DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2025

The following table presents the fair value of derivative instruments:


	December 31, 2025						December 31, 2024
	Outstanding Gross Notional Amount		Other Assets		Other Noncurrent Liabilities		Outstanding Gross Notional Amount		Other Assets		Other Noncurrent Liabilities
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate swaps	$	1,840	$	1	$	—	$	1,840	$	25	$	—
Cross currency contracts	120		3		—		120		14		—
Foreign currency forward contracts	—		—		—		—		—		—
Fair value hedges:
Cross currency contracts	689		2		—		737		54		—
Net investment hedges:
Cross currency contracts	931		10		—		230		28		—
Total derivatives designated as hedging instruments	3,580		16		—		2,927		121		—

Derivatives not designated as hedging instruments:
Foreign currency forward contracts	312		1		(5)		77		—		—
Total derivatives	$	3,892	$	17	$	(5)	$	3,004	$	121	$	—

The following table presents the effect of derivatives on the consolidated statements of operations:


		Amount of expense (income) recognized in income
	Location of expense (income) recognized in income	Year ended December 31,
Derivatives		2025		2024		2023
Cash flow hedging relationships:
Interest rate swaps	Interest expense, net	$	(8)	$	(32)	$	(32)
Cross currency contracts	Investment expense (income) and other, net	14		(7)		3
Cross currency contracts	Interest expense, net	(2)		(2)		(2)
Fair value hedging relationships:
Cross currency contracts	Investment expense (income) and other, net	54		(37)		25
Cross currency contracts	Interest expense, net	1		(3)		(2)
Net investment hedging relationships:
Cross currency contracts	Interest expense, net	(9)		(4)		(4)
Not designated as hedging instruments:
Foreign currency forward contracts	Investment expense (income) and other, net	—		—		(1)

The following table presents the effect of cash flow and fair value hedge accounting on accumulated other comprehensive income (loss) ("AOCI"):


	Amount of gain (loss) recognized in other comprehensive income						Location of gain (loss) reclassified from AOCI into income	Amount of gain (loss) reclassified from AOCI into income
	Year ended December 31,							Year ended December 31,
Derivatives	2025		2024		2023			2025		2024		2023
Cash flow hedging relationships:
Interest rate swaps	$	(18)	$	14	$	(6)	Interest expense, net	$	—	$	13	$	16
Cross currency contracts	2		(2)		(3)		Investment expense (income) and other, net	(14)		7		(3)
Fair value hedging relationships:
Cross currency contracts	—		—		—		Interest expense, net	(2)		—		—
Cross currency contracts	3		—		(6)		Investment expense (income) and other, net	(52)		36		(25)
Net investment hedging relationships:
Cross currency contracts	(16)		7		(9)		Interest expense, net	3		1		1
Cross currency contracts	—		—		—		Investment expense (income) and other, net	3		—		—

APi Group Corp 10-K