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Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
We consider the carrying amounts of current assets and current liabilities to approximate their fair values because of the relatively short period of time between the origination of these instruments and their expected realization or payment. For our financial instruments measured at fair value on a recurring basis, we prioritize the inputs used in measuring fair value according to the three-tier fair value hierarchy. For a description of the methods and assumptions used to: a) estimate the fair value; and b) determine the classification according to the fair value hierarchy for each financial instrument, refer to our 2024 Annual Report on Form 10-K, Note 5, “Fair Value Measurements.”
Our financial instruments measured at fair value on a recurring basis at March 31, 2025, were as follows:
Observable InputsDirectly or Indirectly Observable InputsUnobservable Inputs
Total(Level 1) (Level 2) (Level 3)
 (In millions)
Corporate debt securities$2,751 $— $2,751 $— 
Mortgage-backed securities983 — 983 — 
Asset-backed securities441 — 441 — 
Municipal securities210 — 210 — 
U.S. Treasury notes5 — 5 — 
Other
48 — 48 — 
Total assets$4,438 $— $4,438 $— 
Our financial instruments measured at fair value on a recurring basis at December 31, 2024, were as follows:
Observable InputsDirectly or Indirectly Observable InputsUnobservable Inputs
Total(Level 1)(Level 2)(Level 3)
 (In millions)
Corporate debt securities$2,744 $— $2,744 $— 
Mortgage-backed securities914 — 914 — 
Asset-backed securities431 — 431 — 
Municipal securities183 — 183 — 
U.S. Treasury notes5 — 5 — 
Other48 — 48 — 
Total assets $4,325 $— $4,325 $— 
Fair Value Measurements – Disclosure Only
The carrying amounts and estimated fair values of our notes payable are classified as Level 2 financial instruments. Fair value for these securities is determined using a market approach based on quoted market prices for similar securities in active markets or quoted prices for identical securities in inactive markets.
 March 31, 2025December 31, 2024
 Carrying
Amount		Fair Value Carrying
Amount		Fair Value
 (In millions)
4.375% Notes due 2028
$796 $763 $795 $759 
3.875% Notes due 2030
645 581 645 578 
3.875% Notes due 2032
743 658 743 648 
6.250% Notes due 2033
740 740 740 741 
Term Loan500 500 — — 
Credit Facility150 150 — — 
Total$3,574 $3,392 $2,923 $2,726