v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Debt consisted of the following:
June 30,
2026		December 31,
2025		Effective
Interest Rate
(in millions)
Senior Notes
2026 USD NotesFloating RateSenior Notes due June 2028$500 $— **
4.325 %Senior Notes due June 20281,250 — 4.499 %
4.425 %Senior Notes due June 20291,150 — 4.561 %
4.600 %Senior Notes due June 20311,350 — 4.704 %
5.000 %Senior Notes due June 2036750 — 5.063 %
2025 USD Notes
Floating Rate
Senior Notes due March 2028
300 300 
**
4.550 %
Senior Notes due March 2028
450 450 4.727 %
4.950 %
Senior Notes due March 2032
500 500 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 Notes4.875 %Senior Notes due March 2028750 750 5.003 %
4.850 %Senior Notes due March 2033750 750 4.923 %
2022 EUR Notes
1.000 %Senior Notes due February 2029855 882 1.138 %
2021 USD Notes2.000 %Senior Notes due November 2031750 750 2.112 %
1.900 %Senior Notes due March 2031600 600 1.981 %
2.950 %Senior Notes due March 2051700 700 3.013 %
2020 USD Notes3.300 %Senior Notes due March 20271,000 1,000 3.420 %
3.350 %Senior Notes due March 20301,500 1,500 3.430 %
3.850 %Senior Notes due March 20501,500 1,500 3.896 %
2019 USD Notes2.950 %Senior Notes due June 20291,000 1,000 3.030 %
3.650 %Senior Notes due June 20491,000 1,000 3.689 %
2018 USD Notes3.500 %Senior Notes due February 2028500 500 3.598 %
3.950 %Senior Notes due February 2048500 500 3.990 %
2016 USD Notes2.950 %Senior Notes due November 2026750 750 3.044 %
3.800 %Senior Notes due November 2046600 600 3.893 %
2015 EUR Notes
2.100 %Senior Notes due December 2027912 941 2.189 %
2.500 %Senior Notes due December 2030171 176 2.562 %
Commercial Paper
Commercial paper borrowings710 — 
24,798 19,149 
Less: Unamortized discount and debt issuance costs(134)(122)
Less: Cumulative hedge accounting fair value adjustments 1
(21)(27)
Total debt outstanding24,643 19,000 
Less: Short-term debt 2
(2,459)(749)
Long-term debt$22,184 $18,251 
**The $500 million of Senior Notes due June 2028 and 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 0.39% and 0.44%, respectively.
1The Company has an interest rate swap that is accounted for as a fair value hedge. See Note 16 (Derivative and Hedging Instruments) for additional information.
2As of June 30, 2026, the commercial paper borrowings, the 2016 USD Notes due November 2026 and the 2020 USD Notes due March 2027 were classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheets. As 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.
Senior Notes
In June 2026, the Company issued $5.000 billion principal amount of notes, as described in more detail in the preceding table (the “2026 USD Notes”). The net proceeds from the issuance of the 2026 USD Notes (after deducting the original issue discount, underwriting discount and offering expenses) were $4.978 billion.
The 2026 USD Notes are not subject to any financial covenants, are senior unsecured obligations and rank equally with any future unsecured and unsubordinated indebtedness. At the Company’s option, the notes may be redeemed in whole, or in part, at any time for a specified make-whole amount, with the exception of the Floating Rate Notes.
Commercial Paper Program and Credit Facility
The Company has a commercial paper program (the “Commercial Paper Program”) under which the Company is authorized to issue up to $8 billion in unsecured commercial paper notes with maturities of up to 397 days from the date of issuance. The Commercial Paper Program is available in U.S. dollars.
In conjunction with the Commercial Paper Program, the Company has a committed five-year unsecured $8 billion revolving credit facility (the “Credit Facility”). The Credit Facility is set to expire on November 7, 2030. Borrowings under the Credit Facility are available in U.S. dollars and/or euros. The facility fee under the Credit Facility is determined according to the Company’s credit rating and is payable on the average daily commitment, regardless of usage, per annum. In addition to the facility fee, interest rates on borrowings under the Credit Facility would be based on prevailing market interest rates plus applicable margins that fluctuate based on the Company’s credit rating. The Credit Facility contains customary representations, warranties, affirmative and negative covenants, events of default and indemnification provisions. The Company was in compliance, in all material respects, with the covenants of the Credit Facility at June 30, 2026 and December 31, 2025.
Borrowings under the Commercial Paper Program and the Credit Facility, which may total up to $8 billion, are to be used to provide liquidity for general corporate purposes, including providing liquidity in the event of one or more settlement failures by the Company’s customers. The Company may borrow and repay amounts under the Commercial Paper Program and Credit Facility for business continuity purposes.
At June 30, 2026, the Company had $710 million of commercial paper outstanding, with a weighted-average interest rate of 3.84%. At June 30, 2026, the Company had no borrowings under the Credit Facility. At December 31, 2025, the Company had no borrowings under the Commercial Paper Program or Credit Facility. The Commercial Paper Program is supported by the Credit Facility.