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v3.25.2

Fair Value Measurements (Details) - USD ($) $ in Millions | Jun. 30, 2025 | Dec. 31, 2024
--- | --- | ---
Assets: |  |
Derivative instruments | $ 271 | $ 591
Liabilities: |  |
Derivative instruments | 335 | 72
Allowance for credit losses | 0 |
Fair Value, Recurring |  |
Assets: |  |
Loan receivable | 328 | 280
Derivative instruments | 271 | 591
Total | 4,182 | 3,914
Liabilities: |  |
Derivative instruments | 335 | 72
Mortgage and loans payable | 720 | 654
Senior notes | 16,182 | 13,342
Total | 17,237 | 14,068
Fair Value, Recurring | Money market funds |  |
Assets: |  |
Money market funds | 2,517 | 2,401
Fair Value, Recurring | Time deposits |  |
Assets: |  |
Money market funds | 1,016 | 642
Fair Value, Recurring | U.S. government securities |  |
Assets: |  |
Money market funds | 50 | 0
Level 1 | Fair Value, Recurring |  |
Assets: |  |
Loan receivable | 0 | 0
Derivative instruments | 0 | 0
Total | 2,761 | 2,516
Liabilities: |  |
Derivative instruments | 0 | 0
Mortgage and loans payable | 0 | 0
Senior notes | 15,671 | 12,851
Total | 15,671 | 12,851
Level 1 | Fair Value, Recurring | Money market funds |  |
Assets: |  |
Money market funds | 2,517 | 2,401
Level 1 | Fair Value, Recurring | Time deposits |  |
Assets: |  |
Money market funds | 194 | 115
Level 1 | Fair Value, Recurring | U.S. government securities |  |
Assets: |  |
Money market funds | 50 | 0
Level 2 | Fair Value, Recurring |  |
Assets: |  |
Loan receivable | 0 | 0
Derivative instruments | 271 | 591
Total | 1,093 | 1,118
Liabilities: |  |
Derivative instruments | 335 | 72
Mortgage and loans payable | 720 | 654
Senior notes | 511 | 491
Total | 1,566 | 1,217
Level 2 | Fair Value, Recurring | Money market funds |  |
Assets: |  |
Money market funds | 0 | 0
Level 2 | Fair Value, Recurring | Time deposits |  |
Assets: |  |
Money market funds | 822 | 527
Level 2 | Fair Value, Recurring | U.S. government securities |  |
Assets: |  |
Money market funds | 0 | 0
Level 3 | Fair Value, Recurring |  |
Assets: |  |
Loan receivable | 328 | 280
Derivative instruments | 0 | 0
Total | 328 | 280
Liabilities: |  |
Derivative instruments | 0 | 0
Mortgage and loans payable | 0 | 0
Senior notes | 0 | 0
Total | 0 | 0
Level 3 | Fair Value, Recurring | Money market funds |  |
Assets: |  |
Money market funds | 0 | 0
Level 3 | Fair Value, Recurring | Time deposits |  |
Assets: |  |
Money market funds | 0 | 0
Level 3 | Fair Value, Recurring | U.S. government securities |  |
Assets: |  |
Money market funds | $ 0 | $ 0

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- Definition Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-10 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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