v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
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, 2026 (in millions): 
Level 1Level 2Total
Cash equivalents:
Money market funds$1,849 $— $1,849 
Commercial paper— 2 2 
Deposits1 — 1 
Marketable securities:
Commercial paper— 77 77 
Corporate notes and bonds— 4,019 4,019 
Certificates of deposit— 12 12 
U.S. government and agency securities— 1,007 1,007 
Mortgage-backed and asset-backed securities— 89 89 
Total$1,850 $5,206 $7,056 
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 
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 11 “Debt” for the fair value measurement of our long-term debt, which are also not included in the table above.