v3.25.4
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 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:
December 31, 2025
Carrying Value
Cash EquivalentsMarketable SecuritiesLong-term InvestmentsEquity and Other InvestmentsFair Value
(in US $ millions)
Level 1:
U.S. term deposits—520——531
U.S. federal bonds and agency securities11,923527—2,453
12,443527—2,984
Level 2:
Corporate bonds and commercial paper—1,790448—2,240
Level 3:
Convertible notes in private companies———558558
14,2339755585,782
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 December 31, 2025:
Fair Value
(in US $ millions)
Due within one year4,248 
Due after one year to three years976 
5,224 
Schedule of Equity and Other Investments
Equity investments with readily determinable fair values are comprised of:
December 31, 2025December 31, 2024
Level 1Level 3TotalLevel 1Level 3Total
(in US $ millions)
Affirm Holdings, Inc.1,511—1,5111,236—1,236
Global-E Online Ltd.868—8681,205—1,205
Klaviyo, Inc.(1)
52970599615127742
Other8—8———
2,916702,9863,0561273,183
(1) In the year ended December 31, 2025, $42 million was transferred from Level 3 to Level 1, respectively, due to the vesting of warrants (December 31, 2024 - $37 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 11% at December 31, 2025 (December 31, 2024 - 18%).
Adjustments related to equity and other investments with readily determinable fair values for the years ended December 31, 2025 and 2024 were as follows:
December 31, 2025December 31, 2024
(in US $ millions)
Balance, beginning of the year3,183 2,360 
Adjustments related to equity and other investments with readily determinable fair values:
Investments received as part of sale of equity and other investments8 — 
Net unrealized (losses) gains(205)823 
Balance, end of the year2,986 3,183 
Schedule of Equity Investments without Readily Determinable Fair Values
The carrying value of equity investments in private companies without readily determinable fair values are:
December 31, 2025December 31, 2024
(in US $ millions)
Total initial value1,068 957 
Cumulative gross unrealized gains310 144 
Cumulative gross unrealized losses and impairment(415)(384)
Total carrying value of equity and other investments without readily determinable fair values963 717 
Adjustments related to equity and other investments without readily determinable fair values for the years ended December 31, 2025 and 2024 were as follows:
December 31, 2025December 31, 2024
(in US $ millions)
Balance, beginning of the year717 505 
Adjustments related to equity and other investments without readily determinable fair values:
Purchases of equity and other investments99 137 
Gross unrealized gains(1)
171 89 
Gross unrealized losses and impairments(2)
(38)(14)
Sales of equity and other investments(3)
(33)— 
Transfers from measurement alternative(4)
47 — 
Balance, end of the year963 717 
(1) During the year ended December 31, 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 (December 31, 2024 - $78 million) were presented as "Net unrealized (loss) gain on equity and other investments" in the consolidated statements of operations and comprehensive income.
(2) During the years ended December 31, 2025 and 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 were presented as "Net unrealized (loss) gain on equity and other investments" in the consolidated statements of operations and comprehensive income.
(3) During the year ended December 31, 2025, the Company held private investments which were acquired, resulting in the deemed sale of equity and other investments. The resulting realized gains or losses were presented as “Net realized gain (loss) on equity and other investments” in the consolidated statements of operations and comprehensive income.
(4) During the year ended December 31, 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:
December 31, 2025December 31, 2024
(in US $ millions)
Level 2:
Foreign exchange forward contracts and options assets (classified in other current assets)4 — 
Foreign exchange forward contract liabilities (classified in accounts payable and accrued liabilities)1 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:
December 31, 2025December 31, 2024December 31, 2023
(in US $ millions)
Unrealized gains3 — 6 
Unrealized losses(1)(13)— 
Total net unrealized (losses) gains2 (13)6 
Realized losses related to the maturity of foreign exchange forward contracts and options designated as cash flow hedges were as follows:
Years ended
December 31, 2025December 31, 2024December 31, 2023
(in US $ millions)
Realized losses in operating expenses(6)(8)(13)
(6)(8)(13)