FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2023

The following table presents the fair value of the Company’s cash and cash equivalents and short-term investments and their corresponding level within the fair value hierarchy:


	December 31, 2022			September 30, 2023
	Level	Amount (in millions)		Level	Amount (in millions)
Cash and cash equivalents:
Cash		$	2,604		$	1,115
Money market funds	1	7,147		1	6,066
Commercial paper	1	845		2	461
United States Treasury securities	1	822		1	299
Certificates of deposit	1	150		2	—
Total		$	11,568		$	7,941

Short-term investments:
United States Treasury securities		$	—	1	$	792
Time deposits		—		2	400
Total		$	—		$	1,192

Total cash and cash equivalents and short-term investments		$	11,568		$	9,133

As of December 31, 2022 and September 30, 2023, the fair value of cash equivalents and short-term investments approximated their cost. Fair value measurements classified within Level 2 of the fair value hierarchy are determined using observable inputs other than quoted prices for identical assets in active markets.

Refer to Note 2 “Summary of Significant Accounting Policies” and Note 5 "Debt" for more information about the fair value of the Company’s derivative instruments and debt, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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