The following tables present the carrying amounts and estimated fair values of financial instruments held or issued by the Company using available market information. Determining fair value is judgmental in nature and requires market assumptions and/or estimation methodologies. The tables exclude cash, restricted cash, accounts receivable, net, and accounts payable, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.


	March 31, 2026
			Hierarchy Level
	Carrying Amount(1)		Level 1		Level 2

	(In millions)
Assets:
Cash equivalents
Cash deposits	$	1,749	$	1,749
Money market funds	$	170	$	170
U.S. Treasury Bills	$	220	$	220
Loan receivable(2)	$	1,264			$	1,228
Prepaid expenses and other:

SCL Net Investment Hedge(3)	$	3			$	3
Liabilities:
Other accrued liabilities:
SCL Swaps(3)	$	2			$	2
Debt(3)(4)	$	15,704			$	15,605
Other long-term liabilities:
SCL Swaps and Forwards(3)(5)	$	55			$	55
MBS Net Investment Hedge(3)(6)	$	8			$	8


	December 31, 2025
			Hierarchy Level
	Carrying Amount(1)		Level 1		Level 2

	(In millions)
Assets:
Cash equivalents
Cash deposits	$	1,878	$	1,878
Money market funds	$	288	$	288
U.S. Treasury Bills	$	218	$	218
Loan receivable(2)	$	1,264			$	1,232
Liabilities:


Debt(3)(4)	$	15,770			$	15,784
Other long-term liabilities:
SCL Swaps(3)(5)	$	63			$	63
MBS Net Investment Hedge(3)(6)	$	4			$	4

(1)The cross-currency swaps and net investment hedges are accounted for at fair value in the accompanying condensed consolidated financial statements. The other items included in this table are not accounted for at fair value.

(2)The fair value is estimated based on level 2 inputs and reflects the increase in market interest rates since finalizing the terms of the loan receivable at a fixed interest rate on March 2, 2021.

(3)The estimated fair value is based on recent trades, if available, and indicative pricing from market information (level 2 inputs).

(4)The carrying amount of debt is exclusive of finance leases and represents its contractual value.

(5)This amount excludes the accrued interest portion of the fair value related to the periodic interest payment swaps. This accrual component, amounting to $2 million as of March 31, 2026 and $4 million as of December 31, 2025, was recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.

(6)This amount excludes the accrued interest portion of the fair value related to the periodic interest payment swaps. This accrual component, amounting to $3 million as of March 31, 2026 and December 31, 2025, was recorded in “Accounts receivable, net” in the accompanying condensed consolidated balance sheets.