Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2026, and December 31, 2025:


			Fair value measurements at reporting date using:
			Quoted prices in active markets for identical assets		Significant other observable inputs
Description	June 30, 2026		(Level 1)		(Level 2)
Assets	(in millions)
Cash equivalents:
Cash equivalents (a)	$	3,391	$	3,391	$	—



Time deposits	400		—		400









Equity Securities	393		393		—
Total assets	$	4,184	$	3,784	$	400
Liabilities


Interest rate derivatives (see Note 3)	$	(28)	$	—	$	(28)

(a) Cash equivalents are primarily composed of money market investments.


			Fair value measurements at reporting date using:
			Quoted prices in active markets for identical assets		Significant other observable inputs
Description	December 31, 2025		(Level 1)		(Level 2)
Assets	(in millions)
Cash equivalents:
Cash equivalents (a)	$	2,831	$	2,831	$	—


Time deposits	400		—		400














Equity Securities	457		457		—
Total assets	$	3,688	$	3,288	$	400
Liabilities






Interest rate derivatives (see Note 3)	$	(16)	$	—	$	(16)

(a) Cash equivalents are primarily composed of money market investments.

Schedule of Fair value, by Balance Sheet Grouping

The carrying amounts and estimated fair values of the Company’s short-term and long-term debt (including current maturities), as well as the applicable fair value hierarchy tier, as of June 30, 2026, are presented in the table below. The fair values of the Company’s publicly held debt are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets; therefore, the Company has categorized these agreements as Level 2. All privately held debt agreements are categorized as Level 3. The Company has determined the estimated fair value of this debt to be Level 3, as certain inputs used to determine the fair value of these agreements are unobservable. The Company utilizes indicative pricing from counterparties and a discounted cash flow method to estimate the fair value of the Level 3 items.


(in millions)	Maturity date	Carrying value		Estimated fair value		Fair value level hierarchy





3.000% Notes	2026	$	300	$	299	Level 2
7.375% Debentures	2027	102		104		Level 2
3.450% Notes	2027	300		296		Level 2
5.125% Notes	2027	1,727		1,735		Level 2
4.375% Notes	2028	750		744		Level 2
Term Loan Credit Facility	2029	1,500		1,500		Level 3
2.625% Notes	2030	500		463		Level 2





5.250% Notes	2035	722		697		Level 2