v3.24.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents our fair value hierarchy for our assets measured at fair value on a recurring basis as of December 31, 2024 (in millions): 
Level 1Level 2Total
Cash equivalents:
Money market funds$1,357 $— $1,357 
Commercial paper— 23 23 
Corporate notes and bonds— 4 4 
Deposits391 — 391 
U.S. government and agency securities— 14 14 
Marketable securities:
Commercial paper— 336 336 
Corporate notes and bonds— 4,976 4,976 
Certificates of deposit— 67 67 
U.S. government and agency securities— 2,104 2,104 
Mortgage-backed and asset-backed securities— 86 86 
Total$1,748 $7,610 $9,358 
The following table presents our fair value hierarchy for our assets measured at fair value on a recurring basis as of December 31, 2023 (in millions): 
Level 1Level 2Total
Cash equivalents:
Money market funds$1,215 $— $1,215 
Commercial paper— 79 79 
Corporate notes and bonds— 2 2 
Deposits295 — 295 
U.S. government and agency securities — 4 4 
Marketable securities:
Commercial paper— 349 349 
Corporate notes and bonds— 3,576 3,576 
Certificates of deposit— 94 94 
U.S. government and agency securities— 2,078 2,078 
Mortgage-backed and asset-backed securities— 86 86 
Total$1,510 $6,268 $7,778 

We determine the fair value of our security holdings based on pricing from our service providers and market prices from industry-standard independent data providers. Such market prices may be quoted prices in active markets for identical assets (Level 1 inputs), pricing determined using inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) or using unobservable inputs that are supported by little or no market activity (Level 3 inputs). Our non-marketable equity investments are not included in the table above and are discussed in Note 3. Refer to Note 8 for the fair value measurement of our derivative contracts and Note 11 for the fair value measurement of our long-term debt, which are also not included in the table above. Our marketable equity investments are classified within Level 1 and were immaterial as of December 31, 2024 and 2023.