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

MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS (Tables)

v3.25.4
MARKETABLE SECURITIES AND NON-CURRENT INVESTMENTS (Tables)
12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Marketable Securities
The following is a summary of marketable securities classified as trading and available-for-sale as of December 31, 2025 and 2024 (in millions):
Cost Unrealized
Losses
Estimated
Fair Value
2025
Current trading marketable securities:
Equity securities $ $ —  $
Current available-for-sale marketable securities:
U.S. government and agency debt securities —  —  — 
Corporate debt securities —  —  — 
Total available-for-sale marketable securities —  —  — 
Total current marketable securities $ $ —  $

Cost Unrealized
Losses
Estimated
Fair Value
2024
Current trading marketable securities:
Equity securities $ $ —  $
Current available-for-sale marketable securities:
U.S. government and agency debt securities 165  (1) 164 
Corporate debt securities 39  —  39 
Total available-for-sale marketable securities 204  (1) 203 
Total current marketable securities $ 207  $ (1) $ 206 
Investments Measured at Fair Value on a Recurring Basis
The following table presents information about our investments measured at fair value on a recurring basis as of December 31, 2025 and 2024, and indicates the fair value hierarchy of the valuation techniques utilized (in millions):

Level 1

Level 2

Level 3
Total
2025
Marketable Securities:
U.S. government and agency debt securities $ —  $ —  $ —  $ — 
Corporate debt securities —  —  —  — 
Equity securities —  — 
Total marketable securities —  — 
Other non-current investments —  21  —  21 
Total $ —  $ 24  $ —  $ 24 
 

Level 1

Level 2

Level 3
Total
2024
Marketable Securities:
U.S. government and agency debt securities $ 164  $ —  $ —  $ 164 
Corporate debt securities 25  14  —  39 
Equity securities —  — 
Total marketable securities 189  17  —  206 
Other non-current investments
—  19  —  19 
Total $ 189  $ 36  $ —  $ 225