v3.26.1
Fair Value Measurements Fair Value Measurements (Notes)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
4.
Fair Value Measurements
We account for our financial assets in accordance with ASC 820, Fair Value Measurement. This standard defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The fair value measurement disclosures are grouped into three levels based on valuation factors:
•Level 1 - quoted prices in active markets using identical assets
•Level 2 - significant other observable inputs, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other observable inputs
•Level 3 - significant unobservable inputs
Fair Value of Instruments Measured and Recognized at Fair Value
The following table summarizes the levels of fair value measurements of our financial assets:
June 30, 2026December 31, 2025
(in millions)TotalLevel 1TotalLevel 1
Money market funds$627 $627 $660 $660 
U.S. Treasury bills— — 18 18 
627 627 678 678 
Deposits - money market funds
236 236 230 230 
Total
$863 $863 $908 $908 
Please read Note 3. “Other Balance Sheet Information,” for additional information.
Our valuation techniques used to measure fair value for these securities during the period consisted primarily of third-party pricing services that utilized actual market data such as trades of comparable bond issues, broker/dealer quotations for the same or similar investments in active markets and other observable inputs.
The following is a summary of our available-for-sale marketable securities:
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
June 30, 2026
U.S. Treasury bills$— $— $— $— 
December 31, 2025
U.S. Treasury bills$18 $— $— $18 
Fair Value of Other Financial Instruments
The carrying amounts of cash, cash equivalents, restricted cash, accounts receivable, deposits and accounts payable approximate their fair values due to the short-term maturities of these instruments.
As of June 30, 2026, the carrying value of borrowings under our revolving credit facility approximates fair value and was classified as Level 2 in the fair value hierarchy. Please read Note 5, “Long-Term Debt,” for additional information.