Debt (Tables)

3 Months Ended

Mar. 31, 2025

The following table sets forth the debt balances and activity as of, and for the three months ended, March 31, 2025:


(in millions)	December 31, 2024		Proceeds from Issuances and Borrowings (1)		Repayments		Reclassifications (1)		Other (2)		March 31, 2025
Short-term debt	$	4,068	$	—	$	(479)	$	4,628	$	(3)	$	8,214
Long-term debt	72,700		7,768		—		(4,628)		193		76,033
Total debt to third parties	76,768		7,768		(479)		—		190		84,247

Long-term debt to affiliates	1,497		—		—		—		—		1,497
Total debt	$	78,265	$	7,768	$	(479)	$	—	$	190	$	85,744

(1)Issuances and borrowings 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 three months ended March 31, 2025, we issued and borrowed the following debt:


(in millions)	Principal Issuances		Discounts and Issuance Costs, Net (1)		Net Proceeds from Issuance of Long-Term Debt		Issue Date
3.150% Senior Notes due 2032 (EUR-denominated)	$	1,036	$	(5)	$	1,031	February 11, 2025
3.500% Senior Notes due 2037 (EUR-denominated)	1,036		(8)		1,028		February 11, 2025
3.800% Senior Notes due 2045 (EUR-denominated)	777		(7)		770		February 11, 2025
5.125% Senior Notes due 2032	1,250		(7)		1,243		March 27, 2025
5.300% Senior Notes due 2035	1,000		(7)		993		March 27, 2025
5.875% Senior Notes due 2055	1,250		(15)		1,235		March 27, 2025
Total of Senior Notes issued	6,349		(49)		6,300

4.740% Class A Senior ABS Notes due 2029	500		(2)		498		February 27, 2025

Total of ABS Notes issued	500		(2)		498

4.927% ECA Facility due 2036	1,000		(30)		970		March 17, 2025
Total of credit facility borrowed	1,000		(30)		970
Total Issuances and Borrowings	$	7,849	$	(81)	$	7,768

(1)Includes accrued or paid issuance costs and discounts.

Schedule of Repayments

During the three months ended March 31, 2025, we made the following repayments:

(in millions)

Principal Amount

Payment Date

4.738% Secured Series 2018-1 A-1 Notes due 2025

131

January 13, 2025

5.152% Series 2018-1 A-2 Notes due 2028

Various

4.910% Class A Senior ABS Notes due 2025

213

Various

ECA Facility due 2036

March 17, 2025

Total Repayments

479

Schedule of Maturities of ABS Notes

The expected maturities of our ABS Notes as of March 31, 2025, were as follows:


(in millions)	Expected Maturities
2025	$	357
2026	594
2027	822
2028	84
Total	$	1,857

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)	March 31, 2025	December 31, 2024


Other current liabilities	359	328

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


(in millions)	March 31, 2025		December 31, 2024

Assets
Equipment installment plan receivables, net	$	1,714	$	1,472
Equipment installment plan receivables due after one year, net	526		352
Other current assets	247		151
Liabilities
Accounts payable and accrued liabilities	$	4	$	2
Short-term debt	427		570
Long-term debt	1,425		996

- 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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