Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.

	March 31, 2026			December 31, 2025
	Total	Level 1	Level 2	Total	Level 1	Level 2
Assets
Money market funds	$3,153	$3,153		$3,793	$3,793
Available-for-sale debt investments:
AFS - Commercial paper	176		$176	163		$163
AFS - Corporate notes	336		336	344		344
AFS - US government agencies	27		27	27		27
Other equity investments	9	9		9	9
Derivatives	196		196	193		193
Total assets	$3,897	$3,162	$735	$4,529	$3,802	$727
Liabilities
Derivatives	($60)		($60)	($43)		($43)
Total liabilities	($60)		($60)	($43)		($43)

Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs

The following table presents the nonrecurring losses recognized for the three months ended March 31 due to long-lived asset impairment and the fair value of the related assets as of the impairment date:

	2026		2025
	Fair Value	Total Losses	Fair Value	Total Losses
Investments		($8)		($5)
Other assets			$5	(2)
Operating lease equipment	$22	(1)
Total	$22	($9)	$5	($7)

Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques

For Level 3 operating lease equipment that were measured at fair value on a nonrecurring basis during the period ended March 31, 2026, the following table presents the fair value of those assets as of the measurement date, valuation techniques and related unobservable inputs of those assets.

	Fair Value	Valuation Technique	Unobservable Input	Range Median or Average
Operating lease equipment	$22	Market approach	Aircraft value publications	$21 - $24 (1) Median $22

(1)The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third-party aircraft valuation publications that we use in our valuation process.

Fair Values and Related Carrying Values of Financial Instruments

The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows:

	March 31, 2026
	Carrying Amount	Total Fair Value	Level 1	Level 2	Level 3
Assets
Notes receivable, net	$21	$21		$13	$8
Liabilities
Debt, excluding finance lease obligations	(46,962)	(46,292)		(46,292)

	December 31, 2025
	Carrying Amount	Total Fair Value	Level 1	Level 2	Level 3
Assets
Notes receivable, net	$21	$21		$13	$8
Liabilities
Debt, excluding finance lease obligations	(53,848)	(53,769)		(53,769)