FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

Cash and cash equivalents include cash in banks, highly liquid investments, and term deposits with maturities of three months or less recorded in “Cash and cash equivalents” on the Condensed Consolidated Balance Sheets. Short-term investments are available-for-sale debt securities and term deposits with maturities over three months recorded in “Short-term investments” on the Condensed Consolidated Balance Sheets. As the Company views these securities as available to support current operations, highly liquid securities with maturities beyond 12 months are classified as current assets.

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, 2024			March 31, 2025
	Level	Amount (in millions)		Level	Amount (in millions)
Cash and cash equivalents:
Cash		$	1,157		$	1,317
Money market funds	1	3,868		1	3,251
Commercial paper	2	184		2	56
United States Treasury securities	1	60		1	50
Other items1	2	25		2	19
Total cash and cash equivalents		$	5,294		$	4,693
Short-term investments:
United States Treasury securities	1	$	993	1	$	890
Term deposits	2	475		2	475
Commercial paper	2	378		2	441
Corporate bonds	2	374		2	424
Certificates of deposit	2	141		2	215
Other items2	2	45		2	40
Total short-term investments3		$	2,406		$	2,485
Total cash and cash equivalents and short-term investments		$	7,700		$	7,178
1 Includes certificates of deposit, corporate bonds, and Yankee bonds.
2 Includes Yankee bonds and agency discount notes.
3 As of December 31, 2024 and March 31, 2025, $289 million and $164 million is due between 12 and 18 months, respectively.

As of December 31, 2024 and March 31, 2025, 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 8 "Debt" for more information about the fair value of the Company’s derivative instruments and debt, respectively.