v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair value measurements
We determine the fair value of financial and non-financial assets and liabilities using the fair value hierarchy, which establishes three levels of inputs that may be used to measure fair value, as follows:
•Level 1 inputs include unadjusted quoted prices in active markets for identical assets or liabilities;
•Level 2 inputs include observable inputs other than Level 1 inputs, such as quoted prices for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability; and
•Level 3 inputs include unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the underlying asset or liability. Our Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques and significant management judgment or estimation.
Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
The following tables summarize the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in millions):
Fair value measurement as of March 31, 2026Level 1Level 2Level 3Total
Assets
Money market funds$171 $— $— $171 
U.S. treasury securities— 305 — 305 
Corporate securities and commercial paper— 394 — 394 
Certificate of deposit— 6 — 6 
Total assets measured at fair value$171 $705 $— $876 
Fair value measurement as of December 31, 2025Level 1Level 2Level 3Total
Assets
Money market funds$155 $— $— $155 
U.S. treasury securities— 359 — 359 
Corporate securities and commercial paper— 487 — 487 
Certificate of deposit— 9 — 9 
Total assets measured at fair value$155 $855 $— $1,010 
Long-term debt
We determine the fair value of our long-term debt, for disclosure purposes only, based on other inputs that are observable, and thus categorized as Level 2 in the fair value hierarchy. As of March 31, 2026 and December 31, 2025, the estimated fair value of our long-term debt approximated the carrying amount.