v3.26.1
Investments (Tables)
3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments On the Consolidated Balance Sheet
Investments on the consolidated balance sheets consisted of the following:
March 31,
2026
December 31,
2025
(in millions)
Available-for-sale securities
$313 $319 
Held-to-maturity securities 1
— 13 
Total investments $313 $332 
1Held-to-maturity securities represent investments in time deposits that mature within one year. The cost of these securities approximates fair value.
Maturity Distribution Based on Contractual Terms of Investment Securities
The maturity distribution based on the contractual terms of the Company’s available-for-sale investment securities at March 31, 2026 was as follows:
 
 Amortized CostFair Value
 (in millions)
Due within 1 year$103 $103 
Due after 1 year through 5 years211 210 
Total$314 $313 
Schedule of Equity Investments
The following table is a summary of the activity related to the Company’s equity investments:
 Balance at December 31, 2025PurchasesSales
Changes in Fair Value 1
Other 2
Balance at
March 31,
2026
(in millions)
Marketable securities $203 $— $— $(45)$— $158 
Nonmarketable securities1,502 48 (1)(21)(9)1,519 
Total equity investments $1,705 $48 $(1)$(66)$(9)$1,677 
1Recorded in gains (losses) on equity investments, net on the consolidated statements of operations.
2Primarily translational impact of currency.
Nonmarketable securities The following table sets forth the components of the Company’s Nonmarketable securities:
March 31,
2026
December 31,
2025
(in millions)
Measurement alternative
$1,246 $1,242 
Equity method
273 260 
Total Nonmarketable securities$1,519 $1,502 
Carrying Value of Measurement Alternative Investments
The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through March 31, 2026:
(in millions)
Initial cost basis
$973 
Cumulative adjustments 1:
Upward adjustments516 
Downward adjustments (including impairment)(243)
Carrying amount, end of period$1,246 
1 Includes immaterial translational impact of currency.
Unrealized Gains (Losses) Included in the Carrying Value of Measurement Alternative Investments
The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities:
Three Months Ended March 31,
20262025
(in millions)
Measurement alternative investments:
Upward adjustments$— $
Downward adjustments (including impairment)(30)(3)
Marketable securities:
Unrealized gains (losses), net(45)(32)