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FAIR VALUE DISCLOSURES
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE DISCLOSURES FAIR VALUE DISCLOSURES
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures.
Following is a discussion of the fair value hierarchy used for assets and liabilities recorded at fair value on a recurring and nonrecurring basis and for estimating fair value for financial instruments not recorded at fair value.
Fair Value Hierarchy
Fair value measurements of assets and liabilities are categorized based on the following hierarchy:
Level 1 — Fair value determined based on quoted prices in active markets for identical assets or liabilities.
Level 2 — Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data, by correlation or other means.
Level 3 — Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques.
Fair Value of Financial Instruments
The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company’s financial instruments other than assets and liabilities measured at fair value on a recurring basis (in millions):
June 30, 2026
Carrying
Value
Fair ValueLevel 1Level 2
Assets:
Cash and cash equivalents$896 $896 $896 $— 
Restricted cash66 66 66 — 
Liabilities:
Non-recourse asset-backed debt
$1,762 $1,755 $— $1,755 
Convertible senior notes
194 350 — 350 
December 31, 2025
Carrying
Value
Fair ValueLevel 1Level 2
Assets:
Cash and cash equivalents$962 $962 $962 $— 
Restricted cash339 339 339 — 
Liabilities:
Non-recourse asset-backed debt
$1,120 $1,113 $— $1,113 
Convertible senior notes
193 384 — 384