Financial Instruments

6 Months Ended

Jun. 30, 2025

Fair Value Measurements

Our cash equivalents, marketable securities, and restricted cash equivalents are classified within Level 1 or Level 2 of the fair value hierarchy because their fair values are derived from quoted market prices or alternative pricing sources and models utilizing market observable inputs. Certain other assets are classified within Level 3 because factors used to develop the estimated fair value are unobservable inputs that are not supported by market activity.

The following tables summarize our assets measured at fair value on a recurring basis and the classification by level of input within the fair value hierarchy (in millions):


			Fair Value Measurement at Reporting Date Using
Description	June 30, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	6,658	$	6,658	$	—	$	—
U.S. government securities	352		352		—		—

Time deposits	251		—		251		—

Total cash equivalents	7,261		7,010		251		—
Marketable securities:
U.S. government securities	14,749		14,749		—		—
U.S. government agency securities	1,602		1,602		—		—
Corporate debt securities	13,854		—		13,854		—
Marketable equity securities	4,861		4,861		—		—
Total marketable securities	35,066		21,212		13,854		—
Restricted cash equivalents	1,704		1,704		—		—
Other assets	105		—		—		105
Total	$	44,136	$	29,926	$	14,105	$	105


			Fair Value Measurement at Reporting Date Using
Description	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash equivalents:
Money market funds	$	36,165	$	36,165	$	—	$	—
U.S. government and agency securities	23		23		—		—

Time deposits	369		—		369		—
Corporate debt securities	114		—		114		—
Total cash equivalents	36,671		36,188		483		—
Marketable securities:
U.S. government securities	14,889		14,889		—		—
U.S. government agency securities	3,053		3,053		—		—
Corporate debt securities	14,758		—		14,758		—
Marketable equity securities	1,226		1,226		—		—
Total marketable securities	33,926		19,168		14,758		—
Restricted cash equivalents	1,193		1,193		—		—
Other assets	101		—		—		101
Total	$	71,891	$	56,549	$	15,241	$	101

Unrealized Losses

Marketable debt securities

The following tables summarize our available-for-sale marketable debt securities with unrealized losses as of June 30, 2025 and December 31, 2024, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in millions):


	June 30, 2025
	Less than 12 months				12 months or greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government securities	$	1,208	$	(5)	$	2,767	$	(56)	$	3,975	$	(61)
U.S. government agency securities	129		—		622		(5)		751		(5)
Corporate debt securities	570		(2)		3,059		(62)		3,629		(64)
Total	$	1,907	$	(7)	$	6,448	$	(123)	$	8,355	$	(130)


	December 31, 2024
	Less than 12 months				12 months or greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. government securities	$	6,860	$	(71)	$	4,330	$	(146)	$	11,190	$	(217)
U.S. government agency securities	435		(2)		2,083		(44)		2,518		(46)
Corporate debt securities	2,989		(26)		6,373		(192)		9,362		(218)
Total	$	10,284	$	(99)	$	12,786	$	(382)	$	23,070	$	(481)

The allowance for credit losses and the gross unrealized gains on our marketable debt securities were not material as of June 30, 2025 and December 31, 2024.

Marketable equity securities

The unrealized losses on our marketable equity securities were $511 million and $374 million for the three and six months ended June 30, 2025, respectively. These losses are recorded within interest and other income, net on our condensed consolidated statements of income.

Contractual Maturities

The following table classifies our marketable debt securities by contractual maturities (in millions):


	June 30, 2025
Due within one year	$	3,388
Due after one year to five years	26,817
Total	$	30,205