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Cash Equivalents and Investments (Tables) | 6 Months Ended
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Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract] |
Schedule of Cash Equivalents and Short and Long-Term Investments | The following is a summary of the Company’s cash equivalents and short-term and long-term investments (in millions):
|  | As of June 30, 2026
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash Equivalents |  | Short-Term Investments |  | Long-Term Investments
Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 796 |  |  | $ | — |  |  | $ | — |  |  | $ | 796 |  |  | $ | 796 |  |  | $ | — |  |  | $ | — |
U.S. Treasury securities |  | 2,838 |  |  | — |  |  | (12) |  |  | 2,826 |  |  | — |  |  | 1,438 |  |  | 1,388 |
Subtotal |  | 3,634 |  |  | — |  |  | (12) |  |  | 3,622 |  |  | 796 |  |  | 1,438 |  |  | 1,388 |
Level 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | 704 |  |  | — |  |  | (7) |  |  | 697 |  |  | — |  |  | — |  |  | 697 |
Commercial paper |  | 436 |  |  | — |  |  | — |  |  | 436 |  |  | — |  |  | 436 |  |  | — |
Corporate debt securities |  | 1,132 |  |  | 1 |  |  | (4) |  |  | 1,129 |  |  | — |  |  | 144 |  |  | 985 |
Subtotal |  | 2,272 |  |  | 1 |  |  | (11) |  |  | 2,262 |  |  | — |  |  | 580 |  |  | 1,682 |
Total Debt Securities |  | $ | 5,906 |  |  | $ | 1 |  |  | $ | (23) |  |  | $ | 5,884 |  |  | $ | 796 |  |  | $ | 2,018 |  |  | $ | 3,070 |
Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds(1) |  |  |  |  |  |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |
Total Equity Securities |  |  |  |  |  |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |
Total Cash Equivalents and Investments |  | $ | 5,906 |  |  | $ | 1 |  |  | $ | (23) |  |  | $ | 5,889 |  |  | $ | 796 |  |  | $ | 2,023 |  |  | $ | 3,070 |
|  | As of December 31, 2025
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Cash Equivalents |  | Short-Term Investments |  | Long-Term Investments
Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 1,010 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,010 |  |  | $ | 1,010 |  |  | $ | — |  |  | $ | — |
U.S. Treasury securities |  | 2,551 |  |  | 7 |  |  | — |  |  | 2,558 |  |  | 3 |  |  | 1,427 |  |  | 1,128 |
Subtotal |  | 3,561 |  |  | 7 |  |  | — |  |  | 3,568 |  |  | 1,013 |  |  | 1,427 |  |  | 1,128 |
Level 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | 542 |  |  | — |  |  | — |  |  | 542 |  |  | — |  |  | — |  |  | 542 |
Commercial paper |  | 325 |  |  | — |  |  | — |  |  | 325 |  |  | — |  |  | 325 |  |  | — |
Corporate debt securities |  | 911 |  |  | 6 |  |  | — |  |  | 917 |  |  | — |  |  | 94 |  |  | 823 |
Subtotal |  | 1,778 |  |  | 6 |  |  | — |  |  | 1,784 |  |  | — |  |  | 419 |  |  | 1,365 |
Total Debt Securities |  | $ | 5,339 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 5,352 |  |  | $ | 1,013 |  |  | $ | 1,846 |  |  | $ | 2,493 |
Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Level 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds(1) |  |  |  |  |  |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |
Total Equity Securities |  |  |  |  |  |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |
Total Cash Equivalents and Investments |  | $ | 5,339 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 5,356 |  |  | $ | 1,013 |  |  | $ | 1,850 |  |  | $ | 2,493 |
(1)The equity securities relate to the Company’s nonqualified deferred compensation plan and are held in a rabbi trust.
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table presents fair values and gross unrealized losses, aggregated by investment category and the length of time that individual securities have been in a continuous loss position (in millions):
|  | As of June 30, 2026
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities |  | $ | 2,663 |  |  | $ | (12) |  |  | $ | — |  |  | $ | — |  |  | $ | 2,663 |  |  | $ | (12) |
U.S. agency securities |  | 699 |  |  | (7) |  |  | — |  |  | — |  |  | 699 |  |  | (7) |
Corporate debt securities |  | 803 |  |  | (4) |  |  | — |  |  | — |  |  | 803 |  |  | (4) |
Total |  | $ | 4,165 |  |  | $ | (23) |  |  | $ | — |  |  | $ | — |  |  | $ | 4,165 |  |  | $ | (23) |

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- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
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