Fair Value Measurement

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurement

Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are reported in one of three levels reflecting the significant inputs used to determine fair value.

The following summarizes our financial assets and financial liabilities that are measured at fair value on a recurring basis:

(in millions)	Classification	Measurement Level	December 31, 2024		December 31, 2023
Financial assets
Money market trust	Cash and cash equivalents	Level 1	$	1,755	$	1,582
Money market fund	Cash and cash equivalents	Level 1	$	828	$	1,205
Money market trust	Restricted cash	Level 1	$	83	$	86

Our long-term debt is recorded at amortized cost. The fair value is estimated using Level 2 inputs based on our current interest rates for similar types of borrowing arrangements. The carrying amount of the long-term debt approximates its fair value as of December 31, 2024 and 2023, due primarily to the interest rates approximating market interest rates.