Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Our financial instruments measured at fair value on a recurring basis at March 31, 2026, were as follows:


			Observable Inputs		Directly or Indirectly Observable Inputs		Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)

	(In millions)
Corporate debt securities	$	2,404	$	—	$	2,404	$	—
Mortgage-backed securities	964		—		964		—
Asset-backed securities	347		—		347		—
Municipal securities	156		—		156		—
U.S. Treasury notes	20		—		20		—



Other	46		—		46		—
Total assets	$	3,937	$	—	$	3,937	$	—

Our financial instruments measured at fair value on a recurring basis at December 31, 2025, were as follows:


			Observable Inputs		Directly or Indirectly Observable Inputs		Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)

	(In millions)
Corporate debt securities	$	2,465	$	—	$	2,465	$	—
Mortgage-backed securities	953		—		953		—
Asset-backed securities	364		—		364		—
Municipal securities	159		—		159		—
U.S. Treasury notes	20		—		20		—


Other	47		—		47		—
Total assets	$	4,008	$	—	$	4,008	$	—