Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Financial Assets and Liabilities Measured at Fair Values on a Recurring Basis

The fair values of certain financial assets and liabilities were as follows (in millions):


	September 30, 2026								December 31, 2025
	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)	$	586	$	586	$	—	$	—	$	1,333	$	1,333	$	—	$	—
Time deposits (2)	1,094		—		1,094		—		1,271		—		1,271		—
U.S. government securities - held to maturity (3)	374		—		374		—		256		—		256		—
U.S. government securities - available for sale (4)	752		199		553		—		—		—		—		—
Loan receivable (5)	339		—		—		339		351		—		—		351
Derivative instruments (6)	189		—		189		—		255		—		255		—
Total	$	3,334	$	785	$	2,210	$	339	$	3,466	$	1,333	$	1,782	$	351
Liabilities:
Derivative instruments (6)	$	148	$	—	$	148	$	—	$	229	$	—	$	229	$	—
Mortgage and loans payable (7)	19		—		19		—		706		—		706		—
Senior notes (7)	20,858		20,459		399		—		17,297		16,847		450		—
Total	$	21,025	$	20,459	$	566	$	—	$	18,232	$	16,847	$	1,385	$	—

(1)Instruments are included within cash and cash equivalents and are measured at fair value.

(2)Instruments are included within cash and cash equivalents and short-term investments and are measured at amortized cost.

(3)Instruments are included within cash and cash equivalents as of September 30, 2026 and short-term investments as of December 31, 2025, and are measured at amortized cost. All of our U.S. government securities classified into this category mature within one year. As of both September 30, 2026 and December 31, 2025, no allowance for credit losses was recorded for these securities and there were insignificant unrecognized gains and losses.

(4)Instruments are included within cash and cash equivalents and short-term investments and are measured at fair value. All of our U.S. government securities classified into this category mature within one year. As of September 30, 2026, no allowance for credit losses was recorded for these securities and there were insignificant unrealized gains and losses.

(5)Instrument is included within other assets and is measured at amortized cost. Refer to Note 11.

(6)Instruments are included within other current assets, other assets, other current liabilities and other liabilities, which are measured at fair value. Refer to Note 5.

(7)Instruments include both current and non-current portions which are measured at their amortized cost. Refer to Note 8.