Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

We perform fair value measurements in accordance with ASC 820, Fair Value Measurement, which establishes three levels of inputs that we use to measure fair value:

•Level 1: quoted prices in active markets for identical assets or liabilities.

•Level 2: observable inputs (e.g., spot rates and other data from third-party pricing vendors for our derivative instruments, credit rating and current prices of similar debt instruments that are publicly traded for our debt instruments) other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the assets or liabilities.

•Level 3: unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities, including indicative pricing from third parties for similar instruments and asset-specific yield adjustments for elements such as credit risk.

The fair values of certain financial assets and liabilities were as follows (in millions):

	March 31, 2026								December 31, 2025
	Fair Value		Fair Value Measurement Using						Fair Value		Fair Value Measurement Using
			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets:
Money market funds (1)	$	769	$	769	$	—	$	—	$	1,333	$	1,333	$	—	$	—
Time deposits (2)	1,710		—		1,710		—		1,271		—		1,271		—
U.S. government securities - held to maturity (3)	171		50		121		—		256		—		256		—
U.S. government securities - available for sale (4)	10		—		10		—		—		—		—		—
Loan receivable (5)	347		—		—		347		351		—		—		351
Derivative instruments (6)	281		—		281		—		255		—		255		—
Total	$	3,288	$	819	$	2,122	$	347	$	3,466	$	1,333	$	1,782	$	351
Liabilities:
Derivative instruments (6)	$	139	$	—	$	139	$	—	$	229	$	—	$	229	$	—
Mortgage and loans payable (7)	29		—		29		—		706		—		706		—
Senior notes (7)	18,433		18,010		423		—		17,297		16,847		450		—
Total	$	18,601	$	18,010	$	591	$	—	$	18,232	$	16,847	$	1,385	$	—

(1)Instruments are included within cash and cash equivalents in our condensed consolidated balance sheets, and are measured at fair value.

(2)Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at amortized cost.

(3)Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at amortized cost. All of our U.S. government securities classified into this category mature within one year. As of March 31, 2026, no allowance for credit losses was recorded for these securities and there were insignificant unrecognized gains and losses.

(4)Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at fair value. All of our U.S. government securities classified into this category mature within one year. As of March 31, 2026, no allowance for credit losses was recorded for these securities and there were insignificant unrealized gains and losses.

(5)Instrument is included within other assets in our condensed consolidated balance sheets, and is measured at amortized cost. Refer to Note 11.

(6)Instruments are included within other current assets, other assets, other current liabilities and other liabilities in our condensed consolidated balance sheets, and are measured at fair value. Refer to Note 5.

(7)Instruments include both current and non-current portions which are measured at their amortized cost. Refer to Note 8.