v3.26.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
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, 2025March 31, 2026
LevelAmount
(in millions)		LevelAmount
(in millions)
Cash and cash equivalents:
Cash$1,370 $1,315 
Commercial paper242 251 
Money market funds12,142 11,329 
Term deposits225 2150 
Total cash and cash equivalents$3,579 $2,845 
Short-term investments:
Certificates of deposit2$223 2$257 
Commercial paper2437 2350 
Corporate bonds2464 2390 
Term deposits2600 2450 
United States Treasury securities1735 1522 
Other items1
244 216 
Total short-term investments2
$2,503 $1,985 
Total cash and cash equivalents and short-term investments$6,082 $4,830 
1 Includes Yankee bonds.
2 As of December 31, 2025 and March 31, 2026, $257 million and $280 million is due between 12 and 24 months, respectively.

As of December 31, 2025 and March 31, 2026, 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 8 "Debt" for more information about the fair value of the Company’s derivative instruments and equity method investment in Mind Robotics, and debt, respectively.