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Investments
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The Company’s investments on the consolidated balance sheets include both available-for-sale and held-to-maturity debt securities (see Investments section below). The Company’s strategic investments in equity securities of publicly traded and privately held companies are classified within other assets on the consolidated balance sheets (see Equity Investments section below).
Investments
Investments on the consolidated balance sheets consisted of the following:
June 30,
2025		December 31,
2024
(in millions)
Available-for-sale securities
$303 $292 
Held-to-maturity securities 1
33 38 
Total investments $336 $330 
1Held-to-maturity securities represent investments in time deposits that mature within one year. The cost of these securities approximates fair value.
Investment income on the consolidated statements of operations primarily consists of interest income generated from cash, cash equivalents, held-to maturity and available-for-sale investment securities, as well as realized gains and losses on the Company’s investment securities. The realized gains and losses from the sales of available-for-sale securities for the three and six months ended June 30, 2025 and 2024 were not material.
Available-for-Sale Securities
The major classes of the Company’s available-for-sale investment securities and their respective amortized cost basis and fair values were as follows:
 June 30, 2025December 31, 2024
 Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value		Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in millions)
Government and agency securities$66 $— $— $66 $80 $— $— $80 
Corporate securities203 2 — 205 187 1 — 188 
Asset-backed securities
32 — — 32 24 — — 24 
Total$301 $2 $— $303 $291 $1 $— $292 
The Company’s government and agency securities include U.S. government bonds, U.S. government sponsored agency bonds and foreign government bonds that are denominated in the national currency of the issuing country. Corporate and asset-backed securities held at June 30, 2025 and December 31, 2024 primarily carried a credit rating of A- or better. Corporate securities are comprised of commercial paper and corporate bonds. The gross unrealized gains and losses on the available-for-sale securities are primarily driven by changes in interest rates and are recorded in other comprehensive income (loss).
The maturity distribution based on the contractual terms of the Company’s available-for-sale investment securities at June 30, 2025 was as follows:
 
 Amortized CostFair Value
 (in millions)
Due within 1 year$95 $95 
Due after 1 year through 5 years206 208 
Total$301 $303 
Equity Investments
Included in other assets on the consolidated balance sheets are equity investments with readily determinable fair values (“Marketable securities”) and equity investments without readily determinable fair values (“Nonmarketable securities”). Marketable securities are equity interests in publicly traded companies and are measured using unadjusted quoted prices in their respective active markets. Nonmarketable securities that do not qualify for equity method accounting are measured at cost, less any impairment and adjusted for changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer (“Measurement alternative”).
The following table is a summary of the activity related to the Company’s equity investments:
 Balance at December 31, 2024PurchasesSales
Changes in Fair Value 1
Other 2
Balance at
June 30,
2025
(in millions)
Marketable securities $237 $— $— $(3)$— $234 
Nonmarketable securities1,370 16 — (22)40 1,404 
Total equity investments $1,607 $16 $— $(25)$40 $1,638 
1Recorded in gains (losses) on equity investments, net on the consolidated statements of operations.
2Primarily translational impact of currency.
The following table sets forth the components of the Company’s Nonmarketable securities:
June 30,
2025		December 31,
2024
(in millions)
Measurement alternative
$1,159 $1,140 
Equity method
245 230 
Total Nonmarketable securities$1,404 $1,370 
The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through June 30, 2025:
(in millions)
Initial cost basis
$722 
Cumulative adjustments 1:
Upward adjustments647 
Downward adjustments (including impairment)(210)
Carrying amount, end of period$1,159 
1 Includes immaterial translational impact of currency.
The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Measurement alternative investments:
Upward adjustments$4 $— $6 $7 
Downward adjustments (including impairment)(27)(1)(30)(4)
Marketable securities:
Unrealized gains (losses), net29 (21)(3)(14)