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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
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 table below presents assets and liabilities measured at fair value on a recurring basis (in millions).
 
December 31, 2024
CategoryBalance Sheet LocationLevel 1Level 2Level 3Total
Assets
Cash equivalents:
Time depositsCash and cash equivalents$— $95 $— $95 
Equity securities:
Money market fundsCash and cash equivalents46 — — 46 
Mutual fundsPrepaid expenses and other current assets16 — — 16 
Company-owned life insurance contractsPrepaid expenses and other current assets— 1 — 1 
Mutual fundsOther noncurrent assets216 — — 216 
Company-owned life insurance contractsOther noncurrent assets— 102 — 102 
Total$278 $198 $— $476 
Liabilities
Deferred compensation planAccrued liabilities$62 $— $— $62 
Deferred compensation planOther noncurrent liabilities650 — — 650 
Total$712 $— $— $712 
December 31, 2023
CategoryBalance Sheet LocationLevel 1Level 2Level 3Total
Assets
Cash equivalents:
Time depositsCash and cash equivalents$— $105 $— $105 
Equity securities:
Money market fundsCash and cash equivalents1 — — 1 
Mutual fundsPrepaid expenses and other current assets42 — — 42 
Company-owned life insurance contractsPrepaid expenses and other current assets— 1 — 1 
Mutual fundsOther noncurrent assets233 — — 233 
Company-owned life insurance contractsOther noncurrent assets— 97 — 97 
Total$276 $203 $— $479 
Liabilities
Deferred compensation planAccrued liabilities$67 $— $— $67 
Deferred compensation planOther noncurrent liabilities614 — — 614 
Total$681 $— $— $681 
Equity securities include money market funds, investments in mutual funds held in separate trusts, which are owned as part of the Company’s supplemental retirement plans, and company-owned life insurance contracts. (See Note 17.) The fair value of the deferred compensation plan liability was determined based on the fair value of the related investments elected by employees. Company-owned life insurance contracts are recorded at their cash surrender value, which approximates fair value (Level 2).
In addition to the financial instruments listed in the tables above, the Company holds other financial instruments, including cash deposits, accounts receivable, accounts payable, and senior notes. The carrying values for such financial instruments, other than the senior notes, each approximated their fair values as of December 31, 2024 and 2023. 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 $34.9 billion and $40.5 billion as of December 31, 2024 and 2023, respectively.
The Company’s derivative financial instruments are discussed in Note 13, its investments with readily determinable fair value are discussed in Note 10, and the obligation for its revolving receivable program is discussed in Note 8.