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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The fair value of certain financial assets and liabilities as of December 31, 2024 and 2023 were as follows (in millions):
December 31, 2024December 31, 2023
Fair ValueFair Value
Measurement Using
Fair ValueFair Value
Measurement Using
Level 1Level 2Level 3Level 1Level 2Level 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.