v3.25.4
Fair Value Measurements Fair Value Measurements (Notes)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
3.Fair Value Measurements
We account for our financial assets in accordance with ASC 820, Fair Value Measurement. This standard defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value measurement disclosures are grouped into three levels based on valuation factors:
•Level 1 - quoted prices in active markets using identical assets
•Level 2 - significant other observable inputs, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other observable inputs
•Level 3 - significant unobservable inputs
Fair Value of Instruments Measured and Recognized at Fair Value
The following table summarizes the levels of fair value measurements of our financial assets:
December 31, 2025December 31, 2024
(in millions)
TotalLevel 1TotalLevel 1
Money market funds$660 $660 $1,048 $1,048 
U.S. Treasury bills18 18 16 16 
678 678 1,064 1,064 
Deposits - money market funds
230 230 241 241 
Total
$908 $908 $1,305 $1,305 
Please read Note 2. “Other Balance Sheet Information,” for additional information.
Our valuation techniques used to measure fair value for these securities during the period consisted primarily of third-party pricing services that utilized actual market data such as trades of comparable bond issues, broker/dealer quotations for the same or similar investments in active markets and other observable inputs.
The following is a summary of our available-for-sale marketable securities:
(in millions)
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
December 31, 2025
U.S. Treasury bills$18 $— $— $18 
December 31, 2024
U.S. Treasury bills$16 $— $— $16 
As of December 31, 2025, the contractual maturities of all marketable securities in our portfolio were less than one year.
Fair Value of Other Financial Instruments
The carrying amounts of cash, cash equivalents, restricted cash, accounts receivable, deposits and accounts payable approximate their fair values due to the short-term maturities of these instruments.
As of December 31, 2025, the carrying value of borrowings under our revolving credit facility approximates fair value and was classified as Level 2 in the fair value hierarchy. Please read Note 6, “Long-Term Debt,” for additional information.