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 1		Level 2		Total
Cash equivalents:
Money market funds	$	2,074	$	—	$	2,074
Commercial paper	—		45		45


Deposits	395		—		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 1		Level 2		Total
Cash equivalents:
Money market funds	$	1,357	$	—	$	1,357
Commercial paper	—		23		23
Corporate notes and bonds	—		4		4

Deposits	391		—		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