v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
The carrying value of our total debt, including short-term and long-term debt, consisted of the following (in millions):
As of June 30, 2026As of December 31, 2025
Short-term debt:
Commercial Paper$1,218 $1,035 
Total short-term debt1,218 1,035 
Long-term debt:
2027 Senior Notes (4.00%; due September 15, 2027)
1,496 1,495 
2027 Senior Notes (3.10%; due September 15, 2027)
499 499 
2028 Senior Notes (3.625%; due September 1, 2028)
963 954 
2028 Senior Notes (3.75%; due September 21, 2028)
598 597 
2028 Senior Notes (3.95%; due December 1, 2028)
595 594 
2029 Senior Notes (4.35%; due June 15, 2029)
1,245 1,245 
2030 Senior Notes (2.10%; due June 15, 2030)
1,243 1,242 
2031 Senior Notes (4.20%; due March 15, 2031)
641 640 
2031 Senior Notes (5.25%; due June 15, 2031)
745 745 
2032 Senior Notes (1.85%; due September 15, 2032)
1,490 1,489 
2033 Senior Notes (4.60%; due March 15, 2033)
1,492 1,491 
2040 Senior Notes (2.65%; due September 15, 2040)
1,235 1,234 
2048 Senior Notes (4.25%; due September 21, 2048)
1,234 1,234 
2050 Senior Notes (3.00%; due June 15, 2050)
1,225 1,224 
2052 Senior Notes (4.95%; due June 15, 2052)
1,468 1,468 
2060 Senior Notes (3.00%; due September 15, 2060)
1,474 1,473 
2062 Senior Notes (5.20%; due June 15, 2062)
985 985 
Total long-term debt18,628 18,609 
Total debt$19,846 $19,644 
As of June 30, 2026, our unsecured senior notes of $18.6 billion had a weighted average maturity of 13 years and a weighted average cost of 3.7% per annum.
Credit Facilities
We have a $3.9 billion senior unsecured revolving credit facility, or the Credit Facility, with future capacity to increase our borrowings under the Credit Facility by an additional $1.0 billion, subject to the consent of the lenders funding the increase and certain other conditions. The maturity date of the Credit Facility is May 31, 2029, and no amounts were outstanding under the Credit Facility as of June 30, 2026.
As of June 30, 2026, of the $3.9 billion that was available for borrowing under the Credit Facility, $1.2 billion was required to back-stop the notes outstanding under our U.S. dollar commercial paper program, or the Commercial Paper Program, and $168 million was required to support certain broker-dealer and other subsidiary commitments. Amounts required to back-stop notes outstanding under the Commercial Paper Program will fluctuate as we increase or decrease our commercial paper borrowings. The remaining $2.5 billion is available for working capital and general corporate purposes including, but not limited to, acting as a back-stop to future amounts outstanding under the Commercial Paper Program.
Our India subsidiaries maintain $14 million of credit lines for their general corporate purposes. As of June 30, 2026, there were no amounts outstanding under these credit lines.
Commercial Paper Program
Our Commercial Paper Program is currently backed by the borrowing capacity available under the Credit Facility, as described above. The effective interest rate of commercial paper issuances does not materially differ from short-term interest rates, which fluctuate due to market conditions and as a result may impact our interest expense. During the six months ended June 30, 2026, we had net borrowings of $183 million under the Commercial Paper Program.
Commercial paper notes of $1.2 billion with original maturities ranging from 1 to 28 days were outstanding as of June 30, 2026, with a weighted average interest rate of 4.0% per annum, and a weighted average remaining maturity of 24 days.