v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Cross Currency Swaps
The following table summarizes the activity of our cross-currency swaps:
Year Ended December 31,
(in millions)20252024
Other (expense) income, net
Pre-tax transaction (loss) gain on remeasurement of EUR-denominated debt$(661)$79 
Amount recognized in Other (expense) income, net reclassified from Accumulated other comprehensive loss
661 (79)
Accumulated other comprehensive loss
Amount recognized in Accumulated other comprehensive loss reclassified to Other (expense) income, net
$(661)$79 
Gain (loss) associated with the change in fair value of cross-currency swaps recognized in Accumulated other comprehensive loss
410 (58)
Schedule of Carrying Values and Fair Values of Short-Term and Long-term Debt
The carrying amounts and fair values of our short-term and long-term debt, excluding accrued interest, included on our Consolidated Balance Sheets were as follows:
(in millions)Level within the Fair Value HierarchyDecember 31, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
Liabilities:
Senior Notes to third parties1$74,575 $70,517 $71,783 $65,631 
Senior Notes to third parties (EUR-denominated)25,551 5,460 2,058 2,125 
Senior Notes to affiliates21,498 1,500 1,497 1,491 
Senior Secured Notes to third parties1844 835 1,361 1,330 
ABS Notes to third parties21,995 2,017 1,566 1,570 
ECA Facilities to third parties21,819 1,876 — —