Fair Value Measurements

3 Months Ended

Mar. 31, 2025

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 were as follows (in millions):

	March 31, 2025								December 31, 2024
	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)	$	2,160	$	2,160	$	—	$	—	$	2,401	$	2,401	$	—	$	—
Time deposits (2)	785		62		723		—		642		115		527		—
Loan receivable (3)	279		—		—		279		280		—		—		280
Derivative instruments (4)	347		—		347		—		591		—		591		—
Total	$	3,571	$	2,222	$	1,070	$	279	$	3,914	$	2,516	$	1,118	$	280
Liabilities:
Derivative instruments (4)	$	79	$	—	$	79	$	—	$	72	$	—	$	72	$	—
Mortgage and loans payable (5)	671		—		671		—		654		—		654		—
Senior notes (5)	13,815		13,327		488		—		13,342		12,851		491		—
Total	$	14,565	$	13,327	$	1,238	$	—	$	14,068	$	12,851	$	1,217	$	—

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

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

(3)Instruments are included within other assets in the condensed consolidated balance sheets, and are measured at amortized cost. Refer to Note 5.

(4)Instruments 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 6.

(5)Include current and non-current portions and are measured at amortized cost. Refer to Note 9.