v3.26.1
DEBT AND EQUITY SECURITIES (Tables)
6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Variable Interest Entities The following table summarizes the VIE's assets and liabilities, including the effect of foreign currency translation, recorded on our condensed consolidated balance sheets. The assets may only be used to settle obligations of the consolidated VIE, if any. In addition, there is no recourse to us for the consolidated VIE's liabilities.
June 30, 2026December 31, 2025
Cash and cash equivalents$36 $23 
Receivables
Total current assets38 30 
Operating lease right-of-use assets— 
Goodwill173 178 
Intangibles, net537 561 
Other assets60 59 
Total assets$808 $829 
Accounts payable$$
Accrued expenses and other current liabilities
Accrued compensation and benefits
Total current liabilities
Long-term operating lease liabilities— 
Other long-term liabilities175 180 
Total liabilities$182 $189 
Schedule of Fair Values of Trading Securities The following table summarizes the fair values of our trading securities:
June 30, 2026December 31, 2025
Level One—Quoted Prices in Active Markets for Identical Assets
Interest-bearing money market funds$183 $441 
Exchange-traded funds
Common shares13 13 
Marketable securities held to fund rabbi trusts648 594 
Level Two—Significant Other Observable Inputs
U.S. government obligations59 68 
U.S. government agencies
Corporate debt securities
Mortgage-backed securities
Asset-backed securities
Municipal and provincial notes and bonds
Total$931 $1,146 
Schedule of Net Gains (Losses) Recognized in Other Income (Loss)
Net unrealized and realized gains recognized in revenues for reimbursed costs, net gains (losses) and interest income from marketable securities held to fund rabbi trusts, and other income (loss), net on our condensed consolidated statements of income (loss) were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net gains$86 $51 $68 $43 
Less: net gains recognized on securities during the period(1)(4)(5)(15)
Unrealized net gains recognized on securities held at period end$85 $47 $63 $28 
Schedule of Available-for-Sale of Debt Securities The following tables summarize the fair values of our AFS debt securities:
June 30, 2026
Amortized costGross unrealized gainsGross unrealized lossesFair value
Level Two—Significant Other Observable Inputs
U.S. government obligations (1)$230 $— $(4)$226 
U.S. government agencies28 — — 28 
Corporate debt securities (2)326 (2)325 
Mortgage-backed securities40 — (1)39 
Asset-backed securities34 — — 34 
Municipal and provincial notes and bonds— — 
Time deposits (3)24 — — 24 
Level Three—Significant Unobservable Inputs
Preferred equity111 — (13)98 
Total$797 $$(20)$778 
(1) Includes $7 million recorded in short-term investments.
(2) Includes $52 million recorded in short-term investments.
(3) Includes $10 million recorded in both cash and cash equivalents and short-term investments.
December 31, 2025
Amortized costGross unrealized gainsGross unrealized lossesFair value
Level Two—Significant Other Observable Inputs
U.S. government obligations$224 $$(2)$224 
U.S. government agencies23 — — 23 
Corporate debt securities (1)262 (1)265 
Mortgage-backed securities33 — — 33 
Asset-backed securities35 — — 35 
Municipal and provincial notes and bonds— — 
Time deposits (2)23 — — 23 
Level Three—Significant Unobservable Inputs
Preferred equity104 — — 104 
Total$707 $$(3)$710 
(1) Includes $18 million recorded in short-term investments.
(2) Includes $12 million and $8 million recorded in cash and cash equivalents and short-term investments, respectively.
Schedule of Changes in Fair Value of Net Unrealized Losses Recognized Net unrealized gains (losses) recognized on our condensed consolidated financial statements were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Other comprehensive income (loss) (Note 14)
$(16)$$(22)$(1)
Schedule of Debt Securities, Held-to-maturity The investments are recorded at amortized cost, net of expected credit losses and unamortized discounts, as held-to-maturity ("HTM") debt securities. Except as noted below, our HTM debt securities were recorded in other assets on our condensed consolidated balance sheets:
June 30, 2026
Amortized costAllowance for credit lossesNet carrying valueGross carrying value on nonaccrual statusYear of contractual maturity date
Time deposits$175 $— $175 $— 2027
Preferred equity (1)351 (15)336 10 various, through 2033
Total$526 $(15)$511 $10 
(1) Includes $27 million recorded in prepaids and other assets.
December 31, 2025
Amortized costAllowance for credit lossesNet carrying valueGross carrying value on nonaccrual statusYear of contractual maturity date
Time deposits$153 $— $153 $— 2027
Preferred equity322 (9)313 16 various, through 2062
Total$475 $(9)$466 $16 
Schedule of Debt Securities, Held-to-maturity, Allowance for Credit Loss
The following table summarizes the activity in our HTM debt securities allowance for credit losses:
20262025
Allowance at January 1$$
Provisions— 
Allowance at March 31$15 $
Provisions— — 
Allowance at June 30$15 $
The following table summarizes the fair values of our HTM debt securities:
June 30, 2026December 31, 2025
Level Two—Significant Other Observable Inputs
Time deposits$175 $153 
Preferred equity— 
Level Three—Significant Unobservable Inputs
Preferred equity338 314