Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

The following table summarizes, by major security type, our cash, cash equivalents, restricted cash, and marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in millions):


	December 31, 2024		March 31, 2025
	Total Estimated Fair Value		Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Estimated Fair Value
Cash	$	17,055	$	15,794	$	—	$	—	$	15,794
Level 1 securities:
Money market funds	28,282		18,357		—		—		18,357
Equity securities (1)	3,318								3,001
Level 2 securities:
Foreign government and agency securities	177		180		—		—		180
U.S. government and agency securities	3,401		4,709		5		(40)		4,674
Corporate debt securities	50,912		54,744		9		(28)		54,725
Asset-backed securities	1,523		1,471		2		(15)		1,458
Other debt securities	67		62		—		—		62

	$	104,735	$	95,317	$	16	$	(83)	$	98,251
Less: Restricted cash, cash equivalents, and marketable securities (2)	(3,533)								(3,686)
Total cash, cash equivalents, and marketable securities	$	101,202							$	94,565

___________________

(1)The related unrealized gain (loss) recorded in “Other income (expense), net” was $(2.1) billion and $(205) million in Q1 2024 and Q1 2025.

(2)We are required to pledge or otherwise restrict a portion of our cash, cash equivalents, and marketable debt securities primarily as collateral for real estate, amounts due to third-party sellers in certain jurisdictions, debt, standby and trade letters of credit, and licenses of digital media content. We classify cash, cash equivalents, and marketable debt securities with use restrictions of less than twelve months as “Accounts receivable, net and other” and of twelve months or longer as non-current “Other assets” on our consolidated balance sheets. See “Note 4 — Commitments and Contingencies.”

Investments Classified by Contractual Maturity Date

The following table summarizes the remaining contractual maturities of our cash equivalents and marketable debt securities as of March 31, 2025 (in millions):


	Amortized Cost		Estimated Fair Value
Due within one year	$	71,764	$	71,743
Due after one year through five years	6,436		6,423
Due after five years through ten years	538		534
Due after ten years	785		756
Total	$	79,523	$	79,456

Consolidated Statements of Cash Flow Reconciliation - Cash and Cash Equivalents

The following table provides a reconciliation of the amount of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows (in millions):


	December 31, 2024		March 31, 2025
Cash and cash equivalents	$	78,779	$	66,207
Restricted cash included in accounts receivable, net and other	247		365
Restricted cash included in other assets	3,286		3,321
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	82,312	$	69,893

Consolidated Statements of Cash Flow Reconciliation - Restricted Cash


	December 31, 2024		March 31, 2025
Cash and cash equivalents	$	78,779	$	66,207
Restricted cash included in accounts receivable, net and other	247		365
Restricted cash included in other assets	3,286		3,321
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	82,312	$	69,893