INVESTMENTS (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Carrying value of equity securities by balance sheet location |
The carrying values of our equity securities were included in the following line items in our consolidated balance sheets (in millions):
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|
Fair Value with Changes Recognized in Income |
Measurement Alternative —
No Readily Determinable
Fair Value |
| December 31, 2021 |
|
|
| Marketable securities |
$ |
376
|
|
$ |
—
|
|
| Other investments |
771
|
|
47
|
|
| Other noncurrent assets |
1,576
|
|
—
|
|
| Total equity securities |
$ |
2,723
|
|
$ |
47
|
|
| December 31, 2020 |
|
|
| Marketable securities |
$ |
330 |
|
$ |
— |
|
| Other investments |
762 |
|
50 |
|
| Other noncurrent assets |
1,282 |
|
— |
|
| Total equity securities |
$ |
2,374 |
|
$ |
50 |
|
|
| Net unrealized gains and losses related to equity securities still held at the end of the period |
The calculation of net unrealized gains and losses recognized during the year related to equity securities still held at the end of the year is as follows (in millions):
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| Year Ended December 31, |
2021 |
2020 |
| Net gains (losses) recognized during the year related to equity securities |
$ |
509
|
|
$ |
146 |
|
|
Less: Net gains (losses) recognized during the year related to equity securities sold during
the year
|
71
|
|
(22) |
|
| Net unrealized gains (losses) recognized during the year related to equity securities still held at the end of the year |
$ |
438
|
|
$ |
168 |
|
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| Schedule of available-for-sale and trading securities |
Our debt securities consisted of the following (in millions):
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Gross Unrealized |
Estimated Fair Value |
|
Cost |
Gains |
Losses |
| December 31, 2021 |
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|
|
|
Trading securities |
$ |
39
|
|
$ |
1
|
|
$ |
—
|
|
$ |
40
|
|
Available-for-sale securities |
1,648
|
|
33
|
|
(132) |
|
1,549
|
|
Total debt securities |
$ |
1,687
|
|
$ |
34
|
|
$ |
(132) |
|
$ |
1,589
|
|
| December 31, 2020 |
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|
|
|
Trading securities |
$ |
36 |
|
$ |
2 |
|
$ |
— |
|
$ |
38 |
|
Available-for-sale securities |
2,227 |
|
51 |
|
(13) |
|
2,265 |
|
Total debt securities |
$ |
2,263 |
|
$ |
53 |
|
$ |
(13) |
|
$ |
2,303 |
|
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| Carrying values of debt securities by balance sheet location |
The carrying values of our debt securities were included in the following line items in our consolidated balance sheets (in millions):
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December 31, 2021 |
|
December 31, 2020 |
|
Trading Securities |
Available-for-Sale Securities |
|
Trading Securities |
Available-for-Sale Securities |
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|
|
|
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| Marketable securities |
$ |
40
|
|
$ |
1,283
|
|
|
$ |
38 |
|
$ |
1,980 |
|
| Other noncurrent assets |
—
|
|
266
|
|
|
— |
|
285 |
|
| Total debt securities |
$ |
40
|
|
$ |
1,549
|
|
|
$ |
38 |
|
$ |
2,265 |
|
|
| Contractual maturities of available-for-sale debt securities |
The contractual maturities of these available-for-sale debt securities as of December 31, 2021 were as follows (in millions):
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Cost |
Estimated
Fair Value |
|
|
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| Within 1 year |
$ |
28 |
|
$ |
28 |
|
|
|
|
| After 1 year through 5 years |
1,355 |
|
1,241 |
|
|
|
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| After 5 years through 10 years |
88 |
|
98 |
|
|
|
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| After 10 years |
177 |
|
182 |
|
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| Total |
$ |
1,648 |
|
$ |
1,549 |
|
|
|
|
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| Realized Gain (Loss) on Investments |
The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions):
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| Year Ended December 31, |
2021 |
2020 |
2019 |
| Gross gains |
$ |
6
|
|
$ |
20 |
|
$ |
39 |
|
| Gross losses |
(10) |
|
(13) |
|
(8) |
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| Proceeds |
1,197
|
|
1,559 |
|
3,956 |
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