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TableofContents
VMware, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
ThefollowingtablessetforththefairvaluehierarchyofVMware’scashequivalents,available-for-salesecurities,andforwardcontracts,thatwererequiredto
bemeasuredatfairvalueasofDecember31,2015and2014(tablesinmillions):
December 31, 2015
Level 1
Level 2
Total
Cashequivalents:
Money-marketfunds $ 1,763
$ —
$ 1,763
Timedeposits —
5
5
Totalcashequivalents $ 1,763
$ 5
$ 1,768
Short-terminvestments:
Timedeposits $ —
$ 12
$ 12
U.S.Governmentandagencyobligations 543
207
750
U.S.andforeigncorporatedebtsecurities —
3,252
3,252
Foreigngovernmentsandmulti-nationalagencyobligations —
35
35
Municipalobligations —
706
706
Asset-backedsecurities —
20
20
Mortgage-backedsecurities —
241
241
Totalshort-terminvestments $ 543
$ 4,473
$ 5,016
Otherassets:
Marketableavailable-for-saleequitysecurities $ 18
$ —
$ 18
Accruedexpensesandother:
Forwardcontracts $ —
$(1)
$(1)
December 31, 2014
Level 1
Level 2
Total
Cashequivalents:
Money-marketfunds $ 1,130
$ —
$ 1,130
U.S.andforeigncorporatedebtsecurities —
54
54
Foreigngovernmentsandmulti-nationalagencyobligations —
2
2
Totalcashequivalents $ 1,130
$ 56
$ 1,186
Short-terminvestments:
U.S.Governmentandagencyobligations $ 353
$ 189
$ 542
U.S.andforeigncorporatedebtsecurities —
3,234
3,234
Foreigngovernmentsandmulti-nationalagencyobligations —
23
23
Municipalobligations —
932
932
Asset-backedsecurities —
53
53
Mortgage-backedsecurities —
220
220
Totalshort-terminvestments $ 353
$ 4,651
$ 5,004
Othercurrentassets:
Forwardcontracts $ —
$ 1
$ 1
Accruedexpensesandother:
Forwardcontracts $ —
$(1)
$(1)
VMwarehaselectednottorecorditsnotespayabletoEMCatfairvalue,buthasmeasuredthenotesatfairvaluefordisclosurepurposes.AsofDecember31,
2015,thefairvalueofthenotespayabletoEMCwasapproximately$1,474million.AsofDecember31,2014,thefairvalueofthenotespayabletoEMC
approximateditscarryingvalueduetotheminimalchangeintheinterestratebetweenDecember31,2014andthedatethenoteswereenteredinto.Fairvaluewas
estimatedbasedonobservablemarketinterestrates(Level2inputs).
72