Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Marketable Equity Securities

The following tables summarize our cash, cash equivalents, and marketable securities measured at fair value on a recurring basis (in millions):

		As of December 31, 2024
	Fair Value Hierarchy	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Fair value changes recorded in other comprehensive income
Time deposits	Level 2	$	2,217	$	0	$	0	$	2,217	$	2,081	$	136
Government bonds	Level 2	27,551		83		(214)		27,420		50		27,370
Corporate debt securities	Level 2	18,300		79		(222)		18,157		0		18,157
Mortgage-backed and asset-backed securities	Level 2	14,437		63		(385)		14,115		0		14,115
Total investments with fair value change reflected in other comprehensive income(1)		62,505		225		(821)		61,909		2,131		59,778
Fair value adjustments recorded in net income
Money market funds	Level 1							8,154		8,154		0
Current marketable equity securities(2)	Level 1							4,708		0		4,708
Mutual funds	Level 2							105		0		105
Government bonds	Level 2							2,035		696		1,339
Corporate debt securities	Level 2							3,037		78		2,959
Mortgage-backed and asset-backed securities	Level 2							3,302		0		3,302
Total investments with fair value change recorded in net income								21,341		8,928		12,413
Cash								0		12,407		0
Total		$	62,505	$	225	$	(821)	$	83,250	$	23,466	$	72,191

(1)Represents gross unrealized gains and losses for debt securities recorded to accumulated other comprehensive income (AOCI).

(2)The long-term portion of marketable equity securities (subject to long-term lock-up restrictions) of $266 million as of December 31, 2024 is included within other non-current assets.

		As of June 30, 2025
	Fair Value Hierarchy	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cash and Cash Equivalents		Marketable Securities
Fair value changes recorded in other comprehensive income
Time deposits	Level 2	$	3,735	$	0	$	0	$	3,735	$	3,698	$	37
Government bonds	Level 2	26,738		380		(48)		27,070		2		27,068
Corporate debt securities	Level 2	18,382		205		(84)		18,503		1		18,502
Mortgage-backed and asset-backed securities	Level 2	14,198		117		(215)		14,100		0		14,100
Total investments with fair value change reflected in other comprehensive income(1)		63,053		702		(347)		63,408		3,701		59,707
Fair value adjustments recorded in net income
Money market funds	Level 1							5,473		5,473		0
Current marketable equity securities	Level 1							5,910		0		5,910
Mutual funds	Level 2							55		0		55
Government bonds	Level 2							2,035		162		1,873
Corporate debt securities	Level 2							3,055		77		2,978
Mortgage-backed and asset-backed securities	Level 2							3,589		0		3,589
Total investments with fair value change recorded in net income								20,117		5,712		14,405
Cash								0		11,623		0
Total		$	63,053	$	702	$	(347)	$	83,525	$	21,036	$	74,112

(1)Represents gross unrealized gains and losses for debt securities recorded to AOCI.

Schedule of Investments by Maturity Date

The following table summarizes the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates (in millions):

	As of June 30, 2025
Due in 1 year or less	$	5,930
Due in 1 year through 5 years	37,136
Due in 5 years through 10 years	11,846
Due after 10 years	13,235
Total	$	68,147

Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The following tables present fair values and gross unrealized losses recorded to AOCI, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):

	As of December 31, 2024
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Government bonds	$	11,119	$	(126)	$	2,576	$	(88)	$	13,695	$	(214)
Corporate debt securities	4,228		(17)		6,838		(168)		11,066		(185)
Mortgage-backed and asset-backed securities	5,222		(106)		3,813		(279)		9,035		(385)
Total	$	20,569	$	(249)	$	13,227	$	(535)	$	33,796	$	(784)

	As of June 30, 2025
	Less than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Government bonds	$	2,391	$	(19)	$	1,370	$	(29)	$	3,761	$	(48)
Corporate debt securities	1,020		(1)		4,247		(73)		5,267		(74)
Mortgage-backed and asset-backed securities	2,666		(48)		2,867		(167)		5,533		(215)
Total	$	6,077	$	(68)	$	8,484	$	(269)	$	14,561	$	(337)

Schedule of Available-for-Sale Debt Securities

The following table summarizes gains and losses for debt securities, reflected as a component of OI&E (in millions):    

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2025		2024		2025
Unrealized gain (loss) on fair value option debt securities	$	(23)	$	130	$	(69)	$	227
Gross realized gain on debt securities	161		84		229		350
Gross realized loss on debt securities	(455)		(63)		(935)		(238)
(Increase) decrease in allowance for credit losses	7		14		3		28
Total gain (loss) on debt securities recognized in other income (expense), net	$	(310)	$	165	$	(772)	$	367

Schedule of Carrying Value of Marketable and Non-Marketable Equity Securities

The carrying values for marketable and non-marketable equity securities are summarized below (in millions):

	As of December 31, 2024						As of June 30, 2025
	Marketable Equity Securities		Non-Marketable Equity Securities		Total		Marketable Equity Securities		Non-Marketable Equity Securities		Total
Total initial cost	$	4,767	$	21,240	$	26,007	$	4,423	$	26,152	$	30,575
Cumulative net gain (loss)(1)	312		14,291		14,603		1,552		23,682		25,234
Carrying value	$	5,079	$	35,531	$	40,610	$	5,975	$	49,834	$	55,809

(1)Non-marketable equity securities cumulative net gain (loss) is comprised of $22.7 billion and $32.8 billion of gains and $8.4 billion and $9.1 billion of losses (including impairments) as of December 31, 2024 and June 30, 2025, respectively.

Schedule of Gains and Losses on Equity Securities

Gains and losses (including impairments), net, for marketable and non-marketable equity securities included in OI&E are summarized below (in millions):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2025		2024		2025
Realized net gain (loss) on equity securities sold during the period	$	64	$	217	$	184	$	435
Unrealized net gain (loss) on marketable equity securities	(350)		853		(214)		1,088
Unrealized net gain (loss) on non-marketable equity securities(1)	(428)		216		1,559		9,521
Total gain (loss) on equity securities in other income (expense), net	$	(714)	$	1,286	$	1,529	$	11,044

(1)Unrealized gain (loss) on non-marketable equity securities accounted for under the measurement alternative is comprised of $319 million and $660 million of upward adjustments and $745 million and $454 million of downward adjustments (including impairments) for the three months ended June 30, 2024 and 2025, respectively, and $3.1 billion and $10.4 billion of upward adjustments and $1.6 billion and $853 million of downward adjustments (including impairments) for the six months ended June 30, 2024 and 2025, respectively.

Schedule of Cumulative Net Gains (Losses) on Equity Securities Sold

Cumulative net gains (losses) on equity securities sold during the period, which is summarized in the following table (in millions), represents the total net gains (losses) recognized after the initial purchase date of the equity security sold during the period. While these net gains (losses) may have been reflected in periods prior to the period of sale, we believe they are important supplemental information as they reflect the economic net gains (losses) on the securities sold during the period. Cumulative net gains (losses) are calculated as the difference between the sale price and the initial purchase price for the equity security sold during the period.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2025		2024		2025
Total sale price	$	583	$	315	$	1,673	$	1,068
Total initial cost	303		272		964		864
Cumulative net gains (losses)	$	280	$	43	$	709	$	204

Schedule of Gross Notional Amounts of Derivative Instruments

The gross notional amounts of outstanding derivative instruments were as follows (in millions):

	As of December 31, 2024		As of June 30, 2025
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges	$	20,315	$	22,884
Fair value hedges	$	1,562	$	0
Net investment hedges	$	6,986	$	7,668
Derivatives not designated as hedging instruments:
Foreign exchange contracts	$	44,227	$	38,023
Other contracts	$	15,082	$	17,406

Schedule of Derivative Instruments

The fair values of outstanding derivative instruments were as follows (in millions):

	As of December 31, 2024				As of June 30, 2025
	Assets(1)		Liabilities(2)		Assets(1)		Liabilities(2)
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	1,054	$	0	$	36	$	1,541
Derivatives not designated as hedging instruments:
Foreign exchange contracts	200		593		815		188
Other contracts	474		19		252		29
Total derivatives not designated as hedging instruments	674		612		1,067		217
Total	$	1,728	$	612	$	1,103	$	1,758

(1)    Derivative assets are recorded as other current and non-current assets in the Consolidated Balance Sheets.

(2)    Derivative liabilities are recorded as accrued expenses and other liabilities, current and non-current in the Consolidated Balance Sheets.

Schedule of Gain (Loss) on Derivative Instruments

The gains (losses) on derivatives and non-derivative financial instruments in cash flow hedging and net investment hedging relationships recognized in other comprehensive income (OCI) are summarized below (in millions):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2025		2024		2025
Cash flow hedging relationship:
Foreign exchange contracts
Amount included in the assessment of effectiveness	$	277	$	(1,050)	$	432	$	(1,389)
Amount excluded from the assessment of effectiveness	(7)		(108)		51		(169)
Net investment hedging relationship:
Amount included in the assessment of effectiveness
Foreign exchange contracts	120		(643)		202		(849)
Foreign currency-denominated debt	0		(219)		0		(219)
Total	$	390	$	(2,020)	$	685	$	(2,626)

 The table below presents the gains (losses) of derivatives included in the Consolidated Statements of Income: (in millions):

	Three Months Ended June 30,
	2024				2025
	Revenues		Other income (expense), net		Revenues		Other income (expense), net
Total amounts included in the Consolidated Statements of Income	$	84,742	$	126	$	96,428	$	2,662
Effect of cash flow hedges:
Foreign exchange contracts
Amount reclassified from AOCI to income	$	106	$	0	$	(138)	$	0
Amount excluded from the assessment of effectiveness (amortized)	(4)		0		26		0
Effect of fair value hedges:
Foreign exchange contracts
Hedged items	0		(9)		0		0
Derivatives designated as hedging instruments	0		9		0		0
Amount excluded from the assessment of effectiveness	0		3		0		0
Effect of net investment hedges:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness	0		31		0		29
Effect of non designated hedges:
Foreign exchange contracts	0		(22)		0		180
Other contracts	0		26		0		(24)
Total gains (losses)	$	102	$	38	$	(112)	$	185

	Six Months Ended June 30,
	2024				2025
	Revenues		Other income (expense), net		Revenues		Other income (expense), net
Total amounts included in the Consolidated Statements of Income	$	165,281	$	2,969	$	186,662	$	13,845
Effect of cash flow hedges:
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI to income	$	180	$	0	$	104	$	0
Amount excluded from the assessment of effectiveness (amortized)	(6)		0		44		0
Effect of fair value hedges:
Foreign exchange contracts
Hedged items	0		(25)		0		(9)
Derivatives designated as hedging instruments	0		24		0		9
Amount excluded from the assessment of effectiveness	0		6		0		1
Effect of net investment hedges:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness	0		67		0		60
Effect of non designated hedges:
Foreign exchange contracts	0		(1)		0		245
Other contracts	0		102		0		(95)
Total gains (losses)	$	174	$	173	$	148	$	211

Schedule of Offsetting Assets

The gross amounts of derivative instruments subject to master netting arrangements with various counterparties, and cash and non-cash collateral received and pledged under such agreements were as follows (in millions):

	As of December 31, 2024
							Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
	Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments(1)		Cash and Non-Cash Collateral Received or Pledged		Net Amounts
Derivatives assets	$	1,776	$	(48)	$	1,728	$	(516)	$	(721)	$	491
Derivatives liabilities	$	660	$	(48)	$	612	$	(516)	$	(9)	$	87

	As of June 30, 2025
							Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
	Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments(1)		Cash and Non-Cash Collateral Received or Pledged		Net Amounts
Derivatives assets	$	1,224	$	(121)	$	1,103	$	(780)	$	(72)	$	251
Derivatives liabilities	$	1,879	$	(121)	$	1,758	$	(780)	$	(32)	$	946

(1)The balances as of December 31, 2024 and June 30, 2025 were related to derivatives allowed to be net settled in accordance with our master netting agreements.

Schedule of Offsetting Liabilities

The gross amounts of derivative instruments subject to master netting arrangements with various counterparties, and cash and non-cash collateral received and pledged under such agreements were as follows (in millions):

	As of December 31, 2024
							Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
	Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments(1)		Cash and Non-Cash Collateral Received or Pledged		Net Amounts
Derivatives assets	$	1,776	$	(48)	$	1,728	$	(516)	$	(721)	$	491
Derivatives liabilities	$	660	$	(48)	$	612	$	(516)	$	(9)	$	87

	As of June 30, 2025
							Gross Amounts Not Offset in the Consolidated Balance Sheets, but Have Legal Rights to Offset
	Gross Amounts Recognized		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts Presented in the Consolidated Balance Sheets		Financial Instruments(1)		Cash and Non-Cash Collateral Received or Pledged		Net Amounts
Derivatives assets	$	1,224	$	(121)	$	1,103	$	(780)	$	(72)	$	251
Derivatives liabilities	$	1,879	$	(121)	$	1,758	$	(780)	$	(32)	$	946

(1)The balances as of December 31, 2024 and June 30, 2025 were related to derivatives allowed to be net settled in accordance with our master netting agreements.