Investments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

The following table presents information about the Company's financial assets and liabilities that are measured at fair value on a recurring basis within the fair value hierarchy as of the end of each reporting period (in millions):


	Fair Value Hierarchy	June 30, 2026		December 31, 2025

Financial assets:
Cash and cash equivalents
Commercial paper	Level 2	$	299	$	—






Marketable securities
Commercial paper	Level 2	2		12
Corporate bonds	Level 2	13		22
Prepaid expenses and other current assets
Foreign exchange forward contracts not designated as accounting hedges	Level 2	4		5
Other non-current assets
Interest rate swaps designated as cash flow hedges	Level 2	13		—
Power swaps not designated as accounting hedges	Level 2	1		—
Marketable equity securities	Level 1	45		—
Power purchase agreements	Level 3	—		2
Total financial assets		$	377	$	41
Financial liabilities:
Other current liabilities
Foreign exchange forward contracts not designated as accounting hedges	Level 2	$	45	$	4

Contingent consideration	Level 3	—		20
Other non-current liabilities
Interest rate swaps designated as cash flow hedges	Level 2	5		1
Cross currency swaps designated as fair value hedges	Level 2	61		—

Total financial liabilities		$	111	$	25

Schedule of Outstanding Derivative Instruments

The notional amounts of the Company's outstanding derivative instruments were as follows (in millions):


	June 30, 2026		December 31, 2025

Derivative instruments designated as accounting hedges
Interest rate swaps	$	4,661	$	319
Cross currency swaps	2,314		—
Total	$	6,975	$	319

Derivative instruments not designated as accounting hedges
Foreign exchange forward contracts	$	1,835	$	1,213
Power swaps	104		—
Total	$	1,939	$	1,213

Schedule of Gain (Loss) Associated With Interest Rate Swaps and Foreign Exchange Forward Contracts

Gains (losses) associated with derivative instruments were as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Interest rate swaps designated as accounting hedges
Gain recognized in other comprehensive income (loss)	$	5	$	—	$	10	$	—

Cross currency swaps designated as accounting hedges
Loss recognized in other comprehensive income (loss)	$	(27)	$	—	$	(27)	$	—
Loss recognized in other income (expense), net	$	(34)	$	—	$	(34)	$	—

Foreign exchange forward contracts not designated as accounting hedges
Gain (loss) recognized in other income (expense), net	$	(28)	$	2	$	(63)	$	2

Schedule of Valuation of Warrant Liabilities

The Company's valuation of the warrant liabilities utilized the Black-Scholes option-pricing model that relied on the following significant inputs:


	March 21, 2025

Stock price	$	41
Volatility	60		%
Risk-free rate	4		%
Dividend yield	—		%

Schedule of Change in the Fair Value of the Assets, Measured Using Level 3 Inputs

The following tables present summaries of the changes in the fair value on a recurring basis of the Company's Level 3 financial instruments for the periods presented (in millions):


	Power Purchase Agreements – Asset		Contingent Consideration

Balance at December 31, 2025	$	2	$	20
Adjustment to fair value	—		1
Reclassification	(2)		$	—
Balance at March 31, 2026	$	—	$	21
Settlements	—		(21)
Balance at June 30, 2026	$	—	$	—


	Power Purchase Agreements – Asset		Warrant Liabilities

Balance at December 31, 2024	$	3	$	200
Adjustment to fair value	2		(27)
Reclassification	—		(173)
Balance at March 31, 2025	$	5	$	—
Adjustment to fair value	(1)		—

Balance at June 30, 2025	$	4	$	—

Schedule of Change in the Fair Value of the Liabilities, Measured Using Level 3 Inputs

The following tables present summaries of the changes in the fair value on a recurring basis of the Company's Level 3 financial instruments for the periods presented (in millions):


	Power Purchase Agreements – Asset		Contingent Consideration

Balance at December 31, 2025	$	2	$	20
Adjustment to fair value	—		1
Reclassification	(2)		$	—
Balance at March 31, 2026	$	—	$	21
Settlements	—		(21)
Balance at June 30, 2026	$	—	$	—


	Power Purchase Agreements – Asset		Warrant Liabilities

Balance at December 31, 2024	$	3	$	200
Adjustment to fair value	2		(27)
Reclassification	—		(173)
Balance at March 31, 2025	$	5	$	—
Adjustment to fair value	(1)		—

Balance at June 30, 2025	$	4	$	—

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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