v3.26.1
Fair Value Measurements and Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities That are Measured at Fair Value on a Recurring Basis
The following tables present the categorization of the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2026 and December 31, 2025 (in millions):
 Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Balance at June 30, 2026
Assets   
Money market funds (1)
$3,858 $— $— $3,858 
Other investments   
Government bonds$— $1 $— $1 
Derivatives (2)
  
Cash flow hedges$— $24 $— $24 
Net investment hedges$— $5 $— $5 
Not accounted for as hedges$— $4 $— $4 
Liabilities  
Derivatives (2)
   
Cash flow hedges$— $24 $— $24 
Net investment hedges$— $3 $— $3 
Not accounted for as hedges$— $2 $— $2 
 Fair Value Measurements Using
Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Balance at December 31, 2025
Assets   
Money market funds (1)
$4,998 $— $— $4,998 
Other investments   
Government bonds$— $1 $— $1 
Derivatives (2)
   
Cash flow hedges$— $42 $— $42 
Net investment hedges$— $— $— $— 
Not accounted for as hedges$— $3 $— $3 
Liabilities 0 
Derivatives (2)
   
Cash flow hedges$— $27 $— $27 
Net investment hedges$— $— $— $— 
Not accounted for as hedges$— $— $— $— 
(1)Included within Fiduciary assets or Short-term investments in the Condensed Consolidated Statements of Financial Position, depending on their nature and initial maturity.
(2)Refer to Note 13 “Derivatives and Hedging” for additional information regarding the Company’s derivatives and hedging activity.
Schedule of Financial Instruments Where the Carrying Amounts and Fair Values Differ
The fair value of debt is classified as Level 2 of the fair value hierarchy. The following table provides the carrying value and fair value for the Company’s term debt (in millions):
 June 30, 2026December 31, 2025
 Carrying ValueFair ValueCarrying ValueFair Value
Current portion of long-term debt$1,721 $1,726 $588 $589 
Long-term debt$12,947 $12,201 $14,660 $14,158