Fair Value Measurements, Investments and Notes Receivable (Tables)

12 Months Ended

Dec. 31, 2023

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The table below presents disclosures about the fair value of financial assets and liabilities measured at fair value on a recurring basis in the Company's financial statements as of December 31 (in millions):


	2023								2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Cash and cash equivalents	$	6,058	$	6,058	$	—	$	—	$	7,166	$	7,166	$	—	$	—
Restricted cash - current (Note 1)	31		31		—		—		45		45		—		—
Restricted cash - non-current (Note 1)	245		245		—		—		210		210		—		—
Short-term investments:
U.S. government and agency notes	8,257		—		8,257		—		8,914		—		8,914		—
Asset-backed securities	—		—		—		—		325		—		325		—
Certificates of deposit placed through an account registry service ("CDARS")	73		—		73		—		—		—		—		—
Corporate debt	—		—		—		—		9		—		9		—
Long-term investments:
Equity securities	177		177		—		—		189		189		—		—

Carrying Values and Estimated Fair Values of Financial Instruments

The table below presents the carrying values and estimated fair values of financial instruments not presented in the tables above as of December 31 (in millions). Carrying amounts include any related discounts, premiums and issuance costs:


	2023										2022
	Carrying Amount		Fair Value								Carrying Amount		Fair Value
			Total		Level 1		Level 2		Level 3				Total		Level 1		Level 2		Level 3
Long-term debt	$	29,075	$	28,302	$	—	$	22,543	$	5,759	$	31,194	$	29,371	$	—	$	23,990	$	5,381

Description of Fair Value of Financial Instruments and Fair Value Methodology

Fair value of the financial instruments included in the tables above was determined as follows:


Description			Fair Value Methodology
Cash and cash equivalents and Restricted cash (current and non-current)			The carrying amounts of these assets approximate fair value.
Short-term and Long-term investments			Fair value is based on (a) the trading prices of the investment or similar instruments or (b) broker quotes obtained by third-party valuation services.
Long-term debt			Fair values were based on either market prices or the discounted amount of future cash flows using our current incremental rate of borrowing for similar liabilities or assets.