v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Cash and cash equivalents include cash in banks, highly liquid investments, and term deposits with maturities of three months or less recorded in “Cash and cash equivalents” on the Condensed Consolidated Balance Sheets. Short-term investments are available-for-sale debt securities and term deposits with maturities over three months recorded in “Short-term investments” on the Condensed Consolidated Balance Sheets. As the Company views these securities as available to support current operations, highly liquid securities with maturities beyond 12 months are classified as current assets.
The following table presents the fair value of the Company’s cash and cash equivalents and short-term investments and their corresponding level within the fair value hierarchy:

December 31, 2024June 30, 2025
LevelAmount
(in millions)		LevelAmount
(in millions)
Cash and cash equivalents:
Cash$1,157 $2,454 
Money market funds13,868 12,241 
Commercial paper2184 273 
United States Treasury securities160 125 
Other items1
225 219 
Total cash and cash equivalents$5,294 $4,812 
Short-term investments:
United States Treasury securities1$993 1$972 
Term deposits2475 2600 
Commercial paper2378 2390 
Corporate bonds2374 2432 
Certificates of deposit2141 2266 
Other items2
245 236 
Total short-term investments3
$2,406 $2,696 
Total cash and cash equivalents and short-term investments$7,700 $7,508 
1 Includes certificates of deposit, corporate bonds, and Yankee bonds.
2 Includes Yankee bonds and agency discount notes.
3 As of December 31, 2024 and June 30, 2025, $289 million and $173 million is due between 12 and 18 months, respectively.

As of December 31, 2024 and June 30, 2025, the fair value of cash equivalents and short-term investments approximated their cost. Fair value measurements classified within Level 2 of the fair value hierarchy are determined using observable inputs other than quoted prices for identical assets in active markets.

Refer to Note 2 “Summary of Significant Accounting Policies” for more information about the fair value of the Company’s derivative instruments and investments in equity securities and Note 8 "Debt" for more information about the fair value of the Company’s debt.