v3.25.1
Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
ASC 820, Fair Value Measurements (“ASC 820”) states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The three-tiered fair value hierarchy, which prioritizes which inputs should be used in measuring fair value, is comprised of: (Level I) observable inputs such as quoted prices in active markets; (Level II) inputs other than quoted prices in active markets that are observable either directly or indirectly and (Level III) unobservable inputs for which there is little or no market data. The fair value hierarchy requires the use of observable market data when available in determining fair value. Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions):
 March 31, 2025December 31, 2024
 Fair ValueLevel ILevel IILevel IIIFair ValueLevel ILevel IILevel III
Certificates of deposit and time deposits$13,287 $— $13,287 $— $12,767 $— $12,767 $— 
Commercial paper3,295 — 3,295 — 3,919 — 3,919 — 
U.S. government securities3,984 — 3,984 — 3,620 — 3,620 — 
Corporate debt securities78 — 78 — 118 — 118 — 
Money market funds1,452 1,452 — — 1,753 1,753 — — 
Digital assets (1)951 951 — — 1,076 1,076 — — 
Total$23,047 $2,403 $20,644 $— $23,253 $2,829 $20,424 $— 
(1)As of March 31, 2025 and December 31, 2024, the majority of our digital assets were comprised of 11,509 units of Bitcoin held, at a cost of $386 million.
Our assets classified within Level I of the fair value hierarchy were valued using quoted prices in active markets and our assets classified within Level II of the fair value hierarchy utilized the market approach to determine fair value of the investments.
Our cash, cash equivalents and investments classified by security type as of March 31, 2025 and December 31, 2024 consisted of the following (in millions):
 March 31, 2025
 Adjusted CostGross Unrealized GainsGross Unrealized Losses Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash$14,900 $— $— $14,900 $14,900 $— 
Certificates of deposit and time deposits13,285 2 — 13,287 — 13,287 
Commercial paper3,291 4 — 3,295 — 3,295 
U.S. government securities3,984 2 (2)3,984 — 3,984 
Corporate debt securities78 — — 78 — 78 
Money market funds1,452 — — 1,452 1,452 — 
Total cash, cash equivalents and short-term investments$36,990 $8 $(2)$36,996 $16,352 $20,644 
 December 31, 2024
 Adjusted CostGross Unrealized GainsGross Unrealized Losses Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash$14,386 $— $— $14,386 $14,386 $— 
Certificates of deposit and time deposits12,767 — — 12,767 — 12,767 
Commercial paper3,908 11 — 3,919 — 3,919 
U.S. government securities3,618 3 (1)3,620 — 3,620 
Corporate debt securities117 1 — 118 — 118 
Money market funds1,753 — — 1,753 1,753 — 
Total cash, cash equivalents and short-term investments$36,549 $15 $(1)$36,563 $16,139 $20,424 
As of March 31, 2025, the majority of our short-term investments had contractual maturity dates within one year.
Disclosure of Fair Values
Our financial instruments that are not re-measured at fair value include accounts receivable, financing receivables, other receivables, accounts payable, accrued liabilities, customer deposits and debt. The carrying values of these financial instruments materially approximate their fair values.