Assets and Liabilities Measured at Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Assets and Liabilities Measured at Fair Value

Schedule of assets and liabilities measured at fair value


	March 31, 2026				December 31, 2025
			Quoted prices	Significant		Quoted prices	Significant
			in active	other		in active	other
			markets for	observable		markets for	observable
			identical assets	inputs		identical assets	inputs
	Total		(Level 1)	(Level 2)	Total	(Level 1)	(Level 2)

	amounts in millions
Cash equivalents	$	1,133	1,133	—	783	783	—
Financial instrument assets	$	133	109	24	122	109	13
Debt	$	550	—	550	597	—	597

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


		Three months ended
		March 31,
		2026		2025

		amounts in millions
Debt measured at fair value (a)		$	48	9
Foreign currency forward contracts			(5)	108
Interest rate swaps			15	(35)
Other			(1)	(7)
		$	57	75

(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 exchangeable. 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 loss of

approximately zero and loss of $6 million for the three months ended March 31, 2026 and 2025, respectively. The cumulative change since issuance was a gain of $65 million as of March 31, 2026, net of the recognition of previously unrecognized gains and losses.