v3.26.1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Financial Instruments
The following table summarizes the estimated fair value of financial instruments:
Fair Value of Financial Instruments
Asset DerivativesLiability Derivatives
(In millions)June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Interest rate instruments(1)
$4 $1 $— $— 
Foreign currency forward contracts(1)
1 2 3 — 
Exchange Features 2029 related to Exchangeable Notes Due 2029(2)
— — 26 78 
Exchange Feature 2030 related to Exchangeable Notes Due 2030(3)
— — 21 54 
First Lien Exchangeable Feature 2030 related to Exchangeable First Lien Notes Due 2030(4)
— — 110 — 
Capped Call Transactions 2030(5)
8 21 — — 
Total
$13 $24 $160 $132 
(1)    Asset derivatives are recorded in Prepaid expenses and other assets and liability derivatives are recorded in Accrued liabilities in the accompanying unaudited condensed consolidated balance sheets.
(2)    The Exchange Features 2029, as defined and further disclosed in Note 11, "Fair Value Measurements," were bifurcated as derivatives from the Exchangeable Notes Due 2029 and are recorded in Non-vehicle debt in the accompanying unaudited condensed consolidated balance sheets.
(3)    The Exchange Feature 2030, as defined and further disclosed in Note 11, "Fair Value Measurements," was bifurcated as a derivative from the Exchangeable Notes Due 2030 and is recorded in Non-vehicle debt in the accompanying unaudited condensed consolidated balance sheet as of June 30, 2026.
(4)    The First Lien Exchangeable Feature 2030, as further disclosed in Note 5, "Debt," was bifurcated as a derivative from the Exchangeable First Lien Notes Due 2030 and is recorded in Non-vehicle debt in the accompanying unaudited condensed consolidated balance sheet as of June 30, 2026.
(5)    The Capped Call Transactions 2030 were entered into in connection with the Exchangeable Notes Due 2030 and are recorded in Prepaid expenses and other assets in the accompanying unaudited condensed consolidated balance sheet as of June 30, 2026.
Schedule of Gains or (Losses) on Financial Instruments
The following table summarizes the gains or (losses) on financial instruments for the period indicated:
Location of Gain (Loss) Recognized on DerivativesAmount of Gain (Loss) Recognized in Income on Derivatives
Three Months Ended
June 30,		Six Months Ended
June 30,
(In millions)2026202520262025
Interest rate instrumentsVehicle interest expense, net$(2)$(1)$— $(2)
Foreign currency forward contractsSelling, general and administrative expense— (2)(1)2 
Exchange Features 2029 related to Exchangeable Notes Due 2029(1)
Non-vehicle interest expense, net37 (105)56 (111)
Exchange Feature 2030 related to Exchangeable Notes Due 2030(2)
Non-vehicle interest expense, net19 — 33 — 
First Lien Exchangeable Feature 2030 related to Exchangeable First Lien Notes Due 2030(3)
Non-vehicle interest expense, net5 — 5 — 
Capped Call Transactions 2030
Non-vehicle interest expense, net(8)— (13)— 
Total
$51 $(108)$80 $(111)
(1)    The Exchange Features 2029, as defined and further disclosed in Note 11, "Fair Value Measurements," were bifurcated as derivatives from the Exchangeable Notes Due 2029.
(2)    The Exchange Feature 2030, as defined and further disclosed in Note 11, "Fair Value Measurements," was bifurcated as a derivative from the Exchangeable Notes Due 2030.
(3)    The First Lien Exchangeable Feature 2030 was bifurcated as a derivative from the Exchangeable First Lien Notes Due 2030, as further disclosed in Note 5, "Debt."