| Schedule of Debt |
Debt outstanding and interest rates at December 31 were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest Rates | | Debt | | Average Contractual | | | 2024 | | 2025 | | 2024 | | 2025 | | Short-term debt | | | | | | | | | Unsecured debt | | | | | | | | | Floating rate demand notes | $ | 12,040 | | | $ | 12,950 | | | | | | | Other short-term debt | 4,173 | | | 3,478 | | | | | | | Asset-backed debt | 1,200 | | | 1,922 | | | | | | Total short-term debt | 17,413 | | | 18,350 | | | 4.7 | % | | 3.7 | % | | Long-term debt | | | | | | | | | Unsecured debt | | | | | | | | | Notes payable within one year | 12,871 | | | 13,625 | | | | | | | Notes payable after one year | 49,607 | | | 52,357 | | | | | | | Asset-backed debt | | | | | | | | | Notes payable within one year | 23,050 | | | 19,831 | | | | | | | Notes payable after one year | 36,224 | | | 37,741 | | | | | | | Unamortized (discount)/premium and issuance costs | (253) | | | (247) | | | | | | | Fair value adjustments (a) | (1,044) | | | (240) | | | | | | | Total long-term debt | 120,455 | | | 123,067 | | | 4.8 | % | | 4.7 | % | | Total debt | $ | 137,868 | | | $ | 141,417 | | | 4.8 | % | | 4.6 | % | | | | | | | | | | Fair value of debt | $ | 140,046 | | | $ | 144,213 | | | | | | | Interest rate characteristics of debt payable after one year | | | | | | | | | Fixed interest rate | 69,085 | | | 71,962 | | | | | | | Variable interest rate (generally based on SOFR or other short-term rates) | 16,746 | | | 18,136 | | | | | | Total payable after one year | $ | 85,831 | | | $ | 90,098 | | | | | |
__________ (a)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $(450) million and $(319) million at December 31, 2024 and 2025, respectively. The carrying value of hedged debt was $41.1 billion and $41.7 billion at December 31, 2024 and 2025, respectively.
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| Schedule of Maturities of Long-term Debt |
ebt maturities, including both scheduled principal and interest payments, at December 31, 2025 were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2026 (a) | | 2027 | | 2028 | | 2029 | | 2030 | | Thereafter (b) | | Total | | Unsecured debt | $ | 30,053 | | | $ | 12,941 | | | $ | 11,657 | | | $ | 8,613 | | | $ | 7,836 | | | $ | 11,310 | | | $ | 82,410 | | | Asset-backed debt | 21,753 | | | 17,819 | | | 12,104 | | | 4,581 | | | 3,237 | | | — | | | 59,494 | | Total | 51,806 | | | 30,760 | | | 23,761 | | | 13,194 | | | 11,073 | | | 11,310 | | | 141,904 | | | Unamortized (discount)/premium and issuance costs | | | | | | | | | | | | | (247) | | | Fair value adjustments | | | | | | | | | | | | | (240) | | | Total debt | | | | | | | | | | | | | $ | 141,417 | | | Interest payments related to long-term debt | $ | 5,309 | | | $ | 3,858 | | | $ | 2,583 | | | $ | 1,633 | | | $ | 1,057 | | | $ | 1,666 | | | $ | 16,106 | |
__________ (a)Includes $18,350 million for short-term and $33,456 million for long-term debt. (b)Matures between 2031 and 2035.
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