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v3.26.1

Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2026
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 March 31, 2026 and December 31, 2025 (in millions):
|  | March 31, 2026
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value |  | Cash and Cash Equivalents |  | Current Marketable Securities |  | Non- Current Marketable Securities
Cash and cash equivalents |  | $ | 1,908 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,908 |  |  | $ | 1,908 |  |  | $ | — |  |  | $ | — |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | 61 |  |  | — |  |  | — |  |  | 61 |  |  | — |  |  | 61 |  |  | — |
U.S. treasury bills |  | 610 |  |  | — |  |  | — |  |  | 610 |  |  | — |  |  | 610 |  |  | — |
U.S. treasury notes |  | 2,230 |  |  | 1 |  |  | (5) |  |  | 2,226 |  |  | — |  |  | 1,233 |  |  | 993 |
Corporate debt securities |  | 2,599 |  |  | 2 |  |  | (6) |  |  | 2,595 |  |  | — |  |  | 1,391 |  |  | 1,204 |
Government debt securities |  | 56 |  |  | — |  |  | — |  |  | 56 |  |  | — |  |  | 2 |  |  | 54 |
Total |  | $ | 7,464 |  |  | $ | 3 |  |  | $ | (11) |  |  | $ | 7,456 |  |  | $ | 1,908 |  |  | $ | 3,297 |  |  | $ | 2,251 |
|  | December 31, 2025
|  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Estimated Fair Value |  | Cash and Cash Equivalents |  | Current Marketable Securities |  | Non- Current Marketable Securities
Cash and cash equivalents |  | $ | 2,595 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,595 |  |  | $ | 2,595 |  |  | $ | — |  |  | $ | — |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | 91 |  |  | — |  |  | — |  |  | 91 |  |  | — |  |  | 86 |  |  | 5 |
U.S. treasury bills |  | 653 |  |  | — |  |  | — |  |  | 653 |  |  | — |  |  | 653 |  |  | — |
U.S. treasury notes |  | 2,188 |  |  | 5 |  |  | (3) |  |  | 2,190 |  |  | — |  |  | 1,185 |  |  | 1,005 |
Corporate debt securities |  | 2,535 |  |  | 6 |  |  | (1) |  |  | 2,540 |  |  | — |  |  | 1,250 |  |  | 1,290 |
Government debt securities |  | 66 |  |  | — |  |  | — |  |  | 66 |  |  | — |  |  | 30 |  |  | 36 |
Total |  | $ | 8,128 |  |  | $ | 11 |  |  | $ | (4) |  |  | $ | 8,135 |  |  | $ | 2,595 |  |  | $ | 3,204 |  |  | $ | 2,336 |
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 March 31, 2026 and December 31, 2025 were as follows (in millions):
|  | March 31, 2026
|  | Amortized Cost |  | Estimated Fair Value
Due in one year or less |  | $ | 3,297 |  |  | $ | 3,297 |
Due after one year through five years |  | 2,259 |  |  | 2,251 |
Total |  | $ | 5,556 |  |  | $ | 5,548 |
|  | December 31, 2025
|  | Amortized Cost |  | Estimated Fair Value
Due in one year or less |  | $ | 3,199 |  |  | $ | 3,204 |
Due after one year through five years |  | 2,334 |  |  | 2,336 |
Total |  | $ | 5,533 |  |  | $ | 5,540 |
Schedule of 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 March 31, 2026 and December 31, 2025 (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 March 31, 2026: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bills |  | $ | — |  |  | $ | 1,023 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,023 |
U.S. treasury notes |  | (3) |  |  | 960 |  |  | (2) |  |  | 236 |  |  | (5) |  |  | 1,196 |
Corporate debt securities |  | (6) |  |  | 1,562 |  |  | — |  |  | 35 |  |  | (6) |  |  | 1,597 |
Government debt securities |  | — |  |  | 56 |  |  | — |  |  | — |  |  | — |  |  | 56 |
Total |  | $ | (9) |  |  | $ | 3,601 |  |  | $ | (2) |  |  | $ | 271 |  |  | $ | (11) |  |  | $ | 3,872 |
As of December 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bills |  | $ | — |  |  | $ | 111 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 111 |
U.S. treasury notes |  | (1) |  |  | 176 |  |  | (2) |  |  | 235 |  |  | (3) |  |  | 411 |
Corporate debt securities |  | — |  |  | 608 |  |  | (1) |  |  | 40 |  |  | (1) |  |  | 648 |
Government debt securities |  | — |  |  | 36 |  |  | — |  |  | 8 |  |  | — |  |  | 44 |
Total |  | $ | (1) |  |  | $ | 931 |  |  | $ | (3) |  |  | $ | 283 |  |  | $ | (4) |  |  | $ | 1,214 |
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 March 31, 2026 and December 31, 2025 (in millions):
|  | Fair value at March 31, 2026 |  | Fair Value Measurement Using
|  |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |
Money market funds |  | $ | 595 |  |  | $ | 595 |  |  | $ | — |
Certificates of deposit |  | 61 |  |  | — |  |  | 61 |
U.S. treasury bills |  | 1,141 |  |  | — |  |  | 1,141 |
U.S. treasury notes |  | 2,226 |  |  | — |  |  | 2,226 |
Corporate debt securities |  | 2,978 |  |  | — |  |  | 2,978 |
Government debt securities |  | 56 |  |  | — |  |  | 56 |
Equity investments(1) |  | 2 |  |  | 2 |  |  | — |
Derivative instruments |  | 8 |  |  | — |  |  | 8 |
Total |  | $ | 7,067 |  |  | $ | 597 |  |  | $ | 6,470 |
|  | Fair value at December 31, 2025 |  | Fair Value Measurement Using
|  |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |
Money market funds |  | $ | 963 |  |  | $ | 963 |  |  | $ | — |
Certificates of deposit |  | 91 |  |  | — |  |  | 91 |
U.S. treasury bills |  | 1,445 |  |  | — |  |  | 1,445 |
U.S. treasury notes |  | 2,190 |  |  | — |  |  | 2,190 |
Corporate debt securities |  | 3,163 |  |  | — |  |  | 3,163 |
Government debt securities |  | 66 |  |  | — |  |  | 66 |
Equity Investments(1) |  | 6 |  |  | 6 |  |  | — |
Derivative instruments |  | 1 |  |  | — |  |  | 1 |
Total |  | $ | 7,925 |  |  | $ | 969 |  |  | $ | 6,956 |
Liabilities: |  |  |  |  |  |
Derivative instruments |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |
_______ (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 expense, net, in our condensed consolidated statements of operations.

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