Fair Value Measurements (Tables)

6 Months Ended

Jun. 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):


	June 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)	$	617	$	617	$	—	$	—	$	1,333	$	1,333	$	—	$	—
Time deposits (2)	1,267		—		1,267		—		1,271		—		1,271		—
U.S. government securities - held to maturity (3)	5		—		5		—		256		—		256		—
U.S. government securities - available for sale (4)	5		5		—		—		—		—		—		—
Loan receivable (5)	344		—		—		344		351		—		—		351
Derivative instruments (6)	115		—		115		—		255		—		255		—
Total	$	2,353	$	622	$	1,387	$	344	$	3,466	$	1,333	$	1,782	$	351
Liabilities:
Derivative instruments (6)	$	140	$	—	$	140	$	—	$	229	$	—	$	229	$	—
Mortgage and loans payable (7)	20		—		20		—		706		—		706		—
Senior notes (7)	18,689		18,286		403		—		17,297		16,847		450		—
Total	$	18,849	$	18,286	$	563	$	—	$	18,232	$	16,847	$	1,385	$	—

(1)Instruments are included within cash and cash equivalents in our condensed consolidated balance sheets, and are measured at fair value.

(2)Instruments are included within cash and cash equivalents and short-term investments in our condensed consolidated balance sheets, and are measured at amortized cost.

(3)Instruments are included within short-term investments in our condensed consolidated balance sheets, and are measured at amortized cost. All of our U.S. government securities classified into this category mature within one year. As of June 30, 2026, no allowance for credit losses was recorded for these securities and there were insignificant unrecognized gains and losses.

(4)Instruments are included within short-term investments in our condensed consolidated balance sheets, and are measured at fair value. All of our U.S. government securities classified into this category mature within one year. As of June 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 in our condensed consolidated balance sheets, 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 in our condensed consolidated balance sheets, and 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.