v3.26.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Debt Securities by Investment Classification
The following tables summarize debt securities by balance sheet classification and level within the fair value hierarchy:
September 30, 2026
Carrying Value
Cash EquivalentsMarketable SecuritiesLong-term InvestmentsEquity and Other InvestmentsFair Value
(in US $ millions)
Level 1:
U.S. term deposits—250——257
U.S. federal bonds and agency securities2671,207417—1,883
Corporate bonds and commercial paper51———51
3181,457417—2,191
Level 2:
Corporate bonds and commercial paper—1,402107—1,507
Level 3:
Convertible notes in private companies———599599
3182,8595245994,297
December 31, 2025
Carrying Value
Cash EquivalentsMarketable SecuritiesLong-term InvestmentsEquity and Other InvestmentsFair Value
(in US $ millions)
Level 1:
U.S. term deposits—520——531
U.S. federal bonds and agency securities11,923527—2,453
12,443527—2,984
Level 2:
Corporate bonds and commercial paper—1,790448—2,240
Level 3:
Convertible notes in private companies———558558
14,2339755585,782
Schedule of Estimated Fair Values of Debt Investments by Date of Contractual Maturity
The following table outlines estimated fair values of our debt securities by date of contractual maturity as of September 30, 2026:
Fair Value
(in US $ millions)
Due within one year3,179 
Due after one year to three years519 
3,698 
Schedule of Equity and Other Investments
Equity investments with readily determinable fair values are comprised of:
September 30, 2026December 31, 2025
Level 1Level 3TotalLevel 1Level 3Total
(in US $ millions)
Affirm Holdings, Inc.1,405—1,4051,511—1,511
Global-E Online Ltd.879—879868—868
Klaviyo, Inc.(1)
2722029252970599
Other20—208—8
2,576202,5962,916702,986
(1) In the three and nine months ended September 30, 2026, $5 million and $22 million was transferred from Level 3 to Level 1, respectively, due to the vesting of warrants (September 30, 2025 - $10 million and $33 million). The equity investments categorized as Level 3 in the fair value hierarchy represent unvested warrants that require the application of a discount for lack of marketability which was 8% at September 30, 2026 (December 31, 2025 - 11%).
Adjustments related to equity and other investments with readily determinable fair values for the three and nine months ended September 30, 2026 and 2025 were as follows:
Three months ended September 30,Nine months ended September 30,
2026202520262025
(in US $ millions)
Balance, beginning of the period2,703 2,755 2,986 3,183 
Adjustments related to equity and other investments with readily determinable fair values:
Investments received as part of sale of equity and other investments19 — 19 — 
Sale of equity and other investments— — (5)— 
Net unrealized (losses) gains(126)28 (404)(400)
Balance, end of the period2,596 2,783 2,596 2,783 
Schedule of Equity Investments without Readily Determinable Fair Values
The carrying value of equity investments in private companies without readily determinable fair values were as follows:
September 30, 2026December 31, 2025
(in US $ millions)
Total initial value1,287 1,068 
Cumulative gross unrealized gains838 310 
Cumulative gross unrealized losses and impairment(419)(415)
Total carrying value of equity and other investments without readily determinable fair values1,706 963 
Adjustments related to equity and other investments without readily determinable fair values for the three and nine months ended September 30, 2026 and 2025 were as follows:
Three months ended September 30,Nine months ended September 30,
2026202520262025
(in US $ millions)
Balance, beginning of the period1,555 988 963 717 
Purchases of equity and other investments161 8 226 83 
Investments received as non-cash consideration in exchange for services— — 8 — 
Gross unrealized gains(1)
6 — 530 165 
Sales of equity and other investments(2)
(9)— (14)(1)
Gross unrealized losses and impairments(3)
(7)(22)(7)(37)
Transfers into measurement alternative(4)
— — — 47 
Balance, end of the period1,706 974 1,706 974 
(1) During the nine months ended September 30, 2026, the Company identified an observable price change resulting in the remeasurement of a private investment at fair value on a non-recurring basis. The resulting unrealized gains of $511 million (September 30, 2025 - $163 million) were presented as "Net unrealized (loss) gain on equity and other investments" in the condensed consolidated statements of operations and comprehensive income.
(2) During the three and nine months ended September 30, 2026, the Company held investments in private companies, which were acquired by third parties, resulting in the deemed sale of equity and other investments. The resulting realized gains are presented as "Net realized gain on equity and other investments" in the condensed consolidated statements of operations and comprehensive income.
(3) During the three and nine months ended September 30, 2026 and 2025, the Company applied certain valuation methods based on information available, including the market approach and option pricing models in order to quantify the level of impairment recognized. The resulting unrealized losses and impairments were presented as "Net unrealized (loss) gain on equity and other investments" in the condensed consolidated statements of operations and comprehensive income.
(4) In the nine months ended September 30, 2025, convertible notes in private companies with a fair value of $45 million and accrued interest of $2 million were converted and transferred from debt securities to equity investments without readily determinable fair values.
Schedule of Fair Values of Outstanding Derivative Instruments and Realized and Unrealized Gains and Losses
The fair values of outstanding derivative instruments were as follows:
September 30, 2026December 31, 2025
(in US $ millions)
Level 2:
Foreign exchange forward contracts and options assets (classified in other current assets)1 4 
Foreign exchange forward contract liabilities (classified in accounts payable and accrued liabilities)6 1 
Unrealized gains and losses related to changes in the fair value of foreign exchange forward contracts and options designated as cash flow hedges were as follows:
September 30, 2026September 30, 2025
(in US $ millions)
Unrealized gains— 2 
Unrealized losses(6)(3)
Total net unrealized losses(6)(1)
Realized losses related to the maturity of foreign exchange forward contracts and options designated as cash flow hedges were as follows:
Three months ended September 30,Nine months ended September 30,
2026202520262025
(in US $ millions)
Realized losses in operating expenses
(2)(6)(2)(12)