v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We perform fair value measurements in accordance with ASC 820, Fair Value Measurement, which establishes three levels of inputs that we use to measure fair value:
•Level 1: quoted prices in active markets for identical assets or liabilities.
•Level 2: observable inputs (e.g., spot rates and other data from third-party pricing vendors for our derivative instruments, credit rating and current prices of similar debt instruments that are publicly traded for our debt instruments) other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the assets or liabilities.
•Level 3: unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities, including indicative pricing from third parties for similar instruments and asset-specific yield adjustments for elements such as credit risk.
The fair values of certain financial assets and liabilities as of December 31 were as follows (in millions):
20252024
Fair ValueFair Value Measurement UsingFair ValueFair Value Measurement Using
Level 1Level 2Level 3Level 1Level 2Level 3
Assets:
Money market funds (1)
$1,333 $1,333 $— $— $2,401 $2,401 $— $— 
Time deposits (2)
1,271 — 1,271 — 642 115 527 — 
U.S. government securities (3)
256 — 256 — — — — — 
Loan receivable (4)
351 — — 351 280 — — 280 
Derivative instruments (5)
255 — 255 — 591 — 591 — 
Total$3,466 $1,333 $1,782 $351 $3,914 $2,516 $1,118 $280 
Liabilities:
Derivative instruments (5)
$229 $— $229 $— $72 $— $72 $— 
Mortgage and loans payable (6)
706 — 706 — 654 — 654 — 
Senior notes (6)
17,297 16,847 450 — 13,342 12,851 491 — 
Total$18,232 $16,847 $1,385 $— $14,068 $12,851 $1,217 $— 
(1)Instruments are included within cash and cash equivalents in the consolidated balance sheets, and are measured at fair value.
(2)Instruments are included within cash and cash equivalents and short-term investments in the consolidated balance sheets, and are measured at amortized cost.
(3)Instruments are included within short-term investments in the consolidated balance sheets, and are measured at amortized cost. All of our U.S. government securities are held to maturity and mature within one year. As of December 31, 2025, no allowance for credit losses was recorded for these securities and there are insignificant unrecognized gains and losses.
(4)Instrument is included within other assets in the consolidated balance sheets, and is measured at amortized cost. Refer to Note 15.
(5)Instruments are included within other current assets, other assets, other current liabilities and other liabilities in the consolidated balance sheets, and are measured at fair value. Refer to Note 7.
(6)Include current and non-current portions and are measured at amortized cost. Refer to Note 10.