XML 36 R12.htm IDEA: XBRL DOCUMENT
v3.26.1

Cash Equivalents and Investments | 6 Months Ended
--- | ---
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract] |
Cash Equivalents and Investments | 5. Cash Equivalents and 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. As of June 30, 2026, all of the Company’s long-term debt investments have contractual maturities between one and five years. Changes in market interest rates, credit risk of borrowers, and overall market liquidity, amongst other factors, may cause the Company’s short-term and long-term debt investments to fall below their amortized cost basis, resulting in unrealized losses. For those debt securities in an unrealized loss position as of June 30, 2026, the unrealized losses were primarily driven by increases in market interest rates following the date of purchase and the Company does not intend to sell, nor is it more likely than not it will be required to sell, such securities before recovering the amortized cost basis. 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) |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investment in debt and equity securities and other assets at fair value and held for trading. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration