v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term 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.