Debt consisted of the following at December 31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | Effective
Interest Rate | | | | | | (in millions) | | | | Senior Notes | | | | | | | | | | 2025 USD Notes | | Floating Rate | Senior Notes due March 2028 | | $ | 300 | | | $ | — | | | ** | | | 4.550 | % | Senior Notes due March 2028 | | 450 | | | — | | | 4.727 | % | | | 4.950 | % | Senior Notes due March 2032 | | 500 | | | — | | | 5.063 | % | | | | | | | | | | | 2024 USD Notes | | 4.100 | % | Senior Notes due January 2028 | | 750 | | | 750 | | | 4.262 | % | | | 4.350 | % | Senior Notes due January 2032 | | 1,150 | | | 1,150 | | | 4.446 | % | | | 4.550 | % | Senior Notes due January 2035 | | 1,100 | | | 1,100 | | | 4.633 | % | | | 4.875 | % | Senior Notes due May 2034 | | 1,000 | | | 1,000 | | | 5.047 | % | | | | | | | | | | | | 2023 USD Notes | | 4.875 | % | Senior Notes due March 2028 | | 750 | | | 750 | | | 5.003 | % | | | 4.850 | % | Senior Notes due March 2033 | | 750 | | | 750 | | | 4.923 | % | | | | | | | | | | | 2022 EUR Notes | | 1.000 | % | Senior Notes due February 2029 | | 882 | | | 781 | | | 1.138 | % | | | | | | | | | | | | 2021 USD Notes | | 2.000 | % | Senior Notes due November 2031 | | 750 | | | 750 | | | 2.112 | % | | | 1.900 | % | Senior Notes due March 2031 | | 600 | | | 600 | | | 1.981 | % | | | 2.950 | % | Senior Notes due March 2051 | | 700 | | | 700 | | | 3.013 | % | | | | | | | | | | | | 2020 USD Notes | | 3.300 | % | Senior Notes due March 2027 | | 1,000 | | | 1,000 | | | 3.420 | % | | | 3.350 | % | Senior Notes due March 2030 | | 1,500 | | | 1,500 | | | 3.430 | % | | | 3.850 | % | Senior Notes due March 2050 | | 1,500 | | | 1,500 | | | 3.896 | % | | | | | | | | | | | | 2019 USD Notes | | 2.950 | % | Senior Notes due June 2029 | | 1,000 | | | 1,000 | | | 3.030 | % | | | 3.650 | % | Senior Notes due June 2049 | | 1,000 | | | 1,000 | | | 3.689 | % | | | 2.000 | % | Senior Notes due March 2025 | | — | | | 750 | | | 2.147 | % | | | | | | | | | | | | 2018 USD Notes | | 3.500 | % | Senior Notes due February 2028 | | 500 | | | 500 | | | 3.598 | % | | | 3.950 | % | Senior Notes due February 2048 | | 500 | | | 500 | | | 3.990 | % | | | | | | | | | | | | 2016 USD Notes | | 2.950 | % | Senior Notes due November 2026 | | 750 | | | 750 | | | 3.044 | % | | | 3.800 | % | Senior Notes due November 2046 | | 600 | | | 600 | | | 3.893 | % | | | | | | | | | | | 2015 EUR Notes | | 2.100 | % | Senior Notes due December 2027 | | 941 | | | 833 | | | 2.189 | % | | | 2.500 | % | Senior Notes due December 2030 | | 176 | | | 156 | | | 2.562 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 19,149 | | | 18,420 | | | | | Less: Unamortized discount and debt issuance costs | | (122) | | | (131) | | | | Less: Cumulative hedge accounting fair value adjustments 1 | | (27) | | | (63) | | | | | Total debt outstanding | | 19,000 | | | 18,226 | | | | Less: Short-term debt 2 | | (749) | | | (750) | | | | | Long-term debt | | $ | 18,251 | | | $ | 17,476 | | | |
**The $300 million of Senior Notes due March 2028 are Floating Rate Notes that bear interest at a floating rate, reset quarterly, equal to the Compounded Secured Overnight Financing Rate (“SOFR”) plus 0.44%. 1The Company has an interest rate swap that is accounted for as a fair value hedge. See Note 21 (Derivative and Hedging Instruments) for additional information. 2As of December 31, 2025, the 2016 USD Notes due November 2026 were classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheets. As of December 31, 2024, the 2019 USD Notes due March 2025 were classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheets.
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