FAIR VALUE MEASUREMENTS AND OTHER

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS AND OTHER

FAIR VALUE MEASUREMENTS AND OTHER

The fair value measurements relating to cash equivalents, short-term investments (included in other current

assets), and interest rate swap derivative instruments (included in other assets) are categorized in the fair value

hierarchy as follows (In millions):

	December 31, 2025
	Level 1	Level 2	Level 3	Total
Cash equivalents ..........................................................	$62	$–	$–	$62
Short-term investments:
Mutual funds ...........................................................	5	–	–	5
Equity securities .....................................................	30	2	–	32
Common stocks ......................................................	5	–	–	5
Corporate bonds ......................................................	–	9	–	9
U.S. government bonds ..........................................	25	1	–	26
Real estate investment trust ....................................	–	1	–	1
Total .............................................................................	$127	$13	$–	$140

	December 31, 2024
	Level 1	Level 2	Level 3	Total
Cash equivalents ..........................................................	$69	$–	$–	$69
Short-term investments:
Mutual funds ...........................................................	5	–	–	5
Equity securities .....................................................	21	–	–	21
Common stocks ......................................................	1	–	–	1
Corporate bonds ......................................................	–	6	–	6
U.S. government bonds ..........................................	17	–	–	17
Real estate investment trust ....................................	–	1	–	1
Interest rate swap derivative ........................................	–	6	–	6
Total .............................................................................	$113	$13	$–	$126

The carrying amounts presented on the consolidated balance sheets for accounts receivable, accounts payable,

and other liabilities approximate their fair values due to the short-term maturity of these financial instruments.

The fair values of long-term debt, excluding the Company’s Notes, approximate their book values as of

December 31, 2025 and 2024. The aggregate fair value of the Company’s Notes which are categorized in Level 2 of

the fair value hierarchy, is estimated based on observable inputs other than quoted prices in active markets and

approximated $2,237 million and $2,212 million as of December 31, 2025 and 2024, respectively.

Investments in equity securities in which the Company does not have significant influence of $29 million and

$19 million as of December 31, 2025 and 2024, respectively, are carried at cost under the measurement alternative

for equity investments that do not have readily determinable fair values. Investments in equity securities in which

the Company has significant influence, but not control, of $30 million and $35 million as of December 31, 2025 and

2024, respectively, are carried under the equity method. These amounts are reported as Investments in non-

consolidated affiliates on the accompanying consolidated balance sheets.

The Company recognized $26 million and $14 million of realized and unrealized gains on short-term

investments and investments in non-consolidated affiliates during the years ended December 31, 2025 and 2024,

respectively, and $2 million of realized and unrealized losses during the year ended December 31, 2023, which are

included in other income, net on the consolidated statements of net income.

The Company recognized $5 million, $5 million and $4 million of interest income from interest bearing cash

and money market accounts during the years ended December 31, 2025, 2024 and 2023, respectively, which are

included in other income, net on the consolidated statements of net income.