Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Fair value of financial assets and liabilities

The following table represents assets and liabilities measured at fair value on a recurring basis. The basis for the measurement at fair value in all cases was Level 2.


(in millions)	March 31, 2026		December 31, 2025
Assets:
Foreign exchange contracts - forward	$	—	$	—
Total Assets	$	—	$	—
Liabilities:
Foreign exchange contracts - forward	$	(4)	$	(2)
Total Liabilities	$	(4)	$	(2)

Estimated fair values of financial assets and liabilities not measured at fair value on a recurring basis

The estimated fair values of other financial assets and liabilities were as follows:


	March 31, 2026				December 31, 2025
(in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Liabilities:
Long-term debt	$	698	$	523	$	665	$	592