Fair Value of Financial Instruments (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis |
Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions):
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September 30, 2022 |
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December 31, 2021 |
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Fair Value |
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Level I |
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Level II |
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Level III |
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Fair Value |
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Level I |
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Level II |
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Level III |
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Money market funds |
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$ |
7,729 |
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$ |
7,729 |
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$ |
— |
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$ |
— |
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$ |
9,548 |
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$ |
9,548 |
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$ |
— |
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$ |
— |
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U.S. government securities |
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888 |
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— |
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888 |
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— |
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— |
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— |
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— |
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— |
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Corporate debt securities |
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687 |
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— |
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687 |
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— |
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131 |
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— |
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131 |
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— |
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Interest rate swap liabilities |
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— |
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— |
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— |
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— |
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31 |
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— |
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31 |
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— |
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Total |
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$ |
9,304 |
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$ |
7,729 |
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$ |
1,575 |
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$ |
— |
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$ |
9,710 |
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$ |
9,548 |
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$ |
162 |
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$ |
— |
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| Schedule of Cash, Cash Equivalents and Marketable Securities |
Our cash, cash equivalents and marketable securities classified by security type as of September 30, 2022 and December 31, 2021 consisted of the following (in millions):
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September 30, 2022 |
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Adjusted Cost |
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Gross Unrealized Gains |
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Gross Unrealized Losses |
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Fair Value |
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Cash and Cash Equivalents |
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Short-Term Marketable Securities |
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Cash |
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$ |
11,803 |
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$ |
— |
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$ |
— |
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$ |
11,803 |
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$ |
11,803 |
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$ |
— |
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Money market funds |
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7,729 |
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— |
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— |
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7,729 |
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7,729 |
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— |
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U.S. government securities |
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889 |
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— |
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(1 |
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888 |
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— |
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888 |
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Corporate debt securities |
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706 |
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— |
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(19 |
) |
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687 |
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— |
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687 |
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Total cash, cash equivalents and short-term marketable securities |
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$ |
21,127 |
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$ |
— |
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$ |
(20 |
) |
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$ |
21,107 |
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$ |
19,532 |
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$ |
1,575 |
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December 31, 2021 |
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Adjusted Cost |
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Gross Unrealized Gains |
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Gross Unrealized Losses |
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Fair Value |
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Cash and Cash Equivalents |
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Short-Term Marketable Securities |
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Cash |
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$ |
8,028 |
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$ |
— |
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$ |
— |
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$ |
8,028 |
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$ |
8,028 |
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$ |
— |
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Money market funds |
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9,548 |
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— |
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— |
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9,548 |
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9,548 |
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— |
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Corporate debt securities |
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132 |
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— |
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(1 |
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131 |
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— |
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131 |
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Total cash, cash equivalents and short-term marketable securities |
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$ |
17,708 |
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$ |
— |
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$ |
(1 |
) |
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$ |
17,707 |
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$ |
17,576 |
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$ |
131 |
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| Summary of Fair Value of Marketable Securities by Contractual Maturities |
The following table summarizes the fair value of our marketable securities by stated contractual maturities as of September 30, 2022 (in millions):
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Due in 1 year or less |
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$ |
943 |
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Due in 1 year through 5 years |
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576 |
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Due in 5 years through 10 years |
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56 |
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Total |
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$ |
1,575 |
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| Schedule of Interest Rate Swaps Outstanding |
Our interest rate swaps outstanding were as follows (in millions):
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September 30, 2022 |
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December 31, 2021 |
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Aggregate Notional
Amount |
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Gross Asset at
Fair Value |
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Gross Liability at
Fair Value |
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Aggregate Notional
Amount |
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Gross Asset at
Fair Value |
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Gross Liability at
Fair Value |
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Interest rate swaps |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
312 |
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$ |
— |
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$ |
31 |
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Our interest rate swaps activity was as follows (in millions):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Gross losses |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
9 |
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Gross gains |
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$ |
— |
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$ |
1 |
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$ |
10 |
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$ |
21 |
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| Schedule of Estimated Fair Values and Carrying Values |
The following table presents the estimated fair values and the carrying values (in millions):
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September 30, 2022 |
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December 31, 2021 |
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Carrying Value |
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Fair Value |
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Carrying Value |
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Fair Value |
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Convertible Senior Notes (1) |
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$ |
44 |
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$ |
574 |
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$ |
119 |
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$ |
2,016 |
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Solar Asset and Loan-backed Notes |
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$ |
18 |
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$ |
18 |
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$ |
827 |
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$ |
834 |
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(1)The 2022 Notes were fully settled in the first quarter of 2022.
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