| Fair Value, Assets Measured on Recurring Basis |
The following tables summarize our assets measured at fair value on a recurring basis and the classification by level of input within the fair value hierarchy (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement at Reporting Date Using | | Description | | June 30, 2025 | | Quoted Prices in Active Markets for Identical Assets
(Level 1) | | Significant Other Observable Inputs
(Level 2) | | Significant Unobservable Inputs
(Level 3) | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 6,658 | | | $ | 6,658 | | | $ | — | | | $ | — | | | U.S. government securities | | 352 | | | 352 | | | — | | | — | | | | | | | | | | | | Time deposits | | 251 | | | — | | | 251 | | | — | | | | | | | | | | | | Total cash equivalents | | 7,261 | | | 7,010 | | | 251 | | | — | | | Marketable securities: | | | | | | | | | | U.S. government securities | | 14,749 | | | 14,749 | | | — | | | — | | | U.S. government agency securities | | 1,602 | | | 1,602 | | | — | | | — | | | Corporate debt securities | | 13,854 | | | — | | | 13,854 | | | — | | | Marketable equity securities | | 4,861 | | | 4,861 | | | — | | | — | | | Total marketable securities | | 35,066 | | | 21,212 | | | 13,854 | | | — | | | Restricted cash equivalents | | 1,704 | | | 1,704 | | | — | | | — | | | Other assets | | 105 | | | — | | | — | | | 105 | | | Total | | $ | 44,136 | | | $ | 29,926 | | | $ | 14,105 | | | $ | 105 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement at Reporting Date Using | | Description | | December 31, 2024 | | Quoted Prices in Active Markets for Identical Assets
(Level 1) | | Significant Other Observable Inputs
(Level 2) | | Significant Unobservable Inputs
(Level 3) | | Cash equivalents: | | | | | | | | | | Money market funds | | $ | 36,165 | | | $ | 36,165 | | | $ | — | | | $ | — | | | U.S. government and agency securities | | 23 | | | 23 | | | — | | | — | | | | | | | | | | | | Time deposits | | 369 | | | — | | | 369 | | | — | | | Corporate debt securities | | 114 | | | — | | | 114 | | | — | | | Total cash equivalents | | 36,671 | | | 36,188 | | | 483 | | | — | | | Marketable securities: | | | | | | | | | | U.S. government securities | | 14,889 | | | 14,889 | | | — | | | — | | | U.S. government agency securities | | 3,053 | | | 3,053 | | | — | | | — | | | Corporate debt securities | | 14,758 | | | — | | | 14,758 | | | — | | | Marketable equity securities | | 1,226 | | | 1,226 | | | — | | | — | | | Total marketable securities | | 33,926 | | | 19,168 | | | 14,758 | | | — | | | Restricted cash equivalents | | 1,193 | | | 1,193 | | | — | | | — | | | Other assets | | 101 | | | — | | | — | | | 101 | | | Total | | $ | 71,891 | | | $ | 56,549 | | | $ | 15,241 | | | $ | 101 | |
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| Available-for-sale Marketable Securities |
The following tables summarize our available-for-sale marketable debt securities with unrealized losses as of June 30, 2025 and December 31, 2024, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Less than 12 months | | 12 months or greater | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | U.S. government securities | $ | 1,208 | | | $ | (5) | | | $ | 2,767 | | | $ | (56) | | | $ | 3,975 | | | $ | (61) | | | U.S. government agency securities | 129 | | | — | | | 622 | | | (5) | | | 751 | | | (5) | | | Corporate debt securities | 570 | | | (2) | | | 3,059 | | | (62) | | | 3,629 | | | (64) | | | Total | $ | 1,907 | | | $ | (7) | | | $ | 6,448 | | | $ | (123) | | | $ | 8,355 | | | $ | (130) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Less than 12 months | | 12 months or greater | | Total | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | Unrealized Losses | | U.S. government securities | $ | 6,860 | | | $ | (71) | | | $ | 4,330 | | | $ | (146) | | | $ | 11,190 | | | $ | (217) | | | U.S. government agency securities | 435 | | | (2) | | | 2,083 | | | (44) | | | 2,518 | | | (46) | | | Corporate debt securities | 2,989 | | | (26) | | | 6,373 | | | (192) | | | 9,362 | | | (218) | | | Total | $ | 10,284 | | | $ | (99) | | | $ | 12,786 | | | $ | (382) | | | $ | 23,070 | | | $ | (481) | |
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