Investments

3 Months Ended

Mar. 31, 2026

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


	March 31 2026	December 31 2025
Time deposits (1)	$10,215	$17,230
Equity method investments - United Launch Alliance	547	556
Equity method investments - Other (2)	450	441
Restricted cash & cash equivalents (1)(3)	727	742
Available-for-sale debt investments (1)	539	524
Equity and other investments	34	34

Total	$12,512	$19,527

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

(2)Dividends received were $0 and $2 during the three months ended March 31, 2026 and 2025.

(3)At March 31, 2026, and December 31, 2025, Restricted cash & cash equivalents included $689 placed in escrow pursuant to the May 2025 non-prosecution agreement with the U.S. Department of Justice. See Note 18 for additional discussion.

Contributions to investments and Proceeds from investments on our Condensed 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 the three months ended March 31, 2026 and 2025, was $9,085 and $8,635. Cash proceeds from the maturities of time deposits during the three months ended March 31, 2026 and 2025, were $16,100 and $7,585.

Allowance for losses on available-for-sale debt investments is assessed quarterly. These instruments are considered investment grade, and we have not recognized an allowance for credit losses as of March 31, 2026. The fair value of available-for-sale debt investments approximates amortized cost.

We have a 50 percent membership interest in United Launch Alliance (ULA) with Lockheed Martin Corporation (Lockheed) holding the other 50 percent interest. During the first quarter of 2026, ULA’s Vulcan rocket experienced a launch anomaly that has paused additional Vulcan launches pending completion of root cause analysis and corrective actions. The Vulcan launch suspension is negatively affecting ULA's financial condition and results of operations. We and Lockheed may provide financial support and/or could incur losses if ULA is unable to resume Vulcan launches consistent with ULA’s assumptions