Marketable and Other Securities

9 Months Ended

Sep. 30, 2025

The following table summarizes the fair value of cash equivalents and marketable debt securities, which approximates cost:


	Fair Value Level	September 30, 2025		December 31, 2024
Cash and cash equivalents
Cash and time deposits		$	11,946	$	12,471
Available-for-sale debt securities
U.S. government and agencies	2	808		26
Corporate debt	2	3,749		1,541
Sovereign debt	2	924		785
Total available-for-sale debt securities – cash equivalents		5,480		2,351
Money market funds	1	5,484		5,050
Total cash and cash equivalents		$	22,910	$	19,872
Marketable debt securities

U.S. government and agencies	2	$	2,479	$	3,082
Corporate debt and other	2	3,765		3,592

Mortgage and asset-backed	2	548		591

Total available-for-sale debt securities – marketable securities		$	6,792	$	7,265
Restricted cash
Cash and cash equivalents		$	338	$	294
Money market funds	1	2,962		2,798
Total restricted cash		$	3,300	$	3,092

Available-for-sale debt securities included above with contractual maturities(a)
Due in one year or less		$	6,683
Due between one and five years		4,992

Total available-for-sale debt securities with contractual maturities		$	11,675

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(a)Excludes mortgage and asset-backed securities of $548 million at September 30, 2025 as these securities are not due at a single maturity date.

Proceeds from the sale of available-for-sale debt securities sold prior to maturity were $547 million and $580 million in the three months ended September 30, 2025 and 2024 and $2.7 billion and $1.6 billion in the nine months ended September 30, 2025 and 2024. Net unrealized gains on available-for-sale debt securities were insignificant and $159 million in the three months ended September 30, 2025 and 2024 and insignificant and $160 million in the nine months ended September 30, 2025 and 2024. Cumulative unrealized losses on available-for-sale debt securities were insignificant at September 30, 2025 and December 31, 2024.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet to the total shown in the condensed consolidated statement of cash flows:


	September 30, 2025		December 31, 2024
Cash and cash equivalents	$	22,910	$	19,872
Restricted cash included in Other current assets	2,845		2,608
Restricted cash included in Other assets	455		484
Total	$	26,210	$	22,964