Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

A rollforward of the Company’s long-term investments is as follows (in millions):

	Year Ended December 31,
	2025		2024		2023
Balance at the beginning of the period	$	110	$	113	$	113
Loss on long-term investments	(11)		(6)		(1)
Purchases of long-term investments	5		3		1
Proceeds from sale of long-term investments	(1)		—		—
Balance at the end of the period	$	103	$	110	$	113

The carrying value of the Company’s long-term investments are included in Other long-term assets on the Consolidated Balance Sheets. Net gains and losses are included within Other expense, net on the Consolidated Statements of Operations.