v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Carrying Value and Fair Value of Notes and Debentures
The following table sets forth the face value and fair value of our financial assets and liabilities for the periods presented (in millions):
As of June 30, 2026As of December 31, 2025
Face ValueFair ValueFace ValueFair Value
Level 1:
Investments in equity securitiesN/A$29 N/A$40 
Money market fundsN/A313 N/A678 
Level 2:
Investments in equity securities (a)N/A150 N/A181 
Deferred compensation assetsN/A55 N/A52 
Deferred compensation liabilitiesN/A48 N/A48 
STG (b):
9.750% Second Lien Senior Secured Notes due 2033
$432 476 $432 474 
8.125% First-Out First Lien Secured Notes due 2033
1,430 1,475 1,430 1,496 
5.500% Senior Notes due 2030
485 421 485 440 
4.375% Second-Out First Lien Secured Notes due 2032
238 185 238 189 
4.125% Unsecured Notes due 2030
Term Loan B-3, due April 1, 2028
Term Loan B-6, due December 31, 2029 (c)610 527 706 642 
Term Loan B-7, due December 31, 2030 (c)651 560 726 653 
A/R Facility (d)225 225 375 375 
Debt of variable interest entities (b)
Level 3:
Investments in equity securitiesN/AN/A
N/A - Not applicable
(a)Consists of warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price.
(b)Amounts are carried in our consolidated balance sheets net of debt discount and deferred financing cost, which are excluded in the above table, of $50 million and $55 million as of June 30, 2026 and December 31, 2025, respectively.
(c)In April 2026, STG repurchased $93 million aggregate principal amount of the Term Loan B-6 and $72 million aggregate principal amount of the Term Loan B-7 for consideration of $85 million and $65 million, respectively.
(d)In April 2026, STG paid down $150 million of the borrowings under the A/R Facility.
Schedule of Changes in Level 3 Financial Liabilities Measured on Recurring Basis
The following table summarizes the changes in financial assets measured at fair value on a recurring basis and categorized as Level 3 under the fair value hierarchy for the three and six months ended June 30, 2026 and 2025 (in millions):
Three Months Ended June 30, 2026
Fair value at March 31, 2026$
Fair value at June 30, 2026$
Six Months Ended June 30, 2026
Fair value at December 31, 2025$
Fair value at June 30, 2026$
Three Months Ended June 30, 2025
Fair value at March 31, 2025$
Fair value at June 30, 2025$
Six Months Ended June 30, 2025
Fair value at December 31, 2024$68 
Transfer to Level 2(58)
Measurement adjustments(8)
Fair value at June 30, 2025$