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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
ASC 820 states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The three-tiered fair value hierarchy, which prioritizes which inputs should be used in measuring fair value, is comprised of: (Level I) observable inputs such as quoted prices in active markets; (Level II) inputs other than quoted prices in active markets that are observable either directly or indirectly and (Level III) unobservable inputs for which there is little or no market data. The fair value hierarchy requires the use of observable market data when available in determining fair value. Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions):
 December 31, 2024December 31, 2023
 Fair ValueLevel ILevel IILevel IIIFair ValueLevel ILevel IILevel III
Certificates of deposit and time deposits$12,767 $— $12,767 $— $6,996 $— $6,996 $— 
Commercial paper3,919 — 3,919 — 470 — 470 — 
U.S. government securities3,620 — 3,620 — 5,136 — 5,136 — 
Corporate debt securities118 — 118 — 480 — 480 — 
Money market funds1,753 1,753 — — 109 109 — — 
Digital assets1,076 1,076 — — Not applicable
Total$23,253 $2,829 $20,424 $— $13,191 $109 $13,082 $— 
All of our money market funds and digital assets are classified within Level I of the fair value hierarchy because they were valued using quoted prices in active markets. Our U.S. government securities, certificates of deposit, commercial paper, time deposits and corporate debt securities are classified within Level II of the fair value hierarchy and the market approach was used to determine fair value of these investments.
Our cash, cash equivalents and investments classified by security type as of December 31, 2024 and 2023 consisted of the following (in millions):
 December 31, 2024
 Adjusted CostGross Unrealized GainsGross Unrealized Losses Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash$14,386 $— $— $14,386 $14,386 $— 
Certificates of deposit and time deposits12,767 — — 12,767 — 12,767 
Commercial paper3,908 11 — 3,919 — 3,919 
U.S. government securities3,618 3 (1)3,620 — 3,620 
Corporate debt securities117 1 — 118 — 118 
Money market funds1,753 — — 1,753 1,753 — 
Total cash, cash equivalents and short-term investments$36,549 $15 $(1)$36,563 $16,139 $20,424 
 December 31, 2023
 Adjusted CostGross Unrealized GainsGross Unrealized Losses Fair ValueCash and Cash EquivalentsShort-Term Investments
Cash$15,903 $— $— $15,903 $15,903 $— 
Certificates of deposit and time deposits6,995 1 — 6,996 — 6,996 
U.S. government securities5,136 1 (1)5,136 277 4,859 
Corporate debt securities485 1 (6)480 — 480 
Commercial paper470 — — 470 109 361 
Money market funds109 — — 109 109 — 
Total cash, cash equivalents and short-term investments$29,098 $3 $(7)$29,094 $16,398 $12,696 
As of December 31, 2024, the vast majority of our short-term investments had contractual maturity dates within one year.
Disclosure of Fair Values
Our financial instruments that are not re-measured at fair value include accounts receivable, financing receivables, other receivables, accounts payable, accrued liabilities, customer deposits and debt. The carrying values of these financial instruments materially approximate their fair values.