v3.25.4
Investments and Other Assets (Tables)
 12 Months Ended
Dec. 31, 2025
Other Assets [Abstract]  
Schedule of Investments Accounted for Equity Method of Accounting
The following tables set forth information regarding our investments accounted for under the equity method of accounting, including the entities discussed above (in millions):
Year ended December 31,
202520242023
Share of equity income from investments
$414 $260 $200 
Dividends received (1)
$264 $30 $11 
(1) During the year ended December 31, 2025, TUI Cruises paid us dividends totaling $258 million, The amounts included in the table above are net of tax withholdings.
Schedule of Notes Receivable Due from Equity Investments
As of December 31,
20252024
Total notes receivable due from equity investments$128 $138 
Less-current portion (1)
— 17 
Long-term portion (2)
$128 $121 
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(1)     Included within Trade and other receivables, net in our consolidated balance sheets.
(2)    Included within Other assets in our consolidated balance sheets.
Schedule of Balance Sheet Information of Affiliates Accounted for Under the Equity Method of Accounting
Summarized financial information for our affiliates accounted for under the equity method of accounting was as follows (in millions):
As of December 31,
20252024
Current assets$757 $589 
Non-current assets7,950 5,997 
Total assets$8,707 $6,586 
Current liabilities$2,534 $1,470 
Non-current liabilities
3,846 3,299 
Total liabilities$6,380 $4,769 
Schedule of Income Statement Sheet Information of Affiliates Accounted for Under the Equity Method of Accounting
Year ended December 31,
202520242023
Total revenues$3,295 $2,524 $2,328 
Total expenses(2,490)(1,978)(1,857)
Net income
$805 $546 $471