v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Cross Currency Swaps
The following table summarizes the activity of our cross-currency swaps:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2025202420252024
Other (expense) income, net
Pre-tax transaction gain (loss) on remeasurement of EUR-denominated debt$25 $(84)$(654)$(77)
Amount recognized in Other (expense) income, net reclassified from Accumulated other comprehensive loss
(25)84 654 77 
Accumulated other comprehensive loss
Amount recognized in Accumulated other comprehensive loss reclassified to Other (expense) income, net
$25 $(84)$(654)$(77)
(Loss) gain associated with the change in fair value of cross-currency swaps recognized in Accumulated other comprehensive loss
(52)68 439 21 
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 HierarchySeptember 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
Liabilities:
Senior Notes to third parties1$73,336 $69,340 $71,783 $65,631 
Senior Notes to third parties (EUR-denominated)25,543 5,512 2,058 2,125 
Senior Notes to affiliates21,498 1,503 1,497 1,491 
Senior Secured Notes to third parties1940 926 1,361 1,330 
ABS Notes to third parties21,994 2,016 1,566 1,570 
ECA Facility to third parties2885 918 — —