| 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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | | Fair Value | | Level I | | Level II | | Level III | | Fair Value | | Level I | | Level II | | Level III | | Certificates of deposit and time deposits | $ | 8,488 | | | $ | — | | | $ | 8,488 | | | $ | — | | | $ | 6,996 | | | $ | — | | | $ | 6,996 | | | $ | — | | | Commercial paper | 4,311 | | | — | | | 4,311 | | | — | | | 470 | | | — | | | 470 | | | — | | | U.S. government securities | 3,312 | | | — | | | 3,312 | | | — | | | 5,136 | | | — | | | 5,136 | | | — | | | Corporate debt securities | 372 | | | — | | | 372 | | | — | | | 480 | | | — | | | 480 | | | — | | | Money market funds | 10 | | | 10 | | | — | | | — | | | 109 | | | 109 | | | — | | | — | | | Total | $ | 16,493 | | | $ | 10 | | | $ | 16,483 | | | $ | — | | | $ | 13,191 | | | $ | 109 | | | $ | 13,082 | | | $ | — | |
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| Unrealized Gain (Loss) on Investments |
Our cash, cash equivalents and investments classified by security type as of June 30, 2024 and December 31, 2023 consisted of the following (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | | Adjusted Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Cash and Cash Equivalents | | Short-Term Investments | | Cash | $ | 14,227 | | | $ | — | | | $ | — | | | $ | 14,227 | | | $ | 14,227 | | | $ | — | | | Certificates of deposit and time deposits | 8,488 | | | — | | | — | | | 8,488 | | | — | | | 8,488 | | | Commercial paper | 4,311 | | | 2 | | | (2) | | | 4,311 | | | — | | | 4,311 | | | U.S. government securities | 3,314 | | | — | | | (2) | | | 3,312 | | | 398 | | | 2,914 | | | Corporate debt securities | 374 | | | — | | | (2) | | | 372 | | | — | | | 372 | | | Money market funds | 10 | | | — | | | — | | | 10 | | | 10 | | | — | | | Total cash, cash equivalents and short-term investments | $ | 30,724 | | | $ | 2 | | | $ | (6) | | | $ | 30,720 | | | $ | 14,635 | | | $ | 16,085 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | Adjusted Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Cash and Cash Equivalents | | Short-Term Investments | | Cash | $ | 15,903 | | | $ | — | | | $ | — | | | $ | 15,903 | | | $ | 15,903 | | | $ | — | | | Certificates of deposit and time deposits | 6,995 | | | 1 | | | — | | | 6,996 | | | — | | | 6,996 | | | U.S. government securities | 5,136 | | | 1 | | | (1) | | | 5,136 | | | 277 | | | 4,859 | | | Corporate debt securities | 485 | | | 1 | | | (6) | | | 480 | | | — | | | 480 | | | Commercial paper | 470 | | | — | | | — | | | 470 | | | 109 | | | 361 | | | Money market funds | 109 | | | — | | | — | | | 109 | | | 109 | | | — | | | Total cash, cash equivalents and short-term investments | $ | 29,098 | | | $ | 3 | | | $ | (7) | | | $ | 29,094 | | | $ | 16,398 | | | $ | 12,696 | |
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