v3.26.1
FAIR VALUE MEASUREMENTS AND OTHER
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS AND OTHER FAIR VALUE MEASUREMENTS AND OTHER
The fair value measurements relating to cash equivalents and short-term investments (included in other current
assets) are categorized in the fair value hierarchy as follows (in millions):
June 30, 2026
Level 1
Level 2
Level 3
Total
Cash equivalents ..........................................................
$45
$–
$–
$45
Short-term investments:
Mutual funds ...........................................................
6
–
–
6
Equity securities .....................................................
36
3
–
39
Common stocks ......................................................
5
–
–
5
Corporate bonds ......................................................
–
11
–
11
U.S. government bonds ..........................................
25
1
–
26
Real estate investment trust ....................................
–
1
–
1
Total .............................................................................
$117
$16
$–
$133
December 31, 2025
Level 1
Level 2
Level 3
Total
Cash equivalents ..........................................................
$62
$–
$–
$62
Short-term investments:
Mutual funds ...........................................................
5
–
–
5
Equity securities .....................................................
30
2
–
32
Common stocks ......................................................
5
–
–
5
Corporate bonds ......................................................
–
9
–
9
U.S. government bonds ..........................................
25
1
–
26
Real estate investment trust ....................................
–
1
–
1
Total .............................................................................
$127
$13
$–
$140
The carrying amounts presented on the condensed consolidated balance sheets for accounts receivable, accounts
payable, and other liabilities approximate their fair values due to the short-term maturity of these financial
instruments.
The fair values of long-term debt, excluding the Company’s senior secured second lien notes, approximate their
book values as of June 30, 2026 and December 31, 2025. The aggregate fair value of the Company’s senior secured
second lien notes which are categorized in Level 2 of the fair value hierarchy, is estimated based on observable
inputs other than quoted prices in active markets and approximated $2,195 million and $2,237 million as of June 30,
2026 and December 31, 2025, respectively.
Investments in equity securities in which the Company does not have significant influence of $32 million and
$29 million as of June 30, 2026 and December 31, 2025, respectively, are carried at cost under the measurement
alternative for equity investments that do not have readily determinable fair values. Investments in equity securities
in which the Company has significant influence, but not control, of $31 million and $30 million as of June 30, 2026
and December 31, 2025, respectively, are carried under the equity method. These amounts are reported as
Investments in non-consolidated affiliates on the accompanying condensed consolidated balance sheets.
The Company recognized $6 million and $7 million of realized and unrealized gains on short-term investments
and investments in non-consolidated affiliates during the three and six months ended June 30, 2026, respectively,
and the Company recognized $4 million and $5 million of realized and unrealized gains on short-term investments
and investments in non-consolidated affiliates during the three and six months ended June 30, 2025, respectively,
which are included in other income, net on the condensed consolidated statements of operations.
The Company recognized $1 million and $3 million of interest income from interest bearing cash and money
market accounts during the three and six months ended June 30, 2026, respectively, and $1 million and $3 million
during the three and six months ended June 30, 2025, respectively, which are included in other income, net on the
condensed consolidated statements of operations.