v3.26.3
INVESTMENTS
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
The following tables summarize our financial instruments by significant categories and fair value measurement on a recurring basis as of September 30, 2026 and December 31, 2025 and the amortized cost, gross unrealized gains, gross unrealized losses and fair value of our AFS investments:
(in millions)Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsInvestmentsRestricted Cash, Cash Equivalents and Investments
September 30, 2026
Cash equivalents:
Money market mutual fundsLevel 1$154 $— $— $154 $120 $— $34 
U.S. treasuriesLevel 263 — — 63 50 — 13 
Certificate of depositLevel 22 — — 2 — — 2 
Total cash equivalents219 — — 219170 — 49 
AFS Investments:
Corporate bondsLevel 235 — (1)34 — — 34 
Agency securitiesLevel 28 — — 8 — — 8 
U.S. treasuriesLevel 2233 — (4)229 — 50 179 
Certificate of depositLevel 25 — — 5 — — 5 
Total AFS Investments$281 $— $(5)$276 $— $50 $226 
(in millions)Fair Value LevelAmortized CostGross Unrealized GainsGross Unrealized LossesFair ValueCash and Cash EquivalentsRestricted Cash, Cash Equivalents and Investments
December 31, 2025
Cash equivalents:
Money market mutual fundsLevel 1$483 $— $— $483 $96 $387 
U.S. treasuriesLevel 22 — — 2— 2 
Total cash equivalents485 — — 48596 389 
AFS Investments:
Corporate bondsLevel 234 — — 34 — 34 
Agency securitiesLevel 211 — — 11 — 11 
U.S. treasuriesLevel 2160 2 — 162 — 162 
Total AFS Investments$205 $2 $— $207 $— $207 

Fair Value of Financial Instruments
We use an independent pricing source to determine the fair value of our securities. The independent pricing source utilizes various pricing models for each asset class, including the market approach. The inputs and assumptions for the pricing models are market observable inputs including trades of comparable securities, dealer quotes, credit spreads, yield curves and other market-related data.
We have not adjusted the prices obtained from the independent pricing service and we believe the prices received from the independent pricing service are representative of the prices that would be received to sell the assets at the measurement date (exit price).
The carrying value of the Company's cash equivalents and restricted cash equivalents approximate their fair values due to their short-term maturities.
We did not have any Level 3 financial instruments recognized in our condensed consolidated balance sheets as of September 30, 2026 and December 31, 2025. There were no transfers between levels as of September 30, 2026 and December 31, 2025.
Sales and Maturities
The fair value of debt investments by contractual maturity are shown below:
(in millions)September 30, 2026
One year or less$99 
Over one year through five years173 
Over five years through ten years4 
Total fair value$276 
The gross proceeds from sales and maturities of AFS securities for the three and nine months ended September 30, 2026 and 2025 are presented below. We had immaterial gross realized gains and gross realized losses from sales of investments for the three and nine months ended September 30, 2026 and 2025.

Three Months Ended September 30,
Nine Months Ended September 30,
(in millions)
2026
2025
2026
2025
Gross proceeds from sales$11 $14 $64 $76 
Gross proceeds from maturities5 2 14 6 
Fair Value of Long-Term Debt
As of September 30, 2026, our 2029 Notes and 2031 Notes were carried at their cost, net of issuance costs, and had a fair value of $467 million and $397 million, respectively. As of December 31, 2025, our 2029 Notes and 2031 Notes were carried at their cost, net of issuance costs, and had a fair value of $473 million and $414 million, respectively. The fair value of our 2029 Notes and 2031 Notes was obtained from a third-party pricing service and is based on observable market inputs. As such, the fair value of the Senior Notes is considered Level 2 in the hierarchy for fair value measurement.