v3.26.1
Investments (Tables)
3 Months Ended
Mar. 31, 2026
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, 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 bonds262 — — 262 
Commercial paper182 — — 182 
Certificates of deposit149 — — 149 
Total debt securities3,311 13 (2)3,322 
Time deposits1,132 — — 1,132 
Total short-term investments
$4,443 $13 $(2)$4,454 

March 31, 2026
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Total
Estimated
Fair Value
Short-term investments
Debt securities:
Corporate debt securities
$2,697 $$(3)$2,698 
Mortgage-backed and asset-backed securities
509 (3)507 
Government bonds
319 — (1)318 
Commercial paper
185 — — 185 
Certificates of deposit
128 — — 128 
Total debt securities3,838 (7)3,836 
Time deposits1,132 — — 1,132 
Total short-term investments
$4,970 $$(7)$4,968 
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):

March 31, 2026
Amortized
Cost
Estimated
Fair Value
Due within one year$1,582 $1,583 
Due after one year through five years
2,168 2,158 
Due after five years
101 99 
Total$3,851 $3,840