| Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis |
Our assets and liabilities that were measured at fair value on a recurring basis were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | | Fair Value | | Level I | | Level II | | Level III | | Fair Value | | Level I | | Level II | | Level III | | Certificates of deposit and time deposits | $ | 10,329 | | | $ | — | | | $ | 10,329 | | | $ | — | | | $ | 6,996 | | | $ | — | | | $ | 6,996 | | | $ | — | | | Commercial paper | 4,162 | | | — | | | 4,162 | | | — | | | 470 | | | — | | | 470 | | | — | | | U.S. government securities | 3,393 | | | — | | | 3,393 | | | — | | | 5,136 | | | — | | | 5,136 | | | — | | | Corporate debt securities | 196 | | | — | | | 196 | | | — | | | 480 | | | — | | | 480 | | | — | | | Money market funds | 1,784 | | | 1,784 | | | — | | | — | | | 109 | | | 109 | | | — | | | — | | | Total | $ | 19,864 | | | $ | 1,784 | | | $ | 18,080 | | | $ | — | | | $ | 13,191 | | | $ | 109 | | | $ | 13,082 | | | $ | — | |
|
| Unrealized Gain (Loss) on Investments |
Our cash, cash equivalents and investments classified by security type as of September 30, 2024 and December 31, 2023 consisted of the following (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | | Adjusted Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Cash and Cash Equivalents | | Short-Term Investments | | Cash | $ | 13,784 | | | $ | — | | | $ | — | | | $ | 13,784 | | | $ | 13,784 | | | $ | — | | | Certificates of deposit and time deposits | 10,327 | | | 2 | | | — | | | 10,329 | | | 600 | | | 9,729 | | | Commercial paper | 4,160 | | | 3 | | | (1) | | | 4,162 | | | 945 | | | 3,217 | | | U.S. government securities | 3,391 | | | 3 | | | (1) | | | 3,393 | | | 998 | | | 2,395 | | | Corporate debt securities | 195 | | | 1 | | | — | | | 196 | | | — | | | 196 | | | Money market funds | 1,784 | | | — | | | — | | | 1,784 | | | 1,784 | | | — | | | Total cash, cash equivalents and short-term investments | $ | 33,641 | | | $ | 9 | | | $ | (2) | | | $ | 33,648 | | | $ | 18,111 | | | $ | 15,537 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | | Adjusted Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Cash and Cash Equivalents | | Short-Term Investments | | Cash | $ | 15,903 | | | $ | — | | | $ | — | | | $ | 15,903 | | | $ | 15,903 | | | $ | — | | | Certificates of deposit and time deposits | 6,995 | | | 1 | | | — | | | 6,996 | | | — | | | 6,996 | | | U.S. government securities | 5,136 | | | 1 | | | (1) | | | 5,136 | | | 277 | | | 4,859 | | | Corporate debt securities | 485 | | | 1 | | | (6) | | | 480 | | | — | | | 480 | | | Commercial paper | 470 | | | — | | | — | | | 470 | | | 109 | | | 361 | | | Money market funds | 109 | | | — | | | — | | | 109 | | | 109 | | | — | | | Total cash, cash equivalents and short-term investments | $ | 29,098 | | | $ | 3 | | | $ | (7) | | | $ | 29,094 | | | $ | 16,398 | | | $ | 12,696 | |
|