Fair Value Measurements

6 Months Ended

Jun. 30, 2024

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 the 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 value of certain financial assets and liabilities as of June 30, 2024 and December 31, 2023 were as follows (in millions):

	June 30, 2024								December 31, 2023
	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 and deposit accounts (1)	$	1,520	$	1,520	$	—	$	—	$	1,604	$	1,604	$	—	$	—
Loan receivable (2)	213		—		—		213		—		—		—		—
Derivative instruments (3)	427		—		427		—		257		—		257		—
Total	$	2,160	$	1,520	$	427	$	213	$	1,861	$	1,604	$	257	$	—
Liabilities:
Derivative instruments (3)	$	59	$	—	$	59	$	—	$	101	$	—	$	101	$	—
Mortgage and loans payable (4)	669		—		669		—		684		—		684		—
Senior notes (4)	12,192		11,720		472		—		11,740		11,166		574		—
Total	$	12,920	$	11,720	$	1,200	$	—	$	12,525	$	11,166	$	1,359	$	—

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

(2)Amount is included within other assets in the condensed consolidated balance sheets, and is measured at amortized cost. Refer to Note 4.

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

(4)Amounts include current and non-current portions and are measured at amortized cost. Refer to Note 8.