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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 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 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 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 Company’s available-for-sale debt securities are measured at fair value with unrealized gains and losses recorded in “Other comprehensive income (loss)” in the Consolidated Statements of Comprehensive Loss and reclassified to net loss upon maturity or sale of the security. Term deposits are recorded at cost, which approximates fair value due to their short time to maturity. Interest receivable on cash equivalents and short-term investments is recorded in “Other current assets” on the Consolidated Balance Sheets and was not material of December 31, 2024 and 2025.

A three-level valuation hierarchy, based upon observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value hierarchy:

•Level 1 – Quoted prices for identical instruments in active markets
•Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose significant inputs are observable
•Level 3 – Instruments with model-derived valuations whose significant inputs are unobservable
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, 2024December 31, 2025
LevelAmount
(in millions)		LevelAmount
(in millions)
Cash and cash equivalents:
Cash$1,157 $1,370 
Commercial paper2184 242 
Money market funds13,868 12,142 
Term deposits2— 225 
United States Treasury securities160 1— 
Other items1
225 2— 
Total cash and cash equivalents$5,294 $3,579 
Short-term investments:
Certificates of deposit2$141 2$223 
Commercial paper2378 2437 
Corporate bonds2374 2464 
Term deposits2475 2600 
United States Treasury securities1993 1735 
Other items2
245 244 
Total short-term investments3
$2,406 $2,503 
Total cash and cash equivalents and short-term investments$7,700 $6,082 
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 2025, $289 million and $257 million is due between 12 and 24 months, respectively.

As of December 31, 2024 and 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” and Note 10 "Debt" for more information about the fair value of the Company’s derivative instruments and debt, respectively.