v3.26.1
Investments and Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of 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.
Schedule of Assets and Liabilities Measured on 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.
Schedule of Amortized Cost, Unrealized Gains and Losses and Fair Value of 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 
Schedule of Securities without Readily Determinable Fair Value
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