v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Cross Currency Swaps
The following table summarizes the activity of our cross-currency swaps:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Other expense, net
Pre-tax transaction gain (loss) on remeasurement of EUR-denominated debt$76 $(461)$259 $(679)
Amount recognized in Other expense, net reclassified from Accumulated other comprehensive loss
(76)461 (259)679 
Accumulated other comprehensive loss
Amount recognized in Accumulated other comprehensive loss reclassified to Other expense, net
$76 $(461)$259 $(679)
Gain (loss) associated with the change in fair value of cross-currency swaps recognized in Accumulated other comprehensive loss
114 511 (117)491 
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 Condensed Consolidated Balance Sheets were as follows:
(in millions)Level within the Fair Value HierarchyJune 30, 2026December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
Liabilities:
Senior Notes to third parties1$71,029 $65,615 $74,575 $70,517 
Senior Notes to third parties (EUR-denominated)28,210 8,166 5,551 5,460 
Senior Notes to affiliates2— — 1,498 1,500 
Senior Secured Notes to third parties1653 645 844 835 
ABS Notes to third parties21,995 1,998 1,995 2,017 
Borrowings related to ECA Facilities and MRFA22,734 2,801 1,819 1,876