To optimize the return yield on its short-term investments, the Company invested $1,100 million of available cash in short-term deposits as of December 31, 2025, compared to $1,450 million as of December 31, 2024.

The Company also invested available liquidity in marketable securities. As of December 31, 2025, the Company held $985 million in debt securities classified as available-for-sale. Detailed movements of marketable securities balance sheet position are presented in the table below:


	December 31, 2024	Purchase	Accretion	Proceeds at maturity	Change in fair value included in Other Comprehensive Income (“OCI”)	December 31, 2025
U.S. Treasury debt securities	2,452	354	64	(1,900)	15	985
Total	2,452	354	64	(1,900)	15	985


	December 31, 2023	Purchase	Accretion	Proceeds at maturity	Change in fair value included in Other Comprehensive Income (“OCI”)	December 31, 2024
U.S. Treasury debt securities	1,635	2,980	87	(2,251)	1	2,452
Total	1,635	2,980	87	(2,251)	1	2,452

In 2025, the Company invested $354 million available cash in U.S. Treasury bonds. The debt securities have a rating of Aaa/AA+/AA+ from Moody’s, S&P and Fitch, respectively, with a weighted average maturity of 2.31 years. The debt securities are reported as current assets on the line “Marketable securities” on the consolidated balance sheets, since they represent investments of funds available for current operations. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of the amortized cost basis. The bonds are classified as available-for-sale financial assets and recorded at fair value as of December 31, 2025. The fair value measurement corresponds to a Level 1 fair value hierarchy measurement. The aggregate amortized cost basis of these securities totaled $979 million as of December 31, 2025.

Marketable securities totaling $350 million at principal amount were transferred to financial institutions as part of short-term securities lending transactions, in compliance with corporate policies. The Company, acting as the securities lender, does not hold any collateral in this unsecured securities lending transactions. The Company retains effective control on the transferred securities.

The below table details debt securities that were in an unrealized loss position for less than 12 months and more than 12 months as of December 31, 2025:


	December 31, 2025
	Less than 12 months		More than 12 months		Total
Description	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
U.S. Treasury debt securities	—	—	229	(2)	229	(2)
Total	—	—	229	(2)	229	(2)

For the marketable securities that were in an unrealized loss position as of December 31, 2025, the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of the amortized cost basis.


	December 31, 2024
	Less than 12 months		More than 12 months		Total
Description	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
U.S. Treasury debt securities	448	(2)	443	(9)	891	(11)
Total	448	(2)	443	(9)	891	(11)