Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Fair Value, Assets Measured on Recurring Basis

Financial Instruments Recorded at Fair Value on a Recurring Basis

	September 30, 2023						December 31, 2022
(In millions)	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash equivalents
Money market funds	$	1,711	$	—	$	1,711	$	3,017	$	—	$	3,017
Commercial paper	—		822		822		—		224		224
U.S. Treasury and agency securities	229		—		229		—		—		—
Time deposits and certificate of deposits	—		212		212		—		159		159
Foreign government securities	—		47		47		—		—		—
Short-term investments
Commercial paper	—		464		464		—		441		441
Time deposits and certificates of deposits	—		7		7		—		—		—
Asset-backed and mortgage-backed securities	—		34		34		—		39		39
U.S. Treasury and agency securities	1,518		—		1,518		466		—		466
Foreign government securities	—		149		149		—		74		74
Equity investments	52		—		52		—		—		—
Other non-current assets
Time deposits and certificates of deposits	—		3		3		—		9		9
Equity investments	—		—		—		8		—		8
Deferred compensation plan investments	110		—		110		90		—		90
Total assets measured at fair value	$	3,620	$	1,738	$	5,358	$	3,581	$	946	$	4,527

Summary of Investment Holdings, Schedule of Investments

The following is a summary of cash equivalents and short-term investments:

	September 30, 2023								December 31, 2022
	Cost/ Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cost/ Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in millions)								(in millions)
Asset-backed and mortgage-backed securities	$	37	$	—	$	(3)	$	34	$	42	$	—	$	(3)	$	39
Commercial paper	1,286		—		—		1,286		669		—		(4)		665
Money market funds	1,711		—		—		1,711		3,017		—		—		3,017
Time deposits and certificates of deposits	219		—		—		219		159		—		—		159
U.S. Treasury and agency securities	1,750		—		(3)		1,747		471		—		(5)		466
Foreign government securities	196		—		—		196		74		—		—		74
Equity investments	50		2		—		52		—		—		—		—
	$	5,249	$	2	$	(6)	$	5,245	$	4,432	$	—	$	(12)	$	4,420

Investments Classified by Contractual Maturity Date

The contractual maturities of cash equivalents and investments classified as available-for-sale are as follows:

	September 30, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In millions)				(In millions)
Due within 1 year	$	3,067	$	3,063	$	1,224	$	1,218
Due in 1 year through 5 years	391		391		159		156
Due in 5 years and later	33		31		41		38
	$	3,491	$	3,485	$	1,424	$	1,412

Financial Instruments Not Recorded at Fair Value

The Company carries its financial instruments at fair value except for its debt. The carrying amounts and estimated fair values of the Company’s debt are as follows:

	September 30, 2023				December 31, 2022
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
	(In millions)				(In millions)
Current portion of long-term debt, net	$	752	$	735	$	—	$	—
Long-term debt, net of current portion	$	1,715	$	1,483	$	2,467	$	2,281