Fair Value Measurements and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following tables present the categorization of the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2024 and December 31, 2023 (in millions):

	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2024
Assets
Money market funds (1)	$	3,419	$	—	$	—	$	3,419
Other investments
Government bonds	$	—	$	1	$	—	$	1
Derivatives (2)
Gross foreign exchange contracts	$	—	$	40	$	—	$	40
Liabilities
Derivatives (2)
Gross foreign exchange contracts	$	—	$	16	$	—	$	16

	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2023
Assets
Money market funds (1)	$	3,204	$	—	$	—	$	3,204
Other investments
Government bonds	$	—	$	1	$	—	$	1
Derivatives (2)
Gross foreign exchange contracts	$	—	$	49	$	—	$	49
Liabilities
Derivatives (2)
Gross foreign exchange contracts	$	—	$	16	$	—	$	16

(1)Included within Fiduciary assets or Short-term investments in the Consolidated Statements of Financial Position, depending on their nature and initial maturity.

(2)Refer to Note 14 “Derivatives and Hedging” for additional information regarding the Company’s derivatives and hedging activity.

Schedule of Financial Instruments where the Carrying Amounts and Fair Values Differ

The fair value of debt is classified as Level 2 of the fair value hierarchy. The following table provides the carrying value and fair value for the Company’s term debt (in millions):

	2024				2023
As of December 31	Carrying Value		Fair Value		Carrying Value		Fair Value
Current portion of long-term debt	$	749	$	744	$	600	$	595
Long-term debt	$	16,265	$	15,308	$	9,995	$	9,223