v3.26.1
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Cash and cash equivalents include cash in banks, highly liquid investments, and term deposits with maturities of three months or less recorded in “Cash and cash equivalents” on the Condensed Consolidated Balance Sheets. Short-term investments are available-for-sale debt securities and term deposits with maturities over three months recorded in “Short-term investments” on the Condensed Consolidated Balance Sheets. As the Company views these securities as available to support current operations, highly liquid securities with maturities beyond 12 months are classified as current assets.
The following table presents the fair value of the Company’s cash and cash equivalents and short-term investments and their corresponding level within the fair value hierarchy:

December 31, 2025June 30, 2026
LevelAmount
(in millions)		LevelAmount
(in millions)
Cash and cash equivalents:
Cash$1,370 $1,266 
Commercial paper242 2100 
Money market funds12,142 12,226 
Term deposits225 2— 
Total cash and cash equivalents3,579 3,592 
Short-term investments:
Certificates of deposit2$223 2$275 
Commercial paper2437 2397 
Corporate bonds2464 2322 
Term deposits2600 2400 
United States Treasury securities1735 1306 
Other items1
244 218 
Total short-term investments2
$2,503 $1,718 
Total cash and cash equivalents and short-term investments$6,082 $5,310 
1 Includes Yankee bonds.
2 As of December 31, 2025 and June 30, 2026, $257 million and $264 million is due between 12 and 24 months, respectively.

As of December 31, 2025 and June 30, 2026, the fair value of cash equivalents and short-term investments approximated their cost. Fair value measurements classified within Level 2 of the fair value hierarchy are determined using observable inputs other than quoted prices for identical assets in active markets.

Refer to Note 2 “Summary of Significant Accounting Policies” and Note 8 "Debt" for more information about the fair value of the Company’s derivative instruments and equity method investment in Mind Robotics, and debt, respectively.