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Investments (Tables)
 9 Months Ended
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 
1Held-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, 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$60 $— $— $60 $80 $— $— $80 
Corporate securities221 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 CostFair Value
 (in millions)
Due within 1 year$110 $110 
Due after 1 year through 5 years205 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, 2024PurchasesSales
Changes in Fair Value 1
Other 2
Balance at
September 30,
2025
(in millions)
Marketable securities $237 $— $— $11 $— $248 
Nonmarketable securities1,370 30 — 3 34 1,437 
Total equity investments $1,607 $30 $— $14 $34 $1,685 
1Recorded in gains (losses) on equity investments, net on the consolidated statements of operations.
2Primarily 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 adjustments667 
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,
2025202420252024
(in millions)
Measurement alternative investments:
Upward adjustments$25 $3 $31 $10 
Downward adjustments (including impairment)(2)(2)(32)(6)
Marketable securities:
Unrealized gains (losses), net14 (61)11 75