Fair Value Measurements (Tables)

Assets and liabilities recorded at fair value in the Consolidated Balance Sheets are categorized based upon observable or unobservable inputs used to estimate fair value. Level inputs are as follows:


Level Input:						Input Definition:
Level I						Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.

Level II						Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date.

Level III						Unobservable inputs that reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date.

The following table summarizes fair value measurements by level at September 30, 2024, for assets and liabilities measured at fair value on a recurring basis ($ in millions):


	Level I		Level II		Level III		Total
Assets
Cash and cash equivalents	$	14,577	$	—	$	—	$	14,577
Investments:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	56	$	—	$	—	$	56
Corporate securities	—		10,649		—		10,649
Municipal securities	—		3,344		—		3,344
Short-term time deposits	—		875		—		875
Asset-backed securities	—		1,778		—		1,778
Residential mortgage-backed securities	—		1,668		—		1,668
Commercial mortgage-backed securities	—		1,189		—		1,189
Equity securities	14		1		—		15
Total investments	$	70	$	19,504	$	—	$	19,574
Restricted deposits:
Cash and cash equivalents	$	73	$	—	$	—	$	73
U.S. Treasury securities and obligations of U.S. government corporations and agencies	538		—		—		538
Corporate securities	—		40		—		40
Certificates of deposit	—		3		—		3
Municipal securities	—		798		—		798
Total restricted deposits	$	611	$	841	$	—	$	1,452


Total assets at fair value	$	15,258	$	20,345	$	—	$	35,603

The following table summarizes fair value measurements by level at December 31, 2023, for assets and liabilities measured at fair value on a recurring basis ($ in millions):


	Level I		Level II		Level III		Total
Assets
Cash and cash equivalents	$	17,193	$	—	$	—	$	17,193
Investments:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	62	$	—	$	—	$	62
Corporate securities	—		9,564		—		9,564
Municipal securities	—		3,232		—		3,232
Short-term time deposits	—		746		—		746
Asset backed securities	—		1,638		—		1,638
Residential mortgage-backed securities	—		1,407		—		1,407
Commercial mortgage-backed securities	—		1,072		—		1,072
Equity securities	15		2		—		17
Total investments	$	77	$	17,661	$	—	$	17,738
Restricted deposits:
Cash and cash equivalents	$	259	$	—	$	—	$	259
U.S. Treasury securities and obligations of U.S. government corporations and agencies	333		—		—		333
Corporate securities	—		37		—		37
Certificates of deposit	—		4		—		4
Municipal securities	—		753		—		753
Total restricted deposits	$	592	$	794	$	—	$	1,386



Total assets at fair value	$	17,862	$	18,455	$	—	$	36,317

Liabilities
Accounts payable and accrued expenses:
Foreign currency swap agreement	$	—	$	13	$	—	$	13
Total liabilities at fair value	$	—	$	13	$	—	$	13