v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 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 December 31, 2025 (in millions): 
Level 1Level 2Total
Cash equivalents:
Money market funds$2,055 $— $2,055 
Commercial paper— 137 137 
Corporate notes and bonds— 6 6 
Deposits219 — 219 
U.S. government and agency securities— 515 515 
Marketable securities:
Commercial paper— 173 173 
Corporate notes and bonds— 4,793 4,793 
Certificates of deposit— 11 11 
U.S. government and agency securities— 1,263 1,263 
Mortgage-backed and asset-backed securities— 89 89 
Total$2,274 $6,987 $9,261 
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 strategic investments are not included in the table above and are discussed in Note 3 “Investments”. Refer to Note 8 “Derivative Contracts” for the fair value measurement of our derivative contracts and Note 12 “Debt” for the fair value measurement of our long-term debt, which are also not included in the table above.