v3.25.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Debt Securities by Investment Classification
The following tables summarize debt securities by balance sheet classification and level within the fair value hierarchy:
June 30, 2025
Carrying Value
Cash EquivalentsMarketable SecuritiesLong-term InvestmentsEquity and Other InvestmentsFair Value
(in US $ millions)
Level 1:
U.S. term deposits—500——511
U.S. federal bonds and agency securities—1,897558—2,455
Corporate bonds and commercial paper112———112
1122,397558—3,078
Level 2:
Corporate bonds and commercial paper—1,881273—2,154
Level 3:
Convertible notes in private companies———530530
1124,2788315305,762
December 31, 2024
Carrying Value
Cash EquivalentsMarketable SecuritiesLong-term InvestmentsEquity and Other InvestmentsFair Value
(in US $ millions)
Level 1:
U.S. term deposits—470——481
U.S. federal bonds and agency securities201,696537—2,252
Corporate bonds and commercial paper139———139
1592,166537—2,872
Level 2:
Corporate bonds and commercial paper—1,815172—1,988
Level 3:
Convertible notes in private companies———543543
1593,9817095435,403
Schedule of Estimated Fair Values of Debt Investments by Date of Contractual Maturity
The following table outlines estimated fair values of our debt securities by date of contractual maturity as of June 30, 2025:
Fair Value
(in US $ millions)
Due within one year4,400 
Due after one year to three years832 
5,232 
Schedule of Equity and Other Investments
Equity investments with readily determinable fair values are comprised of:
June 30, 2025December 31, 2024
Level 1Level 3TotalLevel 1Level 3Total
(in US $ millions)
Affirm Holdings, Inc.1,403—1,4031,236—1,236
Global-E Online Ltd.742—7421,205—1,205
Klaviyo, Inc.(1)
52486610615127742
2,669862,7553,0561273,183
(1) In the three and six months ended June 30, 2025, $9 million and $14 million was transferred from Level 3 to Level 1, respectively, due to the vesting of warrants (June 30, 2024 - $8 million and $17 million). The equity investments categorized as Level 3 in the fair value hierarchy represent unvested warrants that require the application of a discount for lack of marketability which was 17% at June 30, 2025 (December 31, 2024 - 18%).
Adjustments related to equity and other investments with readily determinable fair values for the three and six months ended June 30, 2025 and 2024 were as follows:
Three months ended June 30,Six months ended June 30,
2025202420252024
(in US $ millions)
Balance, beginning of the period2,253 2,009 3,183 2,360 
Adjustments related to equity and other investments with readily determinable fair values:
Net unrealized gains (losses)502 (152)(428)(503)
Balance, end of the period2,755 1,857 2,755 1,857 
Schedule of Equity Investments without Readily Determinable Fair Values
The carrying value of equity investments in private companies without readily determinable fair values were as follows:
June 30, 2025December 31, 2024
(in US $ millions)
Total initial value1,079 957 
Cumulative gross unrealized gains309 144 
Cumulative gross unrealized losses and impairment(400)(384)
Total carrying value of equity and other investments without readily determinable fair values988 717 
Adjustments related to equity and other investments without readily determinable fair values for the three and six months ended June 30, 2025 and 2024 were as follows:
Three months ended June 30,Six months ended June 30,
2025202420252024
(in US $ millions)
Balance, beginning of the period709 498 717 505 
Adjustments related to equity and other investments without readily determinable fair values:
Purchases of equity and other investments71 106 75 107 
Gross unrealized gains(1)
165 79 165 80 
Sales of equity and other investments(1)— (1)— 
Gross unrealized losses and impairments(2)
(3)— (15)(9)
Transfers into measurement alternative(3)
47 — 47 — 
Balance, end of the period988 683 988 683 
(1) During the three and six months ended June 30, 2025, the Company identified an observable price change resulting in the remeasurement of a private investment at fair value on a non-recurring basis. The resulting unrealized gains of $163 million (June 30, 2024 - $78 million) were presented as "net unrealized gain (loss) on equity and other investments" in the condensed consolidated statements of operations and comprehensive income (loss).
(2) During the three and six months ended June 30, 2025, the Company applied certain valuation methods based on information available, including the market approach and option pricing models in order to quantify the level of impairment recognized. During the six months ended June 30, 2024, the Company identified an observable price change resulting in the remeasurement of private investments at fair value on a non-recurring basis. The resulting unrealized losses and impairments were presented as "net unrealized gain (loss) on equity and other investments" in the condensed consolidated statements of operations and comprehensive income (loss).
(3) In the three and six months ended June 30, 2025, convertible notes in private companies with a fair value of $45 million and accrued interest of $2 million were converted and transferred from debt securities to equity investments without readily determinable fair values.
Schedule of Fair Values of Outstanding Derivative Instruments and Realized and Unrealized Gains and Losses
The fair values of outstanding derivative instruments were as follows:
June 30, 2025December 31, 2024
(in US $ millions)
Level 2:
Foreign exchange forward contracts and options assets (classified in other current assets)8 — 
Foreign exchange forward contract liabilities (classified in accounts payable and accrued liabilities)2 13 
Unrealized gains and losses related to changes in the fair value of foreign exchange forward contracts and options designated as cash flow hedges were as follows:
June 30, 2025June 30, 2024
(in US $ millions)
Unrealized gains8 — 
Unrealized losses— (3)
Total net unrealized (losses) gains8 (3)
Realized losses related to the maturity of foreign exchange forward contracts and options designated as cash flow hedges were as follows:
Three months ended June 30,Six months ended June 30,
2025202420252024
(in US $ millions)
Realized losses in operating expenses— (2)6 (2)