v3.26.1
Financial Instruments
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS
Fair Value Measurements
In measuring fair values of assets and liabilities, we use valuation techniques that maximize the use of observable inputs (Level 1) and minimize the use of unobservable inputs (Level 3). We also use market data or assumptions that we believe market participants would use in pricing an asset or liability, including assumptions about risk when appropriate.
The carrying value for certain of our financial instruments, including cash, accounts receivable, accounts payable and certain other accrued liabilities, approximates fair value because of their short-term nature.
As of June 30, 2026 and December 31, 2025, our assets and liabilities that are measured at fair value on a recurring basis include the following:
June 30, 2026
Fair Value
Carrying AmountTotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets:
Money market mutual funds - restricted cash and marketable securities and other assets$78 $78 $78 $— $— 
Bonds and fixed income - restricted cash and marketable securities and other assets
97 97 — 97 — 
Derivative and hedging assets - other assets38 38 — 38 — 
Total assets$213 $213 $78 $135 $— 
Liabilities:
Derivative and hedging liabilities - other long-term liabilities$51 $51 $— $51 $— 
Contingent consideration - other accrued liabilities and other long-term liabilities62 62 — — 62 
Total liabilities$113 $113 $— $51 $62 
December 31, 2025
Fair Value
Carrying AmountTotalQuoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets:
Money market mutual funds - restricted cash and marketable securities and other assets$75 $75 $75 $— $— 
Bonds and fixed income - restricted cash and marketable securities and other assets
97 97 — 97 — 
Derivative and hedging assets - other assets32 32 — 32 — 
Total assets$204 $204 $75 $129 $— 
Liabilities:
Derivative and hedging liabilities - other long-term liabilities$46 $46 $— $46 $— 
Contingent consideration - other accrued liabilities and other long-term liabilities63 63 — — 63 
Total liabilities$109 $109 $— $46 $63 
Total Debt
As of June 30, 2026 and December 31, 2025, the carrying value of our total debt was $14.1 billion and $13.6 billion, respectively, and the fair value of our total debt was $13.9 billion and $13.5 billion, respectively. The estimated fair value of our fixed rate senior notes, debentures and certain tax-exempt financings is based on quoted market prices. The fair value of our remaining notes payable, tax-exempt financings and borrowings under our credit facilities approximates the carrying value because the interest rates are variable. The fair value estimates are based on Level 2 inputs of the fair value hierarchy as of June 30, 2026 and December 31, 2025. See Note 7, Debt, for further information related to our debt.