v3.25.4
Marketable and Other Securities
12 Months Ended
Dec. 31, 2025
Marketable Securities [Abstract]  
Marketable and Other Securities Marketable and Other Securities
The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost:
Fair Value LevelDecember 31, 2025December 31, 2024
Cash and cash equivalents
Cash and time deposits$10,884 $12,471 
Available-for-sale debt securities
U.S. government and agencies2451 26 
Corporate debt23,317 1,541 
Sovereign debt2923 785 
Total available-for-sale debt securities – cash equivalents4,691 2,351 
Money market funds15,369 5,050 
Total cash and cash equivalents$20,945 $19,872 
Marketable debt securities
U.S. government and agencies2$2,370 $3,082 
Corporate debt and other23,796 3,592 
Mortgage and asset-backed2558 591 
Total available-for-sale debt securities – marketable securities$6,724 $7,265 
Restricted cash
Cash and cash equivalents $357 $294 
Money market funds12,981 2,798 
Total restricted cash$3,339 $3,092 
Available-for-sale debt securities included above with contractual maturities(a)
Due in one year or less$5,863 
Due between one and five years4,976 
Total available-for-sale debt securities with contractual maturities$10,839                               
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(a)    Excludes mortgage and asset-backed securities as these securities are not due at a single maturity date.

Proceeds from the sale of available-for-sale debt securities sold prior to maturity were $3.2 billion, $2.5 billion, and $2.1 billion in the years ended December 31, 2025, 2024, and 2023. Net unrealized gains on available-for-sale debt securities were insignificant in the years ended December 31, 2025 and 2024 and $196 million in the year ended December 31, 2023. Cumulative unrealized losses on available-for-sale debt securities were insignificant at December 31, 2025 and 2024.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total shown in the consolidated statements of cash flows:
December 31, 2025December 31, 2024
Cash and cash equivalents$20,945 $19,872 
Restricted cash included in Other current assets2,912 2,608 
Restricted cash included in Other assets426 484 
Total$24,284 $22,964