Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value, Assets Measured on Recurring Basis

The following tables summarize our assets measured at fair value on a recurring basis and the classification by level of input within the fair value hierarchy (in millions):


			Fair Value Measurement at Reporting Date Using
	June 30, 2026		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	5,223	$	5,223	$	—	$	—
U.S. government securities	2,077		2,077		—		—

Time deposits	350		—		350		—
Corporate debt securities	4,483		—		4,483		—
Total cash equivalents	12,133		7,300		4,833		—
Marketable securities:
U.S. government securities	41,724		41,724		—		—
U.S. government agency securities	940		940		—		—
Corporate debt securities	28,591		—		28,591		—
Marketable equity securities	3,543		3,543		—		—
Total marketable securities	74,798		46,207		28,591		—
Restricted cash equivalents	13,554		13,554		—		—
Other assets	114		—		—		114
Total	$	100,599	$	67,061	$	33,424	$	114


			Fair Value Measurement at Reporting Date Using
	December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	27,928	$	27,928	$	—	$	—
U.S. government securities	1,623		1,623		—		—

Time deposits	328		—		328		—
Corporate debt securities	1,603		—		1,603		—
Total cash equivalents	31,482		29,551		1,931		—
Marketable securities:
U.S. government securities	21,483		21,483		—		—
U.S. government agency securities	767		767		—		—
Corporate debt securities	17,477		—		17,477		—
Marketable equity securities	5,992		5,992		—		—
Total marketable securities	45,719		28,242		17,477		—
Restricted cash equivalents	2,539		2,539		—		—
Other assets	106		—		—		106
Total	$	79,846	$	60,332	$	19,408	$	106

Available-for-sale Marketable Securities

The following tables summarize our available-for-sale marketable debt securities with unrealized losses as of June 30, 2026 and December 31, 2025, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in millions):


	June 30, 2026
	Less than 12 months				12 months or greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government securities	$	38,575	$	(107)	$	212	$	(3)	$	38,787	$	(110)
U.S. government agency securities	407		(3)		25		—		432		(3)
Corporate debt securities	12,413		(45)		574		(5)		12,987		(50)
Total	$	51,395	$	(155)	$	811	$	(8)	$	52,206	$	(163)


	December 31, 2025
	Less than 12 months				12 months or greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government securities	$	1,491	$	(2)	$	1,570	$	(18)	$	3,061	$	(20)
U.S. government agency securities	17		—		25		—		42		—
Corporate debt securities	1,213		(1)		1,534		(20)		2,747		(21)
Total	$	2,721	$	(3)	$	3,129	$	(38)	$	5,850	$	(41)

Marketable Securities by Contractual Maturities

The following table classifies our marketable debt securities by contractual maturities (in millions):


	June 30, 2026
Due within one year	$	44,551
Due after one year to five years	26,704
Total	$	71,255