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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
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).
  June 30, 2025
CategoryBalance Sheet LocationLevel 1Level 2Level 3Total
Assets
Cash equivalents:
Time depositsCash and cash equivalents$— $317 $— $317 
Equity securities:
Money market fundCash and cash equivalents50 — — 50 
Mutual fundsPrepaid expenses and other current assets12 — — 12 
Company-owned life insurance contractsPrepaid expenses and other current assets— 7 — 7 
Mutual fundsOther noncurrent assets211 — — 211 
Company-owned life insurance contractsOther noncurrent assets— 95 — 95 
Total$273 $419 $— $692 
Liabilities
Deferred compensation planAccrued liabilities$67 $— $— $67 
Deferred compensation planOther noncurrent liabilities659 — — 659 
Total$726 $— $— $726 
December 31, 2024
CategoryBalance Sheet LocationLevel 1Level 2Level 3Total
Assets
Cash equivalents:
Time depositsCash and cash equivalents$— $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 
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 June 30, 2025 and December 31, 2024. 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 $14.7 billion and $34.9 billion as of June 30, 2025 and December 31, 2024, respectively.
The Company’s derivative financial instruments are discussed in Note 9, its investments with readily determinable fair value are discussed in Note 7, and the obligation for its revolving receivable program is discussed in Note 5.