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FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities carried at fair value are classified in the following three categories:
Level 1–Quoted prices for identical instruments in active markets.
Level 2–Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
Level 3–Valuations derived from techniques in which one or more significant inputs are unobservable.
The tables below present assets and liabilities measured at fair value on a recurring basis (in millions).
  March 31, 2026
CategoryBalance Sheet LocationLevel 1Level 2Level 3Total
Assets
Cash equivalents:
Time depositsCash and cash equivalents$— $134 $— $134 
Equity securities:
Money market fundCash and cash equivalents58 — — 58 
Mutual fundsPrepaid expenses and other current assets15 — — 15 
Company-owned life insurance contractsPrepaid expenses and other current assets— 2 — 2 
Mutual fundsOther noncurrent assets201 — — 201 
Company-owned life insurance contractsOther noncurrent assets— 102 — 102 
Total$274 $238 $— $512 
Liabilities
Deferred compensation planAccrued liabilities$61 $— $— $61 
Deferred compensation planOther noncurrent liabilities674 — — 674 
Total$735 $— $— $735 
December 31, 2025
CategoryBalance Sheet LocationLevel 1Level 2Level 3Total
Assets
Cash equivalents:
Time depositsCash and cash equivalents$— $107 $— $107 
Equity securities:
Money market fundsCash and cash equivalents61 — — 61 
Mutual fundsPrepaid expenses and other current assets14 — — 14 
Company-owned life insurance contractsPrepaid expenses and other current assets— 2 — 2 
Mutual fundsOther noncurrent assets205 — — 205 
Company-owned life insurance contractsOther noncurrent assets— 105 — 105 
Total$280 $214 $— $494 
Liabilities
Deferred compensation planAccrued liabilities$66 $— $— $66 
Deferred compensation planOther noncurrent liabilities682 — — 682 
Total$748 $— $— $748 
In addition to the financial instruments listed in the tables above, the Company holds other financial instruments, including cash deposits, accounts receivable, accounts payable, senior notes, and a bridge loan. The carrying values for such financial instruments, other than the senior notes, each approximated their fair values as of March 31, 2026 and December 31, 2025. The estimated fair value of the Company’s outstanding senior notes, including accrued interest, using quoted prices from over-the-counter markets, considered Level 2 inputs, was $14,609 million and $15,205 million as of March 31, 2026 and December 31, 2025, respectively.
The Company’s derivative financial instruments are discussed in Note 9 and the obligation for its revolving receivable program is discussed in Note 5.