents the gains (losses) of our derivatives on the Consolidated Statements of Income: (in millions):
Year Ended December 31,
202120222023
RevenuesOther income (expense), netRevenuesOther income (expense), netRevenuesOther income (expense), net
Total amounts in the Consolidated Statements of Income$257,637 $12,020 $282,836 $(3,514)$307,394 $1,424 
Effect of cash flow hedges:
Foreign exchange contracts
Amount reclassified from AOCI to income
$165 $0 $2,046 $0 $213 $0 
Amount excluded from the assessment of effectiveness (amortized)(16)0 (85)0 24 0 
Effect of fair value hedges:
Foreign exchange contracts
Hedged items0 (95)0 (162)0 59 
Derivatives designated as hedging instruments0 95 0 163 0 (59)
Amount excluded from the assessment of effectiveness0 8 0 16 0 15 
Effect of net investment hedges:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness0 82 0 171 0 187 
Effect of non designated hedges:
Foreign exchange contracts0 (860)0(395)0 7 
Other contracts0 101 0 144 0 53 
Total gains (losses)
$149 $(669)$1,961 $(63)$237 $262 
Offsetting assets
The gross amounts of derivative instruments subject to master netting arrangements with various counterparties, and cash and non-cash collateral received and pledged under such agreements were as follows (in millions):
As of December 31, 2022
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts RecognizedGross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Financial Instruments(1)
Cash and Non-Cash Collateral Received or PledgedNet Amounts
Derivatives assets$760 $(84)$676 $(463)$(132)$81 
Derivatives liabilities$894 $(84)$810 $(463)$(28)$319 
As of December 31, 2023
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts
Recognized		Gross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Financial Instruments(1)
Cash and Non-Cash Collateral Received or PledgedNet Amounts
Derivatives assets$535 $(82)$453 $(213)$(75)$165 
Derivatives liabilities$527 $(82)$445 $(213)$(16)$216 
(1)    The balances as of December 31, 2022 and 2023 were related to derivatives allowed to be net settled in accordance with our master netting agreements.
Offsetting liabilities
The gross amounts of derivative instruments subject to master netting arrangements with various counterparties, and cash and non-cash collateral received and pledged under such agreements were as follows (in millions):
As of December 31, 2022
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts RecognizedGross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Financial Instruments(1)
Cash and Non-Cash Collateral Received or PledgedNet Amounts
Derivatives assets$760 $(84)$676 $(463)$(132)$81 
Derivatives liabilities$894 $(84)$810 $(463)$(28)$319 
As of December 31, 2023
Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
Gross Amounts
Recognized		Gross Amounts Offset in the Consolidated Balance SheetsNet Amounts Presented in the Consolidated Balance Sheets
Financial Instruments(1)
Cash and Non-Cash Collateral Received or PledgedNet Amounts
Derivatives assets$535 $(82)$453 $(213)$(75)$165 
Derivatives liabilities$527 $(82)$445 $(213)$(16)$216 
(1)    The balances as of December 31, 2022 and 2023 were related to derivatives allowed to be net settled in accordance with our master netting agreements.