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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Cash and Available-for-Sale Securities by Significant Investment Category

The following tables summarize our cash, cash equivalents, and available-for-sale securities by significant investment category as of June 30, 2024 and December 31, 2023 (in millions):

						June 30, 2024
						Amortized Cost						Unrealized Gains						Unrealized Losses						Estimated Fair Value						Cash and Cash Equivalents						Current Marketable Securities						Non- Current Marketable Securities
Cash and cash equivalents						$	2,478					$	—					$	—					$	2,478					$	2,478					$	—					$	—
Available-for-sale:
Certificates of deposit						29						—						—						29						—						29						—
U.S. treasury bills						588						—						—						588						—						588						—
U.S. treasury notes						3,593						—						(45)						3,548						—						2,642						906
Corporate debt securities						4,023						1						(47)						3,977						—						2,594						1,383
Government debt securities						196						—						(2)						194						—						157						37
Total						$	10,907					$	1					$	(94)					$	10,814					$	2,478					$	6,010					$	2,326
						December 31, 2023
						Amortized Cost						Unrealized Gains						Unrealized Losses						Estimated Fair Value						Cash and Cash Equivalents						Current Marketable Securities						Non- Current Marketable Securities
Cash and cash equivalents						$	2,907					$	—					$	—					$	2,907					$	2,907					$	—					$	—
Available-for-sale:
Certificates of deposit						27						—						—						27						—						27						—
U.S. treasury bills						807						—						—						807						—						807						—
U.S. treasury notes						4,407						3						(67)						4,343						—						2,664						1,679
Corporate debt securities						5,067						3						(81)						4,989						—						2,082						2,907
Government debt securities						211						—						(3)						208						—						117						91
Total						$	13,426					$	6					$	(151)					$	13,281					$	2,907					$	5,697					$	4,677

Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity

The amortized cost and estimated fair value of available-for-sale securities by contractual maturity as of June 30, 2024 and December 31, 2023 were as follows (in millions):

						June 30, 2024
						Amortized Cost						Estimated Fair Value
Due in one year or less						$	6,067					$	6,010
Due after one year through five years						2,362						2,326
Total						$	8,429					$	8,336

						December 31, 2023
						Amortized Cost						Estimated Fair Value
Due in one year or less						$	5,751					$	5,697
Due after one year through five years						4,768						4,677
Total						$	10,519					$	10,374

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value

The following table summarizes the amount of gross unrealized losses and the estimated fair value for our available-for-sale securities in an unrealized loss position by the length of time the securities have been in an unrealized loss position as of June 30, 2024 and December 31, 2023 (in millions):

						Less than 12 Months												12 Months or More												Total
						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value
As of June 30, 2024:
U.S. treasury bills						$	—					$	1,282					$	—					$	—					$	—					$	1,282
U.S. treasury notes						(5)						1,175						(38)						2,164						(43)						3,339
Corporate debt securities						(4)						945						(45)						2,523						(49)						3,468
Government debt securities						—						52						(2)						116						(2)						168
Total						$	(9)					$	3,454					$	(85)					$	4,803					$	(94)					$	8,257
As of December 31, 2023:
U.S. treasury bills						$	—					$	25					$	—					$	—					$	—					$	25
U.S. treasury notes						(3)						774						(64)						2,983						(67)						3,757
Corporate debt securities						(1)						562						(79)						3,518						(80)						4,080
Government debt securities						—						8						(4)						143						(4)						151
Total						$	(4)					$	1,369					$	(147)					$	6,644					$	(151)					$	8,013

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in millions):

						Fair value at June 30, 2024						Fair Value Measurement Using
												Level 1						Level 2
Assets:
Money market funds						$	647					$	647					$	—
Certificates of deposit						29						—						29
U.S. treasury bills						1,972						—						1,972
U.S. treasury notes						3,548						—						3,548
Corporate debt securities						4,286						—						4,286
Government debt securities						194						—						194
Equity investments(1)						31						31						—
Derivative instruments						2						—						2
Total						$	10,709					$	678					$	10,031
Liabilities:
Derivative instruments						$	2					$	—					$	2

						Fair value at December 31, 2023						Fair Value Measurement Using
												Level 1						Level 2
Assets:
Money market funds						$	1,572					$	1,572					$	—
Certificates of deposit						27						—						27
U.S. treasury bills						1,246						—						1,246
U.S. treasury notes						4,343						—						4,343
Corporate debt securities						5,480						—						5,480
Government debt securities						208						—						208
Equity Investments(1)						24						24						—
Derivative instruments						4						—						4
Total						$	12,904					$	1,596					$	11,308
Liabilities:
Derivative instruments						$	9					$	—					$	9

_______

(1)Investments in publicly traded equity securities with readily determinable fair values are recorded at quoted market prices for identical securities, with changes in fair value recorded in other income (expense), net, in our condensed consolidated statements of operations.

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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.

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