Debt (Tables)

6 Months Ended

Jun. 30, 2025

The following table sets forth the debt balances and activity as of, and for the six months ended, June 30, 2025:


(in millions)	December 31, 2024		Proceeds from Issuances and Borrowings (1)		Note Redemption		Repayments		Reclassifications (1)		Other (2)		June 30, 2025
Short-term debt	$	4,068	$	—	$	(3,000)	$	(736)	$	6,087	$	(11)	$	6,408
Long-term debt	72,700		7,768		—		—		(6,087)		637		75,018
Total debt to third parties	76,768		7,768		(3,000)		(736)		—		626		81,426

Long-term debt to affiliates	1,497		—		—		—		—		—		1,497
Total debt	$	78,265	$	7,768	$	(3,000)	$	(736)	$	—	$	626	$	82,923

(1)Issuances and borrowings and reclassifications are recorded net of accrued or paid issuance costs and discounts.

(2)Other includes the amortization of premiums, discounts, debt issuance costs and consent fees and the impact from changes in foreign currency exchange rates.

During the six months ended June 30, 2025, we issued and borrowed the following debt:


(in millions)	Principal Issuances		Discounts and Issuance Costs, Net		Net Proceeds from Issuance of Long-Term Debt		Issue Date
3.150% Senior Notes due 2032 (EUR-denominated)	$	1,036	$	(5)	$	1,031	February 11, 2025
3.500% Senior Notes due 2037 (EUR-denominated)	1,036		(8)		1,028		February 11, 2025
3.800% Senior Notes due 2045 (EUR-denominated)	777		(7)		770		February 11, 2025
5.125% Senior Notes due 2032	1,250		(7)		1,243		March 27, 2025
5.300% Senior Notes due 2035	1,000		(7)		993		March 27, 2025
5.875% Senior Notes due 2055	1,250		(15)		1,235		March 27, 2025
Total of Senior Notes issued	6,349		(49)		6,300
4.740% Class A Senior ABS Notes due 2029	500		(2)		498		February 27, 2025
Total of ABS Notes issued	500		(2)		498
4.927% ECA Facility due 2036	1,000		(30)		970		March 17, 2025
Total of credit facility borrowed	1,000		(30)		970
Total Issuances and Borrowings	$	7,849	$	(81)	$	7,768

Schedule of Repayments

During the six months ended June 30, 2025, we made the following redemption and repayments:


(in millions)	Principal Amount		Payment Date
3.500% Senior Notes due 2025	$	3,000	April 15, 2025
Total Redemption	$	3,000

4.738% Secured Series 2018-1 A-1 Notes due 2025	$	131	January 13, 2025
ECA Facility due 2036	43		March 17, 2025
5.152% Series 2018-1 A-2 Notes due 2028	184		Various
4.910% Class A Senior ABS Notes due 2025	378		Various
Total Repayments	$	736

Schedule of Maturities of ABS Notes

The expected maturities of our ABS Notes as of June 30, 2025, were as follows:


(in millions)	Expected Maturities
2025	$	192
2026	594
2027	822
2028	84
Total	$	1,692

Schedule of Variable Interest Entities

The following table summarizes the carrying amounts and classification of liabilities included on our Condensed Consolidated Balance Sheets with respect to the Service BRE:


(in millions)	June 30, 2025	December 31, 2024

Other current liabilities	289	328

The following table summarizes the carrying amounts and classification of assets and liabilities included on our Condensed Consolidated Balance Sheets with respect to the ABS Entities:


(in millions)	June 30, 2025		December 31, 2024

Assets
Equipment installment plan receivables, net	$	1,635	$	1,472
Equipment installment plan receivables due after one year, net	444		352
Other current assets	213		151
Liabilities
Accounts payable and accrued liabilities	$	2	$	2
Short-term debt	431		570
Long-term debt	1,257		996

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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