v3.26.1
FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, All Other Investments [Abstract]  
Schedule of the Fair Value of Financial Instruments
The following table summarizes the fair value of financial instruments at March 31, 2026 and December 31, 2025:
Fair Value of Financial InstrumentsMarch 31, 2026December 31, 2025
In millionsCostGainLossFair ValueCostGainLossFair Value
Cash equivalents
$86 $— $— $86 $100 $— $— $100 
Restricted cash equivalents 1
42 — — 42 42 — — 42 
Total cash and restricted cash equivalents$128 $— $— $128 $142 $— $— $142 
Long-term debt including debt due within one year 2
$(3,132)$95 $(80)$(3,117)$(3,134)$52 $(99)$(3,181)
Derivatives relating to:
Net investment hedge 3
$— $64 $— $64 $— $46 $— $46 
Foreign currency 4, 5
— 26 (5)21 — — (10)(10)
Interest rate swap agreements 6
— — (45)(45)— — (42)(42)
Total derivatives$— $90 $(50)$40 $— $46 $(52)$(6)
1.Refer to Note 6 and Note 13 for more information on Restricted cash equivalents.
2.At March 31, 2026 and December 31, 2025, the balance included an unamortized basis adjustment of $35 million related to the 2022 Swaps, discussed below. Additionally, the March 31, 2026 and December 31, 2025 balance included a fair value hedging adjustment of $7 million and $4 million, respectively related to the 2022 Swaps discussed below. The fair value of long-term debt including debt due within one year is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms and represents a Level 2 fair value measurement.
3.Classified as "Deferred charges and other assets" in the interim Condensed Consolidated Balance Sheets.
4.Classified as "Prepaid and other current assets" and "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets.
5.Presented net of cash collateral where master netting arrangements allow.
6.The loss on the 2022 Swaps is classified as "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets.
Schedule of Notional Amounts
The notional amounts of the Company's derivative instruments were as follows:
Notional AmountsMarch 31, 2026December 31, 2025
In millions
Derivatives designated as hedging instruments:
   Net investment hedge$1,000 $1,000 
   Interest rate swap agreements 1
774 774 
Derivatives not designated as hedging instruments:
Foreign currency contracts 2
$347 $1,014 
1.Includes notional amounts related to the 2022 Swaps, described further below.
2.Presented net of contracts bought and sold.