Investments

12 Months Ended

Dec. 31, 2025

Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following at December 31:


	2025	2024
Time deposits (1)	$17,230	$11,960
Equity method investments (2)	997	948
Restricted cash & cash equivalents (1)(3)	742	21
Available-for-sale debt investments (1)	524	517
Equity and other investments	34	34
Total	$19,527	$13,480

(1)Primarily included in Short-term and other investments on our Consolidated Statements of Financial Position.

(2)Dividends received were $14 and $55 during 2025 and 2024. Retained earnings at December 31, 2025 and 2024, included undistributed earnings from our equity method investments of $213 and $141.

(3)At December 31, 2025, Restricted cash & cash equivalents includes $689 placed in escrow pursuant to the May 2025 non-prosecution agreement with the U.S. Department of Justice. See Note 23 for additional discussion.

Contributions to investments and Proceeds from investments on our Consolidated Statements of Cash Flows primarily relate to time deposits and available-for-sale debt investments. Cash used for the purchase of time deposits during 2025, 2024 and 2023, was $51,295, $13,258 and $15,794, respectively. Cash proceeds from the maturities of time deposits during 2025, 2024 and 2023, were $46,025, $4,053 and $15,140, respectively.

Allowance for losses on available-for-sale debt investments is assessed quarterly. All instruments are considered investment grade, and we have not recognized an allowance for expected credit losses as of December 31, 2025. The fair value of available-for-sale debt investments approximates amortized cost.

Equity Method Investments

Our equity method investments consisted of the following at December 31:


	Segment	Ownership Percentages	Investment Balance
			2025	2024
United Launch Alliance	BDS	50%	$556	$557
Other	BCA, BDS, BGS and Other		441	391
Total equity method investments			$997	$948