Derivatives and Hedging Activities and Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments And Hedging Activities Disclosure [Abstract]

The following tables present information about the Company’s financial assets and financial liabilities measured at fair value on a recurring basis (except Long-term debt, see (b) and (c) below) at June 30, 2026 and December 31, 2025, in accordance with the accounting standards for fair value measurements and disclosures and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value.


Fair Value of financial instruments at:	June 30, 2026		Quoted prices in active markets for identical assets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)			Balance sheet classification
	$		$		$		$
Derivatives designated as hedging instruments:
Asset derivatives
Currency derivatives		—		—		—		—	(a)	Prepaid expenses
Total Assets		—		—		—		—

Liabilities derivatives
Currency derivatives		13		—		13		—	(a)	Trade and other payables
Total Liabilities		13		—		13		—

Other Instruments:
Long-term debt due within one year		75		—		75		—	(b)	Long-term debt due within one year
Long-term debt		2,037		—		2,037		—	(c)	Long-term debt
Contingent consideration for contingent value right		187		—		—		187	(d)	Other liabilities and deferred credits


Fair Value of financial instruments at:	December 31, 2025		Quoted prices in active markets for identical assets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)			Balance sheet classification
	$		$		$		$
Derivatives designated as hedging instruments:
Asset derivatives
Currency derivatives		15		—		15		—	(a)	Prepaid expenses
Total Assets		15		—		15		—

Liabilities derivatives
Currency derivatives		2		—		2		—	(a)	Trade and other payables
Total Liabilities		2		—		2		—

Other Instruments:
Long-term debt due within one year		75		—		75		—	(b)	Long-term debt due within one year
Long-term debt		2,348		—		2,348		—	(c)	Long-term debt
Contingent consideration for contingent value right		178		—		—		178	(d)	Other liabilities and deferred credits

(a)

Fair values of the Company’s derivatives are classified under Level 2 (inputs that are observable; directly or indirectly) as it is measured as follows:

- For currency derivatives: Foreign currency forward and option contracts are valued using standard valuation models. Interest rates, forward market rates and volatility are used as inputs for such valuation techniques.

(b)

Fair value of the Company’s long-term debt is measured by comparison to market prices of its debt. The Company’s long-term debt is not carried at fair value on the Consolidated Balance Sheets at June 30, 2026 and December 31, 2025. The carrying value of the Company’s long-term debt due within one year is $75 million and $75 million at June 30, 2026 and December 31, 2025, respectively.

(c)

The carrying value of the Company’s long-term debt is $2,770 million and $2,749 million at June 30, 2026 and December 31, 2025, respectively.

(d)

The Company estimates the fair value of the contingent consideration by using a model based on the assumptions that a settlement would be reached and that a certain percentage of the deposits would be recovered after a certain period, which requires management’s estimates.