Cash Equivalents and Investments

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

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)