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Derivatives, Hedges and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Financial Instruments

As of December 31, 2024 and 2023, we did not have any financial instruments with fair values materially different from their carrying amounts (which excludes issuance costs, if applicable) except for our Senior Secured Notes. The fair value of our Senior Secured Notes is classified as a Level 2 fair value measurement while the treasury securities that comprise our cash equivalents and short-term investments are a Level 1. The fair value of financial instruments is not indicative of the overall fair value of our assets and liabilities since financial instruments do not include all assets, including intangibles and all liabilities.


		2024								2023
		Carrying				Estimated				Carrying				Estimated
		Amount				Fair Value				Amount				Fair Value
		(In Millions)
Senior Secured Notes (1)		$	478			$	461			$	575			$	543
Short-Term Investments		$	164			$	164			$	207			$	207

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1.

Based on a quoted price of 96.38 as of December 31, 2024 and 94.50 as of December 31, 2023.