v3.25.4
FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, All Other Investments [Abstract]  
Schedule of the Fair Value of Financial Instruments
The following table summarizes the fair value of financial instruments at December 31, 2025 and December 31, 2024:
Fair Value of Financial InstrumentsDecember 31, 2025December 31, 2024
In millionsCostGainLossFair ValueCostGainLossFair Value
Cash equivalents$100 $— $— $100 $314 $— $— $314 
Restricted cash equivalents 1
$42 $— $— $42 $42 $— $— $42 
Total cash and restricted cash equivalents$142 $— $— $142 $356 $— $— $356 
Long-term debt including debt due within one year 2
$(3,134)$52 $(99)$(3,181)$(7,171)$14 $(57)$(7,214)
Derivatives relating to:
Net investment hedge 3
— 46 — 46 — 137 — 137 
Foreign currency 4, 5
— — (10)(10)— 8 (8)— 
Interest rate swap agreements 6
— — (42)(42)— — (206)(206)
Total derivatives$— $46 $(52)$(6)$— $145 $(214)$(69)
1.Refer to Note 7 and Note 16 for more information on Restricted cash equivalents.
2.At December 31, 2025 and 2024 the balance included unamortized basis adjustment of $35 million and $48 million related to the 2022 Swaps, discussed below. At December 31, 2025, the balance included a fair value hedging revaluation related to the 2022 Swaps of $4 million, discussed below. Fair value of long-term debt including debt due within one year is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms and represents a Level 2 fair value measurement.
3.Classified as "Deferred charges and other assets" in the Consolidated Balance Sheets.
4.Classified as "Prepaid and other current assets" and "Accrued and other current liabilities" in the Consolidated Balance Sheets.
5.Presented net of cash collateral where master netting arrangements allow.
6.The loss on the 2022 Swaps is classified as "Other noncurrent obligations" in the Consolidated Balance Sheets.
Schedule of Notional Amounts
The notional amounts of the Company's derivative instruments were as follows:
Notional AmountsDecember 31, 2025December 31, 2024
In millions
Derivatives designated as hedging instruments:
   Net investment hedge$1,000 $1,000 
   Interest rate swap agreements$774 $— 
Derivatives not designated as hedging instruments:
Foreign currency contracts 1
$1,014 $(1,159)
Interest rate swap agreements 2
$— $4,150 
1.Presented net of contracts bought and sold.
2.Includes notional amounts related to the 2022 Swaps and 2024 Swaps, described further below.