The fair value of financial instruments has been estimated by the Company using available market information as of June 30, 2026 and December 31, 2025, and valuation methodologies considered appropriate. The estimates presented in the table below are not necessarily indicative of amounts the Company could realize in a current market exchange (in millions):
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June 30, 2026 |
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December 31, 2025 |
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Carrying |
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Estimated
Fair |
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Carrying |
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Estimated
Fair |
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Amount |
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Value |
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|
Amount |
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Value |
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Assets: |
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Cash and cash equivalents |
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$ |
149 |
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$ |
149 |
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$ |
260 |
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$ |
260 |
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Investments in equity securities |
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|
86 |
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|
|
86 |
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|
79 |
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|
|
79 |
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Available-for-sale debt securities |
|
|
246 |
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|
|
246 |
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|
|
226 |
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|
|
226 |
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Trading securities |
|
|
5 |
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|
|
5 |
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|
|
5 |
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|
|
5 |
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Liabilities: |
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6⅞% Senior Notes due 2028 |
|
|
42 |
|
|
|
40 |
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|
|
42 |
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|
|
35 |
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6% Senior Secured Notes due 2029 |
|
|
632 |
|
|
|
639 |
|
|
|
630 |
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|
|
644 |
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5¼% Senior Secured Notes due 2030 |
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|
1,484 |
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|
|
1,448 |
|
|
|
1,479 |
|
|
|
1,442 |
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4¾% Senior Secured Notes due 2031 |
|
|
688 |
|
|
|
634 |
|
|
|
1,055 |
|
|
|
942 |
|
10⅞% Senior Secured Notes due 2032 |
|
|
1,541 |
|
|
|
1,671 |
|
|
|
1,992 |
|
|
|
2,188 |
|
10¾% Senior Secured Notes due 2033 |
|
|
698 |
|
|
|
762 |
|
|
|
698 |
|
|
|
741 |
|
9¾% Senior Secured Notes due 2034 |
|
|
1,763 |
|
|
|
1,869 |
|
|
|
1,762 |
|
|
|
1,881 |
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6⅞% Junior-Priority Secured Notes due 2029 |
|
|
1,197 |
|
|
|
1,227 |
|
|
|
1,189 |
|
|
|
1,108 |
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6⅛% Junior-Priority Secured Notes due 2030 |
|
|
1,188 |
|
|
|
1,101 |
|
|
|
1,183 |
|
|
|
985 |
|
ABL Facility and other debt |
|
|
48 |
|
|
|
48 |
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|
|
21 |
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|
21 |
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