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Investments (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments On the Consolidated Balance Sheet | Investments on the consolidated balance sheets consisted of the following:
|  | September 30, 2025 |  | December 31, 2024
|  | (in millions)
Available-for-sale securities |  | $ | 316 |  |  | $ | 292 |
Held-to-maturity securities 1 |  | 19 |  |  | 38 |
Total investments |  | $ | 335 |  |  | $ | 330 |
1 Held-to-maturity securities represent investments in time deposits that mature within one year. The cost of these securities approximates fair value.
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:
|  | September 30, 2025 |  | December 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 |  | $ | 60 |  |  | $ | — |  |  | $ | — |  |  | $ | 60 |  |  | $ | 80 |  |  | $ | — |  |  | $ | — |  |  | $ | 80 |
Corporate securities |  | 221 |  |  | 1 |  |  | — |  |  | 222 |  |  | 187 |  |  | 1 |  |  | — |  |  | 188 |
Asset-backed securities |  | 34 |  |  | — |  |  | — |  |  | 34 |  |  | 24 |  |  | — |  |  | — |  |  | 24 |
Total |  | $ | 315 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 316 |  |  | $ | 291 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 292 |
Maturity Distribution Based on Contractual Terms of Investment Securities | The maturity distribution based on the contractual terms of the Company’s available-for-sale investment securities at September 30, 2025 was as follows:
|  | Amortized Cost |  | Fair Value
|  | (in millions)
Due within 1 year |  | $ | 110 |  |  | $ | 110 |
Due after 1 year through 5 years |  | 205 |  |  | 206 |
Total |  | $ | 315 |  |  | $ | 316 |
Equity Investments | The following table is a summary of the activity related to the Company’s equity investments:
|  | Balance at December 31, 2024 |  | Purchases |  | Sales |  | Changes in Fair Value 1 |  | Other 2 |  | Balance at September 30, 2025
|  | (in millions)
Marketable securities |  | $ | 237 |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | 248 |
Nonmarketable securities |  | 1,370 |  |  | 30 |  |  | — |  |  | 3 |  |  | 34 |  |  | 1,437 |
Total equity investments |  | $ | 1,607 |  |  | $ | 30 |  |  | $ | — |  |  | $ | 14 |  |  | $ | 34 |  |  | $ | 1,685 |
1 Recorded in gains (losses) on equity investments, net on the consolidated statements of operations. 2 Primarily translational impact of currency.
Nonmarketable securities | The following table sets forth the components of the Company’s Nonmarketable securities:
|  | September 30, 2025 |  | December 31, 2024
|  | (in millions)
Measurement alternative |  | $ | 1,184 |  |  | $ | 1,140 |
Equity method |  | 253 |  |  | 230 |
Total Nonmarketable securities |  | $ | 1,437 |  |  | $ | 1,370 |
Carrying Value of Measurement Alternative Investments | The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through September 30, 2025:
|  | (in millions)
Initial cost basis |  | $ | 729 |
Cumulative adjustments 1: |  |
Upward adjustments |  | 667 |
Downward adjustments (including impairment) |  | (212) |
Carrying amount, end of period |  | $ | 1,184 |
1 Includes immaterial translational impact of currency.
Unrealized Gains (Losses) Included in the Carrying Value of Measurement Alternative Investments | 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 September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in millions)
Measurement alternative investments: |  |  |  |  |  |  |  |
Upward adjustments |  | $ | 25 |  |  | $ | 3 |  |  | $ | 31 |  |  | $ | 10 |
Downward adjustments (including impairment) |  | (2) |  |  | (2) |  |  | (32) |  |  | (6) |
Marketable securities: |  |  |  |  |  |  |  |
Unrealized gains (losses), net |  | 14 |  |  | (61) |  |  | 11 |  |  | 75 |

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