v3.26.1
Financial Instruments
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Financial Instruments Financial Instruments
Investments in Equity and Debt Securities
The following table summarizes certain fair value information at March 31, 2026 and December 31, 2025 for investment assets measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments: 
   Fair Value Measurements Using 
Carrying
Amount		CostQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair
Value
March 31, 2026
Cash equivalents(1)
$2,383 $2,383 $2,383 $— $— $2,383 
Short-term investments:
Available-for-sale debt securities(2)
$13 $13 $2 $11 $— $13 
Other securities133 133 — 30 103 133 
Short-term investments$146 
Noncurrent investments:
Available-for-sale debt securities(2)
$360 $371 $72 $288 $— $360 
Other securities60 29 — 2 58 60 
Marketable equity securities448 445 448 — — 448 
Equity investments without readily determinable fair values(3)
912 
Equity method investments(3)
1,336 
Noncurrent investments$3,116 
December 31, 2025
Cash equivalents(1)
$4,392 $4,392 $4,392 $— $— $4,392 
Short-term investments:
Available-for-sale debt securities(2)
$16 $16 $9 $7 $— $16 
Other securities89 89 — 12 78 89 
Short-term investments$105 
Noncurrent investments:
Available-for-sale debt securities(2)
$360 $368 $69 $291 $— $360 
Other securities85 54 — 2 83 85 
Marketable equity securities223 292 223 — — 223 
Equity investments without readily determinable fair values(3)
846 
Equity method investments(3)
1,288 
Noncurrent investments$2,802 
(1) We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. The cost of these investments approximates fair value.
(2) For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost.
(3) Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments.
Debt
The following table summarizes the carrying amount and fair value using Level 2 inputs for our short-term and long-term debt:
March 31, 2026December 31, 2025
Carrying
Amount		Fair ValueCarrying
Amount		Fair Value
Short-term commercial paper borrowings$1,775 $1,771 $— $— 
Long-term debt, including current portion41,595 38,233 42,503 39,799 
Risk Management and Related Financial Instruments
To manage foreign currency and interest rate risk, we may enter into derivative instruments intended to offset losses and gains on the assets, liabilities, and transactions being hedged. Such instruments are entered into in accordance with documented corporate risk-management policies.
Foreign Currency Risk
As a global company, we face foreign currency risk exposure from fluctuating currency exchange rates, primarily the U.S. dollar against the euro, Japanese yen, and Chinese yuan. We manage foreign currency risk primarily through the use of foreign currency debt and foreign currency forward contracts. Our foreign currency-denominated notes designated as accounting hedges had carrying amounts of $3.6 billion and $6.0 billion as of March 31, 2026 and December 31, 2025, respectively. The following table summarizes the aggregate outstanding notional amounts of our foreign currency forward contracts in U.S. dollar equivalent:
March 31, 2026December 31, 2025
PurchaseSellPurchaseSell
Designated as accounting hedges$297 $— $67 $— 
Not designated as accounting hedges13,297 5,520 14,281 9,264 
Forward contracts generally have maturities not exceeding 12 months.
Interest Rate Risk
In the normal course of business, our operations are exposed to fluctuations in interest rates which can vary the costs of financing, investing, and operating. Our primary interest-rate risk exposure results from changes in short-term U.S. dollar interest rates. In an effort to manage interest-rate exposures, we may enter into derivative contracts to achieve an acceptable balance between fixed- and floating-rate debt or to reduce cash flow variability from changes in interest rates as part of anticipated debt issuances. The impact of our interest rate contracts on our consolidated condensed financial statements was not material for all periods presented.
Impact of Significant Risk Management Programs on the Financial Statements
The following table summarizes the effects of significant risk-management programs:
Three Months Ended March 31,
20262025
Recognized in other–net, (income) expense:
Foreign currency forward contracts not designated as accounting hedges$(97)$13 
Recognized in other comprehensive income (loss):
Foreign currency-denominated notes:
Designated as accounting hedges115 (204)
Foreign currency forward contracts:
Designated as accounting hedges(30)(327)
The following table summarizes the fair value of assets and liabilities on a gross basis for significant risk-management programs using Level 2 inputs:
March 31, 2026December 31, 2025
Foreign currency forward contracts:
Designated as accounting hedges:
Other receivables$4 $— 
Other current liabilities(2)— 
Not designated as accounting hedges:
Other receivables37 39 
Other current liabilities(18)(329)