v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Nonrecurring Fair Value Measurements
Financial assets and liabilities measured at fair value on a recurring basis are classified in the categories described in the table below:
(in millions)Level 1Level 2Total
March 31, 2025
ASSETS:
Money market fund investments and certificates of deposit (1)
$14,284 $— $14,284 
Investments in equity securities394 — 394 
Foreign currency exchange derivatives— 73 73 
LIABILITIES:
Foreign currency exchange derivatives$— $82 $82 
Embedded derivative liability— 1,142 1,142 
December 31, 2024
ASSETS:
Money market fund investments and certificates of deposit (1)
$14,926 $— $14,926 
Investments in equity securities391 — 391 
Foreign currency exchange derivatives— 70 70 
LIABILITIES:
Foreign currency exchange derivatives$— $93 $93 
Embedded derivative liability— 1,300 1,300 
(1)    Primarily consists of money market fund investments.
Fair Value and the Notional Amount of Derivatives and the Effect of Foreign Currency Exchange Derivatives
The effect of foreign currency exchange derivatives recorded in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations is as follows:
Three Months Ended
March 31,
(in millions)20252024
Gains (losses) on foreign currency exchange derivatives
$59 $(85)