Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Assets Measured at Fair Value on Recurring Basis

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 1		Level 2		Total
Cash equivalents:
Money market funds	$	1,849	$	—	$	1,849
Commercial paper	—		2		2


Deposits	1		—		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 1		Level 2		Total
Cash equivalents:
Money market funds	$	2,055	$	—	$	2,055
Commercial paper	—		137		137
Corporate notes and bonds	—		6		6

Deposits	219		—		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

Fair Value Measurement

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).