v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments by Major Security Type
The following tables summarize the Company’s investments by major security type (in millions):

December 31, 2025
Amortized
Cost 		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Corporate debt securities$2,277 $11 $— $2,288 
Mortgage-backed and asset-backed securities
441 2 (2)441 
Government bonds262 — — 262 
Commercial paper182 — — 182 
Certificates of deposit149 — — 149 
Total debt securities3,311 13 (2)3,322 
Time deposits1,132 — — 1,132 
Total short-term investments
$4,443 $13 $(2)$4,454 

June 30, 2026
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Total
Estimated
Fair Value
Short-term investments
Debt securities:
Corporate debt securities
$3,090 $2 $(7)$3,085 
Mortgage-backed and asset-backed securities
570 1 (4)567 
Government bonds
370 — (1)369 
Certificates of deposit
56 — — 56 
Commercial paper
39 — — 39 
Total debt securities4,125 3 (12)4,116 
Time deposits1,132 — — 1,132 
Total short-term investments
$5,257 $3 $(12)$5,248 
Schedule of Debt Securities in Unrealized Loss Position
The following table summarizes debt securities in an unrealized loss position (in millions):
December 31,
2025		June 30,
2026
Securities in an unrealized loss position
Estimated fair value$161 $2,046 
Gross unrealized losses$12 $22 
Securities in continuous unrealized loss position greater than 12 months
Estimated fair value
$36 $227 
Unrealized losses$12 $12 
Schedule of Contractual Maturities of the Available-for-Sale Debt Securities
The following table summarizes the contractual maturities of the Company’s available-for-sale debt securities (in millions):

June 30, 2026
Amortized
Cost		Estimated
Fair Value
Due within one year$1,238 $1,239 
Due after one year through five years
2,798 2,782 
Due after five years
102 100 
Total$4,138 $4,121