Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

The following table summarizes the activity of our cross-currency swaps:


	Three Months Ended March 31,

(in millions)		2026		2025

Other expense, net
Pre-tax transaction gain (loss) on remeasurement of EUR-denominated debt		$	183	$	(218)
Amount recognized in Other expense, net reclassified from Accumulated other comprehensive loss		(183)		218
Accumulated other comprehensive loss
Amount recognized in Accumulated other comprehensive loss reclassified to Other expense, net		$	183	$	(218)
Losses associated with the change in fair value of cross-currency swaps recognized in Accumulated other comprehensive loss		(231)		(20)

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 Hierarchy	March 31, 2026				December 31, 2025
		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Liabilities:
Senior Notes to third parties	1	$	72,247	$	67,093	$	74,575	$	70,517
Senior Notes to third parties (EUR-denominated)	2	8,284		8,060		5,551		5,460
Senior Notes to affiliates	2	—		—		1,498		1,500
Senior Secured Notes to third parties	1	748		738		844		835
ABS Notes to third parties	2	1,994		2,003		1,995		2,017
Borrowings related to ECA Facilities and MRFA	2	2,774		2,828		1,819		1,876