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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Financial Instruments

At March 31, 2026 and December 31, 2025, 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. 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 fair value measurement. 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.


		March 31, 2026								December 31, 2025
		Carrying				Estimated				Carrying				Estimated
		Amount				Fair Value				Amount				Fair Value
		(In Millions)
Senior Secured Notes (1)		$	439			$	435			$	439			$	436
Short-Term Investments		$	161			$	161			$	129			$	129

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(1)

Based on a quoted price of 99.2 at March 31, 2026 and 99.5 at December 31, 2025. Also see discussion in Note 4 (B).