Fair Value Measures and Disclosures (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables set forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in millions):


	December 31, 2025
	Level 1		Level 2		Level 3		Total

Cash equivalents(1)
Money market funds	$	1,905	$	—	$	—	$	1,905

U.S. Treasury securities	—		1		—		1
Short-term investments(1)
Certificates of deposit	—		25		—		25
Commercial paper	—		32		—		32
Corporate bonds	—		470		—		470
U.S. government agency securities	—		30		—		30
U.S. Treasury securities	—		361		—		361
Mutual funds	59		—		—		59
Long-term investments

Corporate bonds	—		464		—		464
U.S. government agency securities	—		91		—		91
U.S. Treasury securities	—		282		—		282
Other assets
Money market funds(2)	15		—		—		15
Non-marketable investment	—		—		37		37
Total	$	1,979	$	1,756	$	37	$	3,772

(1)Cash equivalents and short-term investments included $26 million and $151 million of time deposits, respectively, which are not subject to recurring fair value measurements.

(2)Other assets included $15 million of money market funds held in a trust account pursuant to certain insurance policies, which were recorded as long-term restricted cash equivalents.


	June 30, 2026
	Level 1		Level 2		Level 3		Total

Cash equivalents(1)
Money market funds	$	2,865	$	—	$	—	$	2,865
Commercial paper	—		3		—		3

Corporate bonds	—		1		—		1
U.S. Treasury securities	—		2		—		2

Short-term investments
Certificates of deposit	—		25		—		25
Commercial paper	—		45		—		45
Corporate bonds	—		433		—		433
U.S. government agency securities	—		35		—		35
U.S. Treasury securities	—		327		—		327
Mutual funds	58		—		—		58
Long-term investments
Corporate bonds	—		563		—		563
U.S. government agency securities	—		90		—		90
U.S. Treasury securities	—		216		—		216
Other assets
Money market funds(2)	108		—		—		108
Non-marketable investment	—		—		40		40
Total	$	3,031	$	1,740	$	40	$	4,811

(1)Cash equivalents included $4 million of time deposits which are not subject to recurring fair value measurements.

(2)Other assets included $108 million of money market funds held in trust accounts pursuant to certain insurance policies, which were recorded as long-term restricted cash equivalents.

Summary of Carrying Value of the Company's Non-Marketable Equity Securities and Unrealized Losses

The following table summarizes the carrying value of the Company's non-marketable equity securities as of December 31, 2025 and June 30, 2026, including impairments and cumulative upward and downward adjustments made to the initial cost basis of the securities, which were recorded in other income, net in the condensed consolidated statements of operations during the period in which they were incurred (in millions):


	December 31, 2025		June 30, 2026
Initial cost basis	$	460	$	515
Upward adjustments	24		24
Downward adjustments (including impairment)	(415)		(415)
Total carrying value at the end of reporting period	$	69	$	124