v3.26.1
Investments and Fair Value Measurement
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurement
Note 3 – Investments and Fair Value Measurement
Investments
Our investments on the condensed consolidated balance sheets consisted of the following (in millions):
As of
December 31, 2025March 31, 2026
Classified as short-term investments:
Marketable debt securities (1):
U.S. government and agency securities$149 $143 
Commercial paper75 62 
Corporate bonds271 274 
Asset-backed securities— 17 
Certificates of deposit33 37 
Short-term investments$528 $533 
Classified as restricted investments:
Marketable debt securities (1):
U.S. government and agency securities$6,830 $7,006 
Commercial paper87 72 
Corporate bonds1,897 1,843 
Certificates of deposit38 87 
Mortgage-backed and asset-backed securities22 18 
Restricted investments$8,874 $9,026 
Classified as investments:
Non-marketable equity securities:
Didi$3,011 $2,337 
Other (2)
1,455 1,800 
Marketable equity securities:
Grab2,674 1,961 
Aurora (3)
1,252 1,343 
Other667 569 
Note receivable from a related party (2)
119 99 
Investments$9,178 $8,109 
(1) Excluding marketable debt securities classified as cash equivalents and restricted cash equivalents.
(2) These balances include certain investments recorded at fair value with changes in fair value recorded in earnings due to the election of the fair value option of accounting for financial instruments.
(3) In connection with our exchangeable senior notes due in 2028 (the “2028 Exchangeable Senior Notes”), approximately 48% of our Aurora Innovation, Inc. (“Aurora”) Class A common stock is pledged as collateral and cannot be sold or transferred during the term of the 2028 Exchangeable Senior Notes until the obligations are fulfilled or the pledged assets are otherwise released under a collateral agreement. Refer to Note 5 – Long-Term Debt and Credit Arrangements for further information.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents our financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in millions):
As of December 31, 2025As of March 31, 2026
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Money market funds$1,624 $— $— $1,624 $361 $— $— $361 
U.S. government and agency securities— 7,323 — 7,323 — 7,344 — 7,344 
Commercial paper— 715 — 715 — 217 — 217 
Corporate bonds— 2,194 — 2,194 — 2,117 — 2,117 
Certificates of deposit— 72 — 72 — 124 — 124 
Mortgage-backed and asset-backed securities— 22 — 22 — 35 — 35 
Non-marketable equity securities— — 69 69 — — 50 50 
Marketable equity securities4,593 — — 4,593 3,873 — — 3,873 
Note receivable from a related party
— — 190 190 — — 170 170 
Derivative assets (1)
— — — — — 8 89 97 
Total financial assets$6,217 $10,326 $259 $16,802 $4,234 $9,845 $309 $14,388 
Financial Liabilities
2028 Exchangeable Senior Notes (2)
$— $1,125 $— $1,125 $— $1,115 $— $1,115 
Derivative liabilities (1)
— 5 — 5 — 7 — 7 
Total financial liabilities$— $1,130 $— $1,130 $— $1,122 $— $1,122 
(1) Refer to Note 2 – Derivative and Hedging Instruments for further information.
(2) Refer to Note 5 – Long-Term Debt and Credit Arrangements for further information.
During the three months ended March 31, 2026, we did not make any transfers into or out of Level 3 of the fair value hierarchy.
Debt Securities
The following table summarizes the amortized cost, unrealized gains and losses, and fair value of our debt securities (in millions):
 As of December 31, 2025As of March 31, 2026
 Amortized CostUnrealized GainsUnrealized LossesFair ValueAmortized CostUnrealized GainsUnrealized LossesFair Value
U.S. government and agency securities$7,315 $8 $— $7,323 $7,346 $2 $(4)$7,344 
Commercial paper715 — — 715 217 — — 217 
Corporate bonds2,190 4 — 2,194 2,118 1 (2)2,117 
Certificates of deposit72 — — 72 124 — — 124 
Mortgage-backed and asset-backed securities22 — — 22 35 — — 35 
Total$10,314 $12 $— $10,326 $9,840 $3 $(6)$9,837 
As of December 31, 2025 and March 31, 2026, there were no allowance for credit losses related to our debt securities. The weighted-average remaining maturity of our debt securities was less than one year as of March 31, 2026.
Assets Measured at Fair Value on a Non-Recurring Basis
Non-Marketable Equity Securities
Our non-marketable equity securities are investments in privately held companies without readily determinable fair values. The carrying value of our non-marketable equity securities are adjusted based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment. Any changes in carrying value are recorded within other income (expense), net in the condensed consolidated statements of operations. Certain non-marketable equity securities are classified within Level 3 in the fair value hierarchy because we estimate the fair value of these securities based on valuation methods, including the common stock equivalent (“CSE”) and option-pricing model (“OPM”) methods, using the transaction price of similar securities issued by the investee adjusted for contractual rights and obligations of the securities we hold.
The following table summarizes the total carrying value of our non-marketable equity securities measured at fair value on a non-recurring basis held, including cumulative unrealized upward and downward adjustments made to the initial cost basis of the securities (in millions):
As of
December 31, 2025March 31, 2026
Initial cost basis$2,673 $3,009 
Upward adjustments3,726 3,755 
Downward adjustments (including impairment)(2,002)(2,677)
Total carrying value at the end of the period$4,397 $4,087 
Didi Investment
We measure the fair value of our Didi investment based on the closing share price of the Didi American Depositary Shares on the over-the-counter market as an observable transaction for similar securities.