Fair Value Measurements

12 Months Ended

Dec. 31, 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 December 31, 2024 and 2023 were as follows (in millions):

	December 31, 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 funds (1)	$	2,401	$	2,401	$	—	$	—	$	1,364	$	1,364	$	—	$	—
Time deposits (2)	642		115		527		—		240		240		—		—
Loan receivable (3)	280		—		—		280		—		—		—		—
Derivative instruments (4)	591		—		591		—		257		—		257		—
Total	$	3,914	$	2,516	$	1,118	$	280	$	1,861	$	1,604	$	257	$	—
Liabilities:
Derivative instruments (4)	$	72	$	—	$	72	$	—	$	101	$	—	$	101	$	—
Mortgage and loans payable (5)	654		—		654		—		684		—		684		—
Senior notes (5)	13,342		12,851		491		—		11,740		11,166		574		—
Total	$	14,068	$	12,851	$	1,217	$	—	$	12,525	$	11,166	$	1,359	$	—

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

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

(3)Instruments are included within other assets in the consolidated balance sheets, and are measured at amortized cost. Refer to Note 15.

(4)Instruments are included within other current assets, other assets, other current liabilities and other liabilities in the consolidated balance sheets, and are measured at fair value. Refer to Note 7.

(5)Include current and non-current portions and are measured at amortized cost. Refer to Note 10.