v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
NOTES

The following table summarizes total long-term debt:
MaturitiesEffective Interest RateMarch 31,
2026		December 31,
2025
(in millions)
September 2019 debt issuance:
Fixed-rate 2.650% notes
10/1/20262.78%$1,250 $1,250 
Fixed-rate 2.850% notes
10/1/20292.96%1,500 1,500 
May 2020 debt issuance:
Fixed-rate 2.300% notes
6/1/20302.39%1,000 1,000 
Fixed-rate 3.250% notes
6/1/20503.33%1,000 1,000 
May 2022 debt issuance:
Fixed-rate 3.900% notes
6/1/20274.06%500 500 
Fixed-rate 4.400% notes
6/1/20324.53%1,000 1,000 
Fixed-rate 5.050% notes
6/1/20525.14%1,000 1,000 
Fixed-rate 5.250% notes
6/1/20625.34%500 500 
June 2023 debt issuance(1):
¥23 billion fixed-rate 0.972% notes
6/9/20261.06%144 147 
¥37 billion fixed-rate 1.240% notes
6/9/20281.31%232 237 
May 2024 debt issuance:
Fixed-rate 5.150% notes
6/1/20345.35%850 850 
Fixed-rate 5.500% notes
6/1/20545.66%400 400 
March 2025 debt issuance:
Floating-rate notes3/6/20284.73%450 450 
Fixed-rate 4.450% notes
3/6/20284.66%450 450 
Fixed-rate 5.100% notes
4/1/20355.20%600 600 
Total term debt
10,876 10,884 
Unamortized premium (discount) and issuance costs, net(73)(76)
Less: current portion of term debt(2)
(1,394)(1,396)
Total carrying amount of term debt
$9,409 $9,412 
(1) Principal amounts represent the U.S. dollar equivalent as of March 31, 2026 and December 31, 2025, respectively.
(2) The current portion of term debt is included within “accrued expenses and other current liabilities” on our condensed consolidated balance sheets.
As of March 31, 2026, the future principal payments associated with our long-term debt was as follows (in millions):
Remaining 2026
$1,394 
2027500 
20281,132 
20291,500 
2030
1,000 
Thereafter5,350 
Total$10,876 
The effective interest rates for the notes include interest on the notes, amortization of debt issuance costs, and amortization of the debt discount. The interest expense recorded for the notes, including amortization of the debt discount and debt issuance costs, was $106 million and $98 million for the three months ended March 31, 2026 and 2025, respectively.

CREDIT FACILITIES

Paidy credit agreement

In February 2022, we entered into a credit agreement (the “Paidy Credit Agreement”) with Paidy as co-borrower, which provided for an unsecured revolving credit facility of ¥60.0 billion, which was modified in September 2022 to increase the borrowing capacity by ¥30.0 billion for a total borrowing capacity of ¥90.0 billion (approximately $563 million as of March 31, 2026). The Paidy Credit Agreement will terminate and all amounts owed thereunder will be due and payable in February 2027, unless the commitments are terminated earlier. As of March 31, 2026 and December 31, 2025, ¥90.0 billion (approximately $563 million) and ¥90.0 billion (approximately $575 million) was drawn down under the Paidy Credit Agreement, respectively, which was recorded in accrued expenses and other current liabilities and long-term debt, respectively, on our condensed consolidated balance sheets. The weighted average interest rate on the borrowing was 1.42% as of March 31, 2026. At March 31, 2026, no borrowing capacity was available for the purposes permitted by the Paidy Credit Agreement. During the three months ended March 31, 2026 and 2025, the total interest expense and fees we recorded related to the Paidy Credit Agreement were de minimis.

COMMERCIAL PAPER

There was $200 million outstanding in Commercial Paper Notes as of both March 31, 2026 and December 31, 2025, which was recorded in accrued expenses and other current liabilities on our condensed consolidated balance sheets. The weighted average interest rate on the commercial paper borrowings was 3.99% and 4.07% as of March 31, 2026 and December 31, 2025, respectively. The maturities of the Commercial Paper Notes may vary, but may not exceed 397 days from the date of issuance.

Other than as provided above, there were no significant changes to the information disclosed in our 2025 Form 10-K.