Cash Equivalents and Investments (Tables)

6 Months Ended

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)