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Annual report [Section 13 and 15(d), not S-K Item 405]

Assets and Liabilities Measured at Fair Value (Tables)

v3.25.4
Assets and Liabilities Measured at Fair Value (Tables)
12 Months Ended
Dec. 31, 2025
Assets and Liabilities Measured at Fair Value Ìý
Schedule of assets and liabilities measured at fair value

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DecemberÌý31,Ìý2025

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DecemberÌý31,Ìý2024

Ìý

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ÌýÌý​Ìý​Ìý​

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​

ÌýÌý​Ìý​Ìý​

QuotedÌýprices

ÌýÌý​Ìý​Ìý​

SignificantÌýother

ÌýÌý​Ìý​Ìý​

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ÌýÌý​Ìý​Ìý​

QuotedÌýprices

ÌýÌý​Ìý​Ìý​

SignificantÌýother

Ìý

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inÌýactiveÌýmarkets

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observable

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inÌýactiveÌýmarkets

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observable

Ìý

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forÌýidenticalÌýassets

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inputs

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forÌýidenticalÌýassets

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inputs

Ìý

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Total

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(LevelÌý1)

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(LevelÌý2)

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Total

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(LevelÌý1)

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(LevelÌý2)

Ìý

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amountsÌýinÌýmillions

Ìý

Cash equivalents

ÌýÌý​Ìý​Ìý​

$

783

ÌýÌý​Ìý​Ìý​

783

ÌýÌý​Ìý​Ìý​

—

ÌýÌý​Ìý​Ìý​

2,142

ÌýÌý​Ìý​Ìý​

2,142

ÌýÌý​Ìý​Ìý​

—

ÌýÌý​

Financial instrument assets

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$

122

ÌýÌý​Ìý​Ìý​

109

ÌýÌý​Ìý​Ìý​

13

Ìý

167

ÌýÌý​Ìý​Ìý​

84

ÌýÌý​Ìý​Ìý​

83

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Debt

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$

597

ÌýÌý​Ìý​Ìý​

—

ÌýÌý​Ìý​Ìý​

597

Ìý

588

ÌýÌý​Ìý​Ìý​

—

ÌýÌý​Ìý​Ìý​

588

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Financial instrument liabilities

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$

—

​

—

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—

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138

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—

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138

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

Realized and unrealized gains (losses) on financial instruments, net are comprised of changes in the fair value of the following (amounts in millions):

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YearsÌýendedÌýDecemberÌý31,

Ìý

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ÌýÌý​Ìý​Ìý​

2025

ÌýÌý​Ìý​Ìý​

2024

ÌýÌý​Ìý​Ìý​

2023

Ìý

Debt measured at fair value (a)

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$

(6)

Ìý

(95)

Ìý

(13)

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Foreign currency forward contracts

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335

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(138)

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—

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Interest rate swaps

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(41)

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103

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28

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Debt and equity securities

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(12)

Ìý

(5)

Ìý

27

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Other

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Ìý

12

Ìý

(4)

Ìý

2

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$

288

Ìý

(139)

Ìý

44

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(a) The Company elected to account for its convertible notes (as described in note 8) using the fair value option. Changes in the fair value of the convertible notes recognized in the consolidated statements of operations are primarily 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 $4 million, loss of $15 million and loss of $12 million for the years ended December 31, 2025, 2024 and 2023, respectively. The cumulative change since issuance was a gain of $65 million as of December 31, 2025, net of the recognition of previously unrecognized gains and losses.