Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

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
	March 31, 2026		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	$	14,372	$	14,372	$	—	$	—
U.S. government securities	1,867		1,867		—		—

Time deposits	504		—		504		—
Corporate debt securities	2,537		—		2,537		—
Total cash equivalents	19,280		16,239		3,041		—
Marketable securities:
U.S. government securities	30,916		30,916		—		—
U.S. government agency securities	888		888		—		—
Corporate debt securities	21,627		—		21,627		—
Marketable equity securities	4,323		4,323		—		—
Total marketable securities	57,754		36,127		21,627		—
Restricted cash equivalents	7,425		7,425		—		—
Other assets	113		—		—		113
Total	$	84,572	$	59,791	$	24,668	$	113


			Fair Value Measurement at Reporting Date Using
	December 31, 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	$	27,928	$	27,928	$	—	$	—
U.S. government securities	1,623		1,623		—		—

Time deposits	328		—		328		—
Corporate debt securities	1,603		—		1,603		—
Total cash equivalents	31,482		29,551		1,931		—
Marketable securities:
U.S. government securities	21,483		21,483		—		—
U.S. government agency securities	767		767		—		—
Corporate debt securities	17,477		—		17,477		—
Marketable equity securities	5,992		5,992		—		—
Total marketable securities	45,719		28,242		17,477		—
Restricted cash equivalents	2,539		2,539		—		—
Other assets	106		—		—		106
Total	$	79,846	$	60,332	$	19,408	$	106

Available-for-sale Marketable Securities

The following tables summarize our available-for-sale marketable debt securities with unrealized losses as of March 31, 2026 and December 31, 2025, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in millions):


	March 31, 2026
	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	$	13,872	$	(39)	$	769	$	(9)	$	14,641	$	(48)
U.S. government agency securities	199		(1)		25		—		224		(1)
Corporate debt securities	7,756		(25)		940		(12)		8,696		(37)
Total	$	21,827	$	(65)	$	1,734	$	(21)	$	23,561	$	(86)


	December 31, 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	$	1,491	$	(2)	$	1,570	$	(18)	$	3,061	$	(20)
U.S. government agency securities	17		—		25		—		42		—
Corporate debt securities	1,213		(1)		1,534		(20)		2,747		(21)
Total	$	2,721	$	(3)	$	3,129	$	(38)	$	5,850	$	(41)

Marketable Securities by Contractual Maturities

The following table classifies our marketable debt securities by contractual maturities (in millions):


	March 31, 2026
Due within one year	$	26,879
Due after one year to five years	26,552
Total	$	53,431