The carrying value of our financial instruments approximates fair value, except for notes and debentures. At March 31, 2025 and December 31, 2024, the carrying value of our outstanding notes and debentures was $14.51 billion and $14.50 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy), was $13.5 billion and $13.3 billion, respectively.

Our investments without a readily determinable fair value for which we have no significant influence had a carrying value of $87 million and $86 million at March 31, 2025 and December 31, 2024, respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets.

We use derivative financial instruments primarily to manage our exposure to movements in foreign currency exchange rates when translating from the foreign local currency to the U.S. dollar. We do not use derivative instruments unless there is an underlying exposure and, therefore, we do not hold or enter into derivative financial instruments for speculative trading purposes.

Foreign currency forward contracts have principally been used to manage our exposure for currencies such as the British pound, the euro, the Canadian dollar and the Australian dollar, generally for periods up to 24 months. We designate forward contracts used to hedge committed and forecasted foreign currency transactions, including future production costs and programming obligations, as cash flow hedges. We also enter into non-designated forward contracts to hedge non-U.S. dollar denominated assets, liabilities, and cash flows.

At March 31, 2025 and December 31, 2024, the notional amount of all foreign exchange contracts was $3.23 billion and $2.75 billion, respectively. At March 31, 2025, $2.83 billion related to future production costs and $402 million related to our foreign currency assets and liabilities. At December 31, 2024, $2.39 billion related to future production costs and $358 million related to our foreign currency assets and liabilities.

The table below presents our assets and liabilities measured at fair value on a recurring basis at March 31, 2025 and December 31, 2024. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. All of our assets and liabilities that are measured at fair value on a recurring basis use Level 2 inputs. The fair value of foreign currency hedges is determined based on the present value of future cash flows using observable inputs including foreign currency exchange rates. The fair value of deferred compensation liabilities is determined based on the fair value of the investments elected by employees.