v3.26.1
Fair Value of Financial Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Level 2 Financial Instruments
The following table summarizes the principal amount of the Company’s indebtedness compared to the estimated fair value, primarily determined by quoted market values, as of June 30, 2026 (in millions). These are the Company’s only Level 2 financial instruments.
June 30, 2026
Principal Amount
Estimated
Fair Value (1)
9.75% Senior Secured Second Lien Notes
$500 $537 
7.00% Senior Secured Second Lien Notes
640 644 
5.75% Senior Notes
559 555 
5.25% Senior Notes
449 433 
0.25% Convertible Senior Notes
1,000 1,083 
(1)The fair value of the Company's indebtedness is categorized as Level 2.
Schedule of Changes in the Fair Value of Level 3 Financial Liabilities
A reconciliation of the opening balances to closing balances of the Company's Level 3 financial liabilities is as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Opening balance$33 $36 $31 $31 
Acquisitions— — 1 4 
Issuance of the Put Right liability22 — 22 — 
Payments(3)(3)(3)(3)
Changes in fair value included in net income (loss)1 (2)2 (1)
Closing balance$53 $31 $53 $31 
Schedule of Balances of Level 3 Financial Liabilities Balances of Level 3 financial liabilities as of June 30, 2026 and December 31, 2025 were presented within the condensed consolidated balance sheets as follows (in millions):
June 30, 2026December 31, 2025
Accrued expenses and other current liabilities$8 $7 
Other non-current liabilities45 24 
Total Level 3 financial instruments$53 $31