v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt DEBT
As of March 31, 2026, we had $121.8 billion of unsecured senior notes outstanding (the “Notes”), including €14.5 billion ($16.8 billion) and $37.0 billion issued in March 2026 for general corporate purposes. Our total long-term debt obligations are as follows (in millions):
Maturities (1)Stated Interest RatesEffective Interest RatesDecember 31, 2025March 31, 2026
2014 Notes issuance of $6.0 billion
2034 - 2044
4.80% - 4.95%
4.93% - 5.12%
2,750 2,750 
2017 Notes issuance of $17.0 billion
2027 - 2057
3.15% - 4.25%
3.25% - 4.33%
12,000 12,000 
2020 Notes issuance of $10.0 billion
2027 - 2060
1.20% - 2.70%
1.26% - 2.77%
7,750 7,750 
2021 Notes issuance of $18.5 billion
2026 - 2061
1.00% - 3.25%
1.14% - 3.31%
15,000 15,000 
April 2022 Notes issuance of $12.8 billion
2027 - 2062
3.30% - 4.10%
3.40% - 4.15%
9,750 9,750 
December 2022 Notes issuance of $8.3 billion
2027 - 2032
4.55% - 4.70%
4.61% - 4.74%
5,750 5,750 
2025 Notes issuance of $15.0 billion
2028 - 2065
3.90% - 5.55%
3.99% - 5.62%
15,000 15,000 
March 2026 Notes issuance of $37.0 billion (2)
2028 - 2076
3.85% - 6.05%
3.97% - 6.12%
— 37,000 
March 2026 Euro-denominated Notes issuance of €14.5 billion (3)
2028 - 2064
2.50% - 4.85%
2.59% - 4.88%
— 16,782 
Other long-term debt836 850 
Total face value of long-term debt68,836 122,632 
Unamortized discount and issuance costs, net(440)(726)
Less: current portion of long-term debt(2,748)(2,832)
Long-term debt$65,648 $119,074 
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(1) The weighted-average remaining lives of the 2014, 2017, 2020, 2021, April 2022, December 2022, 2025, March 2026, and March 2026 Euro-denominated Notes were 14.1, 15.2, 17.9, 12.9, 13.5, 4.2, 15.4, 16.7, and 10.3 years as of March 31, 2026. The combined weighted-average remaining life of the Notes was 14.2 years as of March 31, 2026.
(2) Includes $2.8 billion of floating rate notes due in 2028 and 2029. Interest is calculated using the compounded Secured Overnight Financing Rate (“SOFR”) plus 0.44% and 0.59%, respectively, and payable quarterly in arrears.
(3) Includes €1.8 billion of floating rate notes due in 2028. Interest is calculated using Euro Interbank Offered Rate (“EURIBOR”) plus 0.35%, payable quarterly in arrears.
Interest on the Notes is primarily payable semi-annually in arrears except for the March 2026 Euro-denominated Notes for which interest is primarily payable annually in arrears. We may redeem the Notes at any time in whole, or from time to time, in part at specified redemption prices. The floating rate notes are generally not redeemable prior to maturity. We are not subject to any financial covenants under the Notes.
The estimated fair value of the Notes was approximately $61.1 billion and $113.6 billion as of December 31, 2025 and March 31, 2026, which is based on quoted prices for our debt as of those dates.
We have U.S. Dollar and Euro commercial paper programs (the “Commercial Paper Programs”) under which we may from time to time issue unsecured commercial paper up to a total of $30.0 billion (including up to €3.0 billion) at the date of issue, with individual maturities that may vary but will not exceed 397 days from the date of issue. There were no borrowings outstanding under the Commercial Paper Programs as of December 31, 2025 and March 31, 2026. We use the net proceeds from the issuance of commercial paper for general corporate purposes.
We have an aggregate $20.0 billion in unsecured revolving credit facilities with syndicates of lenders, consisting of a $15.0 billion facility (the “Credit Agreement”) and a $5.0 billion 364-day facility (the “Short-Term Credit Agreement”). The Credit Agreement has a term that extends to November 2028 and may be extended for one or more additional one-year terms subject to approval by the lenders. The interest rate applicable to outstanding balances under the Credit Agreement is the applicable benchmark rate specified in the Credit Agreement plus 0.45%, with a commitment fee of 0.03% on the undrawn portion of the credit facility. The Short-Term Credit Agreement matures in October 2026 and may be extended for one additional period of 364 days subject to approval by the lenders. The interest rate applicable to outstanding balances under the Short-Term Credit Agreement is the SOFR specified in the Short-Term Credit Agreement plus 0.45%, with a commitment fee of 0.03% on the undrawn portion. There were no borrowings outstanding under the Credit Agreement and the Short-Term Credit Agreement as of December 31, 2025 and March 31, 2026.
We also utilize other short-term credit facilities for working capital purposes. There were $455 million and $152 million of borrowings outstanding under these facilities as of December 31, 2025 and March 31, 2026, which were included in “Accrued expenses and other” on our consolidated balance sheets. In addition, we had $9.4 billion of unused letters of credit as of March 31, 2026.