v3.26.1
Fair Value of Financial Information (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Carrying amounts and fair values of financial instruments
Presented in the tables below are the carrying amounts, including fair value adjustments previously recognized in acquisition purchase accounting, and the fair values of the Company’s financial instruments:
 
    
As of June 30, 2026
 
    
Carrying
Amount
    
At Fair Value
 
    
Level 1
    
Level 2
    
Level 3
    
Total
 
Preferred stock with mandatory redemption requirements
   $ 3      $ —       $ —       $ 3      $ 3  
Long-term debt
     14,489        12,697        30        623        13,350  
    
As of December 31, 2025
 
    
Carrying
Amount
    
At Fair Value
 
    
Level 1
    
Level 2
    
Level 3
    
Total
 
Preferred stock with mandatory redemption requirements
   $ 3      $ —       $ —       $ 3      $ 3  
Long-term debt
     14,256        11,653        1,065        616        13,334  
Schedule of Fair value measurements of assets and liabilities on recurring basis
Presented in the tables below are assets and liabilities measured and recorded at fair value on a recurring basis and their level within the fair value hierarchy:
 
    
As of June 30, 2026
 
    
Level 1
    
Level 2
    
Level 3
    
Total
 
Assets:
           
Restricted funds
   $ 37      $ —       $ —       $ 37  
Rabbi trust investments
     36        —         —         36  
Deposits
     139        —         —         139  
Other investments:
           
Money market and other
     33        —         —         33  
Fixed-income securities
     1        2        —         3  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total assets
     246        2        —         248  
  
 
 
    
 
 
    
 
 
    
 
 
 
Liabilities:
           
Deferred compensation obligations
     39        —         —         39  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total liabilities
     39        —         —         39  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total assets
   $ 207      $ 2      $ —       $ 209  
  
 
 
    
 
 
    
 
 
    
 
 
 
 
    
As of December 31, 2025
 
    
Level 1
    
Level 2
    
Level 3
    
Total
 
Assets:
           
Restricted funds
   $ 41      $ —       $ —       $ 41  
Rabbi trust investments
     32        —         —         32  
Deposits
     124        —         —         124  
Other investments:
           
Money market and other
     20        —         —         20  
Fixed-income securities
     28        7        —         35  
Mark-to-market
derivative asset
            2        —         2  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total assets
     245        9        —         254  
  
 
 
    
 
 
    
 
 
    
 
 
 
Liabilities:
           
Deferred compensation obligations
     38        —         —         38  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total liabilities
     38        —         —         38  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total assets
   $ 207      $ 9      $ —       $ 216  
  
 
 
    
 
 
    
 
 
    
 
 
 
Schedule of Unrealized positions for available-for-sale fixed-income securities
The following tables summarize the unrealized positions for
available-for-sale
fixed-income securities:
 
    
As of June 30, 2026
 
    
Amortized Cost
Basis
    
Gross Unrealized
Gains
    
Gross Unrealized
Losses
    
Fair Value
 
Available-for-sale
fixed-income securities
   $ 3      $ —       $ —       $ 3  
 
    
As of December 31, 2025
 
    
Amortized Cost
Basis
    
Gross Unrealized
Gains
    
Gross Unrealized
Losses
    
Fair Value
 
Available-for-sale
fixed-income securities
   $ 36      $ —       $ 1      $ 35  
Schedule of Investments classified by contractual maturity date
The fair value of the Company’s
available-for-sale
fixed-income securities, summarized by contractual maturities, as of June 30, 2026, is as follows:
 
    
Amount
 
Other investments -
Available-for-sale
fixed-income securities
  
1 year - 5 years
   $ 1  
5 years - 10 years
     1  
Greater than 10 years
     1  
  
 
 
 
Total
   $ 3