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Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS

7. FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair value of financial instruments has been estimated by the Company using available market information as of September 30, 2025 and December 31, 2024, and valuation methodologies considered appropriate. The estimates presented in the table below are not necessarily indicative of amounts the Company could realize in a current market exchange (in millions):

 

 

 

September 30, 2025

 

 

December 31, 2024

 

 

 

Carrying

 

 

Estimated
Fair

 

 

Carrying

 

 

Estimated
Fair

 

 

 

Amount

 

 

Value

 

 

Amount

 

 

Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

123

 

 

$

123

 

 

$

37

 

 

$

37

 

Investments in equity securities

 

 

78

 

 

 

78

 

 

 

69

 

 

 

69

 

Available-for-sale debt securities

 

 

231

 

 

 

231

 

 

 

192

 

 

 

192

 

Trading securities

 

 

5

 

 

 

5

 

 

 

5

 

 

 

5

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

8% Senior Secured Notes due 2027

 

 

—

 

 

 

—

 

 

 

696

 

 

 

700

 

5⅝% Senior Secured Notes due 2027

 

 

14

 

 

 

14

 

 

 

1,722

 

 

 

1,686

 

6⅞% Senior Notes due 2028

 

 

42

 

 

 

34

 

 

 

622

 

 

 

457

 

6% Senior Secured Notes due 2029

 

 

629

 

 

 

625

 

 

 

626

 

 

 

577

 

5¼% Senior Secured Notes due 2030

 

 

1,476

 

 

 

1,389

 

 

 

1,468

 

 

 

1,261

 

4¾% Senior Secured Notes due 2031

 

 

1,055

 

 

 

915

 

 

 

1,054

 

 

 

822

 

10⅞% Senior Secured Notes due 2032

 

 

2,213

 

 

 

2,358

 

 

 

2,212

 

 

 

2,299

 

10¾% Senior Secured Notes due 2033

 

 

698

 

 

 

721

 

 

 

—

 

 

 

—

 

9¾% Senior Secured Notes due 2034

 

 

1,761

 

 

 

1,838

 

 

 

—

 

 

 

—

 

6⅞% Junior-Priority Secured Notes due 2029

 

 

1,186

 

 

 

992

 

 

 

1,175

 

 

 

940

 

6⅛% Junior-Priority Secured Notes due 2030

 

 

1,181

 

 

 

891

 

 

 

1,175

 

 

 

842

 

ABL Facility and other debt

 

 

11

 

 

 

11

 

 

 

359

 

 

 

359

 

 

The carrying value of the Company’s long-term debt in the above table is presented net of unamortized deferred debt issuance costs. The estimated fair value is determined using the methodologies discussed below in accordance with accounting standards related to the determination of fair value based on the U.S. GAAP fair value hierarchy as discussed in Note 8 - Fair Value. The estimated fair value for financial instruments with a fair value that does not equal its carrying value is considered a Level 1 valuation. The Company utilizes the market approach and obtains indicative pricing through publicly available subscription services such as Bloomberg to determine fair values where relevant.

Cash and cash equivalents. The carrying amount approximates fair value due to the short-term maturity of these instruments (less than three months).

Investments in equity securities. Estimated fair value is based on closing price as quoted in public markets.

Available-for-sale debt securities. Estimated fair value is based on closing price as quoted in public markets or other various valuation techniques.

Trading securities. Estimated fair value is based on closing price as quoted in public markets.

Senior Notes, Senior Secured Notes and Junior-Priority Secured Notes. Estimated fair value is based on the closing market price for these notes.

ABL Facility and other debt. The carrying amount of the ABL Facility and all other debt approximates fair value due to the nature of these obligations.