v3.25.4
Investments (Tables)
12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments On the Consolidated Balance Sheet
Investments on the consolidated balance sheets consisted of the following at December 31:
20252024
(in millions)
Available-for-sale securities
$319 $292 
Held-to-maturity securities 1
13 38 
Total investments $332 $330 
1Held-to-maturity securities represent investments in time deposits that mature within one year. The cost of these securities approximates fair value.
Maturity Distribution Based on Contractual Terms of Investment Securities
The maturity distribution based on the contractual terms of the Company’s available-for-sale investment securities at December 31, 2025 was as follows:
Amortized
Cost
Fair Value
(in millions)
Due within 1 year$103 $103 
Due after 1 year through 5 years215 216 
Total$318 $319 
Schedule of Equity Investments
The following table is a summary of the activity related to the Company’s equity investments:
 Balance at December 31, 2024PurchasesSales
Changes in Fair Value 1
Other 2
Balance at December 31, 2025
(in millions)
Marketable securities $237 $— $(168)$(86)$220 $203 
Nonmarketable securities 1,370 339 (13)(2)(192)1,502 
Total equity investments $1,607 $339 $(181)$(88)$28 $1,705 
1Recorded in gains (losses) on equity investments, net on the consolidated statements of operations.
2Includes reclasses between Marketable and Nonmarketable securities as well as translational impact of currency.
Equity Securities without Readily Determinable Fair Value
The following table sets forth the components of the Company’s Nonmarketable securities at December 31:
20252024
(in millions)
Measurement alternative
$1,242 $1,140 
Equity method
260 230 
Total Nonmarketable securities$1,502 $1,370 
Carrying Value of Measurement Alternative Investments
The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through December 31:
2025
(in millions)
Initial cost basis
$932 
Cumulative adjustments 1:
Upward adjustments522 
Downward adjustments (including impairment)(212)
Carrying amount, end of period$1,242 
1Includes immaterial translational impact of currency.
Unrealized Gains (Losses) Included in the Carrying Value of Measurement Alternative Investments
The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities for the years ended December 31:
202520242023
(in millions)
Measurement alternative investments:
Upward adjustments$31 $11 $
Downward adjustments (including impairment)(32)(9)(145)
Marketable securities:
Unrealized gains (losses), net(84)(34)97