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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | 6 Months Ended
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Jun. 30, 2026
Fair Value Disclosures [Abstract] |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS The carrying value of our financial instruments approximates fair value, except for notes and debentures. At June 30, 2026 and December 31, 2025, the carrying value of our outstanding notes and debentures was $13.35 billion and $13.65 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy), was $12.1 billion and $13.2 billion, respectively. Investments Our investments without a readily determinable fair value for which we have no significant influence had a carrying value of $55 million and $58 million at June 30, 2026 and December 31, 2025, respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets. Foreign Exchange Contracts Foreign currency forward contracts have principally been used to manage our exposure to currencies such as the British pound, the euro, the Canadian dollar and the Australian dollar. We designate forward contracts used to hedge committed and forecasted foreign currency transactions, including for the production and licensing of content, as cash flow hedges. We also enter into non-designated forward contracts to hedge non-U.S. dollar denominated assets, liabilities, and cash flows. The maximum period we are hedging our exposure to variability in future cash flows is 4.6 years. At June 30, 2026 and December 31, 2025, the notional amount of all foreign exchange contracts was $6.84 billion and $3.14 billion, respectively. At June 30, 2026, $6.28 billion related to future production and licensing of content and $562 million related to our foreign currency assets and liabilities. At December 31, 2025, $2.74 billion related to future production costs and $407 million related to our foreign currency assets and liabilities. Interest Rate Contracts I n the second quarter of 2026, we entered into interest rate contracts with an aggregate notional amount of $10.0 billion in connection with anticipated debt issuances associated with the WBD Merger and future debt refinancing, of which $3.0 billion were designated as cash flow hedges. These instruments are intended to hedge exposure to changes in benchmark U.S. Treasury rates from the execution date of the agreements through the issuance of the related debt. The table below presents gains (losses) recognized on derivative financial instruments. Amounts for cash flow hedges are recognized in other comprehensive income (loss) and for non-designated hedges are included within “Other items, net” on the Consolidated Statements of Operations.
| Successor |  | Predecessor |  |  | Successor |  |  | Predecessor
| Three Months Ended June 30, |  |  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |  | Six Months Ended June 30,
| 2026 |  |  | 2025 |  | 2026 |  |  | 2025
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $12 |  |  |  |  | $11 |  |  |  | $(36) |  |  |  |  | $19 |
Interest rate contracts |  | (2) |  |  |  |  | — |  |  |  | (2) |  |  |  |  | — |
Total |  | $10 |  |  |  |  | $11 |  |  |  | $(38) |  |  |  |  | $19 |
Non-designated hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $(2) |  |  |  |  | $(20) |  |  |  | $3 |  |  |  |  | $(29) |
Interest rate contracts |  | (12) |  |  |  |  | — |  |  |  | (12) |  |  |  |  | — |
Total |  | $(14) |  |  |  |  | $(20) |  |  |  | $(9) |  |  |  |  | $(29) |
Fair Value Measurements The table below presents our assets and liabilities measured at fair value on a recurring basis at June 30, 2026 and December 31, 2025. These assets and liabilities have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. Level 1 is based on publicly quoted prices for the asset or liability in active markets. Level 2 is based on inputs that are observable other than quoted market prices in active markets, such as quoted prices for the asset or liability in inactive markets or quoted prices for similar assets or liabilities. Level 3 is based on unobservable inputs reflecting our own assumptions about the assumptions that market participants would use in pricing the asset or liability. All of our assets and liabilities that are measured at fair value on a recurring basis use Level 2 inputs. The fair value of foreign currency hedges is determined based on the present value of future cash flows using observable inputs including foreign currency exchange rates. The fair value of deferred compensation liabilities is determined based on the fair value of the investments elected by employees.
|  | At |  |  |  | At |
| June 30, 2026 |  | December 31, 2025
Assets: |  |  |  |  |  |  |
Foreign exchange contracts |  | $44 |  |  |  | $38 |
Interest rate contracts |  | 20 |  |  |  | — |
Total Assets |  | $64 |  |  |  | $38 |
Liabilities: |  |  |  |  |  |  |
Deferred compensation |  | $286 |  |  |  | $312 |
Foreign exchange contracts |  | 68 |  |  |  | 28 |
Interest rate contracts |  | 34 |  |  |  | — |
Total Liabilities |  | $388 |  |  |  | $340 |
Level 3 inputs were used in determining Paramount Global’s net assets at the Ultimate Parent’s basis (see Note 2) and the estimated fair value of FCC licenses that were impaired in the second quarter of 2025 (see Note 15).

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