Debt (Tables)

6 Months Ended

Jun. 30, 2026

The following table sets forth the debt balances and activity as of, and for the six months ended, June 30, 2026:


(in millions)	December 31, 2025		Proceeds from Issuances and Borrowings (1)		Redemptions and Repayments (1)		Reclassifications (1)		Other (2)		June 30, 2026
Short-term debt	$	5,135	$	—	$	(4,771)	$	5,751	$	2	$	6,117
Long-term debt	79,649		6,393		(1,497)		(5,751)		(290)		78,504
Total debt to third parties	84,784		6,393		(6,268)		—		(288)		84,621

Long-term debt to affiliates	1,498		—		(1,498)		—		—		—
Total debt	$	86,282	$	6,393	$	(7,766)	$	—	$	(288)	$	84,621

(1)Issuances and borrowings, note redemptions and reclassifications are recorded net of accrued or paid issuance costs and discounts.

(2)Other includes the amortization of premiums, discounts, debt issuance costs and consent fees and the impact from changes in foreign currency exchange rates.

During the six months ended June 30, 2026, we issued and borrowed the following debt:


(in millions)	Principal Issuances		Discounts and Issuance Costs		Net Proceeds from Issuance of Debt		Issue Date
5.000% Senior Notes due 2036	$	1,150	$	(8)	$	1,142	January 12, 2026
5.850% Senior Notes due 2056	850		(8)		842		January 12, 2026
3.200% Senior Notes due 2032 (EUR-denominated)	881		(5)		876		February 19, 2026
3.625% Senior Notes due 2035 (EUR-denominated)	881		(5)		876		February 19, 2026
3.900% Senior Notes due 2038 (EUR-denominated)	1,175		(12)		1,163		February 19, 2026
Total of Senior Notes issued	4,937		(38)		4,899
4.250% Class A Senior ABS Notes due 2030	500		(2)		498		March 20, 2026
Total of ABS Notes issued	500		(2)		498


4.557% MRFA due 2027	1,000		(4)		996		February 5, 2026
Total borrowings	1,000		(4)		996
Total issuances and borrowings	$	6,437	$	(44)	$	6,393

Schedule of Repayments

During the six months ended June 30, 2026, we made the following redemptions and repayments:


(in millions)	Principal Amount		Write-off of Issuance Cost and Consent Fees (1)		Redemption or Repayment Date	Redemption Price
4.750% Senior Notes due 2028	$	1,500	$	3	February 1, 2026	100	%
4.750% Senior Notes to affiliates due 2028	1,500		2		February 1, 2026	100	%
1.500% Senior Notes due 2026	1,000		—		February 15, 2026	N/A
2.250% Senior Notes due 2026	1,800		—		February 15, 2026	N/A
5.050% Class A Senior ABS Notes due 2029	500		—		March 20, 2026	100	%
2.625% Senior Notes due 2026	1,200		—		April 15, 2026	N/A
Total redemptions	7,500		5

ECA Facility due March 2036	43		—		Various	N/A
5.152% Series 2018-1 A-2 Notes due 2028	184		—		Various	N/A
ECA Facility due November 2036	44		—		Various	N/A
Total repayments	271		—



Total redemptions and repayments	$	7,771	$	5

(1)Write-off of issuance costs and consent fees are included in Other expense, net on our Condensed Consolidated Statements of Comprehensive Income. Write-off of issuance costs and consent fees are included in Other, net within Net cash provided by operating activities on our Condensed Consolidated Statements of Cash Flows.

Schedule of Maturities of ABS Notes

The expected maturities of our ABS Notes as of June 30, 2026, were as follows:


(in millions)	Expected Maturities
2026	$	136
2027	1,008
2028	758
2029	98
Total	$	2,000

Schedule of Variable Interest Entities

The following table summarizes the carrying amounts and classification of liabilities included on our Condensed Consolidated Balance Sheets with respect to the Service BRE:


(in millions)	June 30, 2026		December 31, 2025

Other current liabilities	$	304	$	306

The following table summarizes the carrying amounts and classification of assets and liabilities included on our Condensed Consolidated Balance Sheets with respect to the ABS Entities:


(in millions)	June 30, 2026		December 31, 2025

Assets
Equipment installment plan receivables, net	$	1,801	$	1,865
Equipment installment plan receivables due after one year, net	598		543
Other current assets	238		232
Liabilities
Accounts payable and accrued liabilities	$	2	$	3
Short-term debt	580		594
Long-term debt	1,415		1,401

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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