Quarterly report [Sections 13 or 15(d)]

Assets and Liabilities Measured at Fair Value (Tables)

v3.26.1
Assets and Liabilities Measured at Fair Value (Tables)
6 Months Ended
Jun. 30, 2026
Assets and Liabilities Measured at Fair Value  
Schedule of assets and liabilities measured at fair value

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June 30, 2026

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December 31, 2025

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Quoted prices

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Significant

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Quoted prices

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Significant

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in active

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other

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in active

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other

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markets for

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observable

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markets for

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observable

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identical assets

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inputs

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identical assets

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inputs

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Total

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(Level 1)

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(Level 2)

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Total

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(Level 1)

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(Level 2)

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amounts in millions

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Cash equivalents

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$

1,170

 

1,170

 

—

 

783

 

783

 

—

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Financial instrument assets

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$

165

 

118

 

47

 

122

 

109

 

13

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Debt

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$

586

 

—

 

586

 

597

 

—

 

597

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Schedule of realized and unrealized gains (losses) on financial instruments

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Three months ended

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Six months ended

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June 30,

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June 30,

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2026

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2025

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2026

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2025

 

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amounts in millions

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Debt measured at fair value (a)

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$

(37)

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(53)

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11

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(44)

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Foreign currency forward contracts

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2

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227

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(3)

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335

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Interest rate swaps

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27

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(18)

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42

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(53)

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Other

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7

 

4

 

6

 

(3)

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$

(1)

 

160

 

56

 

235

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(a) The Company elected to account for its convertible notes (as described in note 7) using the fair value option. Changes in the fair value of the convertible notes recognized in the condensed consolidated statements of operations are due to market factors primarily driven by changes in the fair value of the underlying shares into which the debt is convertible. The Company isolates the portion of the unrealized gain (loss) attributable to changes in the instrument specific credit risk and recognizes such amount in other comprehensive earnings (loss). The change in the fair value of the convertible notes attributable to changes in the instrument specific credit risk was a gain of approximately
zero and gain of $1 million for the three months ended June 30, 2026 and 2025, respectively, and a loss of approximately zero and a loss of $5 million for the six months ended June 30, 2026 and 2025, respectively. The cumulative change since issuance was a gain of $65 million as of June 30, 2026, net of the recognition of previously unrecognized gains and losses.