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Fair Value of Financial Instruments | 12 Months Ended
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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, 2024 |  | December 31, 2023
| Fair Value |  | Level I |  | Level II |  | Level III |  | Fair Value |  | Level I |  | Level II |  | Level III
Certificates of deposit and time deposits | $ | 12,767 |  |  | $ | — |  |  | $ | 12,767 |  |  | $ | — |  |  | $ | 6,996 |  |  | $ | — |  |  | $ | 6,996 |  |  | $ | — |
Commercial paper | 3,919 |  |  | — |  |  | 3,919 |  |  | — |  |  | 470 |  |  | — |  |  | 470 |  |  | — |
U.S. government securities | 3,620 |  |  | — |  |  | 3,620 |  |  | — |  |  | 5,136 |  |  | — |  |  | 5,136 |  |  | — |
Corporate debt securities | 118 |  |  | — |  |  | 118 |  |  | — |  |  | 480 |  |  | — |  |  | 480 |  |  | — |
Money market funds | 1,753 |  |  | 1,753 |  |  | — |  |  | — |  |  | 109 |  |  | 109 |  |  | — |  |  | — |
Digital assets | 1,076 |  |  | 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 Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Short-Term Investments
Cash | $ | 14,386 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,386 |  |  | $ | 14,386 |  |  | $ | — |
Certificates of deposit and time deposits | 12,767 |  |  | — |  |  | — |  |  | 12,767 |  |  | — |  |  | 12,767 |
Commercial paper | 3,908 |  |  | 11 |  |  | — |  |  | 3,919 |  |  | — |  |  | 3,919 |
U.S. government securities | 3,618 |  |  | 3 |  |  | (1) |  |  | 3,620 |  |  | — |  |  | 3,620 |
Corporate debt securities | 117 |  |  | 1 |  |  | — |  |  | 118 |  |  | — |  |  | 118 |
Money market funds | 1,753 |  |  | — |  |  | — |  |  | 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 Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash and Cash Equivalents |  | Short-Term Investments
Cash | $ | 15,903 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,903 |  |  | $ | 15,903 |  |  | $ | — |
Certificates of deposit and time deposits | 6,995 |  |  | 1 |  |  | — |  |  | 6,996 |  |  | — |  |  | 6,996 |
U.S. government securities | 5,136 |  |  | 1 |  |  | (1) |  |  | 5,136 |  |  | 277 |  |  | 4,859 |
Corporate debt securities | 485 |  |  | 1 |  |  | (6) |  |  | 480 |  |  | — |  |  | 480 |
Commercial paper | 470 |  |  | — |  |  | — |  |  | 470 |  |  | 109 |  |  | 361 |
Money market funds | 109 |  |  | — |  |  | — |  |  | 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.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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