v3.25.4
Investments (Tables)
12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments by Major Security Type
The following tables summarize the Company’s investments by major security type (in millions):

December 31, 2024
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Total
Estimated
Fair Value
Short-term investments
Debt securities:
Corporate debt securities$2,176 $$(3)$2,177 
Mortgage-backed and asset-backed securities
381 (4)378 
Government bonds224 — — 224 
Commercial paper214 — — 214 
Certificates of deposit52 — — 52 
Total debt securities3,047 (7)3,045 
Time deposits702 — — 702 
Total short-term investments
$3,749 $$(7)$3,747 

December 31, 2025
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Total
Estimated
Fair Value
Short-term investments
Debt securities:
Corporate debt securities
$2,277 $11 $— $2,288 
Mortgage-backed and asset-backed securities
441 (2)441 
Government bonds
262 — — 262 
Commercial paper
182 — — 182 
Certificates of deposit
149 — — 149 
Total debt securities3,311 13 (2)3,322 
Time deposits1,132 — — 1,132 
Total short-term investments$4,443 $13 $(2)$4,454 
Schedule of Contractual Maturities of the Available-for-Sale Debt Securities
The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):
December 31, 2025
Amortized
Cost
Estimated
Fair Value
Due within one year$1,523 $1,527 
Due after one year through five years1,702 1,702 
Due after five years99 97 
Total$3,324 $3,326