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FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The measurement of fair value is based on a three-tier hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists,
therefore requiring an entity to develop its own assumptions. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. For the three months ended March 31, 2026 and the year ended December 31, 2025, there were no transfers between levels.
Our assets measured at fair value subject to the three-tier hierarchy at March 31, 2026, were as follows:
 Fair Value Measurements at Reporting Date Using
Quoted Prices in
Active Markets for
Identical Assets		Significant
Other Observable
Inputs		Significant
Unobservable
Inputs
(In millions of USD)(Level 1)(Level 2)(Level 3)
Financial assets measured on a recurring basis:   
Cash and cash equivalents$3 $— $— 
Mutual funds — fixed income securities41 — — 
Mutual funds — equity securities14 — — 
Interest rate swap derivatives— 1 — 
Total$58 $1 $— 
Our assets and liabilities measured at fair value subject to the three-tier hierarchy at December 31, 2025, were as follows:
 Fair Value Measurements at Reporting Date Using
Quoted Prices in
Active Markets for
Identical Assets		Significant
Other Observable
Inputs		Significant
Unobservable
Inputs
(In millions of USD)(Level 1)(Level 2)(Level 3)
Financial assets measured on a recurring basis:   
Cash and cash equivalents$3 $— $— 
Mutual funds — fixed income securities41 — — 
Mutual funds — equity securities15 — — 
Interest rate swap derivatives— 3 — 
Financial liabilities measured on a recurring basis:
Interest rate swap derivatives— 4 — 
Total$59 $(1)$— 
The investments recorded within cash and cash equivalents and other long-term assets include investments held in a trust associated with our supplemental benefit plans described in Note 7 and certain deferred compensation plan investments. The mutual funds we own are publicly traded and are recorded at fair value based on observable trades for identical securities in an active market. Changes in the observed trading prices and liquidity of money market funds are monitored as additional support for determining fair value. Gains and losses for all mutual fund investments are recorded in other expenses (income), net in the condensed consolidated statements of comprehensive income.
The assets and liabilities related to derivatives consist of interest rate swaps as discussed in Note 6. The fair value of these derivatives is determined based on a discounted cash flow method using the Secured Overnight Financing Rate, which are observable at commonly quoted intervals.
We also held non-financial assets that are required to be measured at fair value on a non-recurring basis. These consist of goodwill and intangible assets. We did not record any impairment charges on long-lived assets and no other significant events occurred requiring non-financial assets and liabilities to be measured at fair value (subsequent to initial recognition) during the three months ended March 31, 2026 and 2025.
Fair Value of Financial Assets and Liabilities
Fixed Rate Debt
Based on the borrowing rates obtained from third party lending institutions currently available for bank loans with similar terms and average maturities from active markets, the fair value of our consolidated long-term debt
and debt maturing within one year, excluding borrowings on the revolving credit agreement and commercial paper, was $7,584 million and $7,088 million at March 31, 2026 and December 31, 2025, respectively. These fair values represent Level 2 under the three-tier hierarchy described above. The total book value of our consolidated long-term debt and debt maturing within one year, net of discount and deferred financing fees and excluding borrowings on the revolving credit agreement and commercial paper, was $8,249 million and $7,651 million at March 31, 2026 and December 31, 2025, respectively.
Revolving Credit Agreement
At March 31, 2026 and December 31, 2025, we had a consolidated total of $120 million and $589 million, respectively, outstanding under our revolving credit agreement, which is a variable rate loan. The fair value of the loan approximates book value based on the borrowing rates currently available for a variable rate loan obtained from third party lending institutions. These fair values represent Level 2 under the three-tier hierarchy described above.
Other Financial Instruments
The carrying value of other financial instruments including cash and cash equivalents and commercial paper, approximates their fair value due to the short-term nature of these instruments.