v3.26.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Aggregate Fair Value and Carrying Value
The aggregate carrying value and fair value of our total long-term debt were as follows:
(in millions)March 31, 2026December 31, 2025
Carrying value$24,602 $25,709 
Fair value22,727 24,303 
Foreign currency denominated debt included in long-term debt:
Carrying value2,595 2,638 
Fair value2,545 2,619 
Business Combination, Contingent Consideration
The changes in the liability associated with contingent payments were as follows:
For the Three Months Ended March 31, 2026For the Year Ended December 31, 2025
(in millions)
Balance at January 1$45 $20 
Change in the fair value of contingent payments (1)
— 25 
Balance at end of period$45 $45 
(1) These pre-tax charges were recorded in the first quarter of 2025 in marketing, administration and research costs in our condensed consolidated statements of earnings and related to NJOY ACE blueberry and watermelon pod products.