| Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis |
Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | | Fair Value | | Level I | | Level II | | Level III | | Fair Value | | Level I | | Level II | | Level III | | Certificates of deposit and time deposits | $ | 13,287 | | | $ | — | | | $ | 13,287 | | | $ | — | | | $ | 12,767 | | | $ | — | | | $ | 12,767 | | | $ | — | | | Commercial paper | 3,295 | | | — | | | 3,295 | | | — | | | 3,919 | | | — | | | 3,919 | | | — | | | U.S. government securities | 3,984 | | | — | | | 3,984 | | | — | | | 3,620 | | | — | | | 3,620 | | | — | | | Corporate debt securities | 78 | | | — | | | 78 | | | — | | | 118 | | | — | | | 118 | | | — | | | Money market funds | 1,452 | | | 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.
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| Unrealized Gain (Loss) on 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 Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Cash and Cash Equivalents | | Short-Term Investments | | Cash | $ | 14,900 | | | $ | — | | | $ | — | | | $ | 14,900 | | | $ | 14,900 | | | $ | — | | | Certificates of deposit and time deposits | 13,285 | | | 2 | | | — | | | 13,287 | | | — | | | 13,287 | | | Commercial paper | 3,291 | | | 4 | | | — | | | 3,295 | | | — | | | 3,295 | | | U.S. government securities | 3,984 | | | 2 | | | (2) | | | 3,984 | | | — | | | 3,984 | | | Corporate debt securities | 78 | | | — | | | — | | | 78 | | | — | | | 78 | | | Money market funds | 1,452 | | | — | | | — | | | 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 Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Cash and Cash Equivalents | | Short-Term Investments | | Cash | $ | 14,386 | | | $ | — | | | $ | — | | | $ | 14,386 | | | $ | 14,386 | | | $ | — | | | Certificates of deposit and time deposits | 12,767 | | | — | | | — | | | 12,767 | | | — | | | 12,767 | | | Commercial paper | 3,908 | | | 11 | | | — | | | 3,919 | | | — | | | 3,919 | | | U.S. government securities | 3,618 | | | 3 | | | (1) | | | 3,620 | | | — | | | 3,620 | | | Corporate debt securities | 117 | | | 1 | | | — | | | 118 | | | — | | | 118 | | | Money market funds | 1,753 | | | — | | | — | | | 1,753 | | | 1,753 | | | — | | | Total cash, cash equivalents and short-term investments | $ | 36,549 | | | $ | 15 | | | $ | (1) | | | $ | 36,563 | | | $ | 16,139 | | | $ | 20,424 | |
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