Fair Value Measurements and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2026

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 September 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 September 30, 2026
Assets
Money market funds (1)	$	17,318	$	—	$	—	$	17,318
Other investments
Government bonds	$	—	$	1	$	—	$	1
Derivatives (2)
Cash flow hedges	$	—	$	21	$	—	$	21
Net investment hedges	$	—	$	5	$	—	$	5
Not accounted for as hedges	$	—	$	1	$	—	$	1
Liabilities
Derivatives (2)
Cash flow hedges	$	—	$	21	$	—	$	21
Net investment hedges	$	—	$	2	$	—	$	2
Not accounted for as hedges	$	—	$	1	$	—	$	1


	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):


	September 30, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Current portion of long-term debt	$	1,722	$	1,720	$	588	$	589
Long-term debt	$	26,319	$	24,629	$	14,660	$	14,158