v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 (in millions): 
Level 1Level 2Total
Cash equivalents:
Money market funds$2,074 $— $2,074 
Commercial paper— 45 45 
Deposits395 — 395 
U.S. government and agency securities— 69 69 
Marketable securities:
Commercial paper— 254 254 
Corporate notes and bonds— 5,288 5,288 
Certificates of deposit— 48 48 
U.S. government and agency securities— 1,886 1,886 
Mortgage-backed and asset-backed securities— 87 87 
Total$2,469 $7,677 $10,146 
 
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 

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 10 for the fair value measurement of our long-term debt, which are also not included in the table above.