v3.26.1
FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Carrying Amount of Fair Value of Financial Instruments
The following table presents the carrying amount and fair value of financial instruments:
March 31, 2026December 31, 2025
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(millions)
Cash equivalents (a)
$124 $ $124 $ $23 $— $23 $— 
Notes receivable — related party (b)
4   4 0000
Long-term notes receivable — related party (b)
    — — 
Long-term debt (c)
$3,325 $ $3,274 $ $3,324 $— $3,318 $— 
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(a)Cash equivalents are stated at cost, which approximates fair value.
(b)Long‑term related party notes receivable were reclassified to short‑term during the three months ended March 31, 2026 due to contractual maturity occurring within the next twelve months.
(c)Carrying value represents principal of $3.4 billion, net of unamortized debt discounts and issuance costs.