v3.26.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
9.              FAIR VALUE MEASUREMENTS:
 
Accounting guidance provides for valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). A fair value hierarchy using three broad levels prioritizes the inputs to valuation techniques used to measure fair value. The following is a brief description of those three levels:
 
•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
•Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.
The following table sets forth the face value and fair value of our financial assets and liabilities for the periods presented (in millions):
 As of March 31, 2026As of December 31, 2025
 Face ValueFair ValueFace ValueFair Value
Level 1:
Investments in equity securitiesN/A$34 N/A$40 
Money market fundsN/A522 N/A678 
Level 2:
Investments in equity securities (a)N/A105 N/A181 
Deferred compensation assetsN/A50 N/A52 
Deferred compensation liabilitiesN/A45 N/A48 
STG (b):
9.750% Second Lien Senior Secured Notes due 2033
$432 477 $432 474 
8.125% First-Out First Lien Secured Notes due 2033
1,430 1,454 1,430 1,496 
5.500% Senior Notes due 2030
485 420 485 440 
4.375% Second-Out First Lien Secured Notes due 2032
238 184 238 189 
4.125% Unsecured Notes due 2030
4 3 4 3 
Term Loan B-3, due April 1, 20283 2 3 2 
Term Loan B-6, due December 31, 2029704 630 706 642 
Term Loan B-7, due December 31, 2030724 554 726 653 
A/R Facility375 375 375 375 
Debt of variable interest entities (b)2 2 6 6 
Level 3:
Investments in equity securitiesN/A2 N/A2 
N/A - Not applicable
(a)Consists of warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price.
(b)Amounts are carried in our consolidated balance sheets net of debt discount and deferred financing cost, which are excluded in the above table, of $53 million and $55 million as of March 31, 2026 and December 31, 2025, respectively.

The following table summarizes the changes in financial assets measured at fair value on a recurring basis and categorized as Level 3 under the fair value hierarchy for the three months ended March 31, 2026 and 2025 (in millions):
Three Months Ended March 31, 2026
Fair value at December 31, 2025$2 
Fair value at March 31, 2026$2 
Three Months Ended March 31, 2025
Fair value at December 31, 2024$68 
Transfer to Level 2(58)
Measurement adjustments(8)
Fair value at March 31, 2025$2