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Investments | 9 Months Ended
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Sep. 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:
|  | 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. 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 nine months ended September 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:
|  | 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 |
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 September 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 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 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, 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. 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 |
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. 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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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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