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, 2024			June 30, 2025
	Level	Amount (in millions)		Level	Amount (in millions)
Cash and cash equivalents:
Cash		$	1,157		$	2,454
Money market funds	1	3,868		1	2,241
Commercial paper	2	184		2	73

United States Treasury securities	1	60		1	25
Other items1	2	25		2	19
Total cash and cash equivalents		$	5,294		$	4,812

Short-term investments:
United States Treasury securities	1	$	993	1	$	972
Term deposits	2	475		2	600
Commercial paper	2	378		2	390
Corporate bonds	2	374		2	432
Certificates of deposit	2	141		2	266
Other items2	2	45		2	36
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.