v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]  
Distribution of Financial Instruments, Measured at Fair Value on a Recurring Basis
The distribution of the Company’s financial instruments measured at fair value on a recurring basis within the Valuation Hierarchy was as follows:
 December 31, 2025December 31, 2024
 Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		TotalQuoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
(in millions)
Assets
Investment securities:
Available-for-sale securities 1
$20 $299 $— $319 $36 $256 $— $292 
Derivative instruments 2:
Foreign exchange contracts— 35 — 35 — 206 — 206 
Marketable securities 3:
Equity securities203 — — 203 237 — — 237 
Liabilities
Derivative instruments 2:
Foreign exchange contracts$— $160 $— $160 $— $36 $— $36 
Interest rate contracts— 27 — 27 — 63 — 63 
1The Company’s U.S. government securities are classified within Level 1 of the Valuation Hierarchy as the fair values are based on unadjusted quoted prices for identical assets in active markets. The fair value of the Company’s available-for-sale non-U.S. government and agency securities, corporate and asset-backed securities are based on observable inputs such as quoted prices, benchmark yields and issuer spreads for similar assets in active markets and are therefore included in Level 2 of the Valuation Hierarchy.
2The Company’s foreign exchange and interest rate derivative asset and liability contracts measured at fair value are based on observable inputs such as broker quotes for similar derivative instruments. See Note 21 (Derivative and Hedging Instruments) for further details.
3The Company’s Marketable securities are publicly held and fair values are based on unadjusted quoted prices in their respective active markets.