v3.26.3
FAIR VALUE MEASUREMENTS, INVESTMENTS AND NOTES RECEIVABLE (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The table below presents the value of financial assets measured at fair value on a recurring basis in the Company's financial statements (in millions):
September 30, 2026December 31, 2025
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Cash and cash equivalents$6,648 $6,648 $— $— $5,942 $5,942 $— $— 
Restricted cash — noncurrent146 146 — — 139 139 — — 
Short-term investments:
Corporate debt4,547 — 4,547 — 3,399 — 3,399 — 
U.S. government and agency notes2,977 — 2,977 — 2,465 — 2,465 — 
Other fixed-income securities480 — 480 — 433 — 433 — 
Long-term investments:
Equity securities150 150 — — 34 34 — — 
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments The table below presents the carrying amounts (inclusive of any related discounts, premiums and issuance costs) and estimated fair values of financial instruments not presented in the table above (in millions):
September 30, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Long-term debt$22,964 $22,955 $— $12,154 $10,801 $21,266 $21,489 $— $14,030 $7,458 
Schedule of Fair Value Measurement Inputs and Valuation Techniques Fair value of the financial instruments included in the tables above was determined as follows:
DescriptionFair Value Methodology
Cash and cash equivalents and Restricted cash (current and non-current)The carrying amounts of these assets approximate fair value.
Short-term and Long-term investmentsFair values are based on (a) the trading prices of the investment or similar instruments or (b) broker quotes obtained by third-party valuation services.
Long-term debtFair values are based on either market prices or the discounted amount of future cash flows using our current incremental rate of borrowing for similar liabilities.