v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt DEBT
As of June 30, 2026, we had $132.1 billion of unsecured senior notes outstanding (the “Notes”), including foreign currency-denominated Notes issued for general corporate purposes, the carrying values of which are subject to foreign exchange rate fluctuations. Our total long-term debt obligations are as follows (in millions):
Maturities (1)Stated Interest RatesEffective Interest RatesDecember 31, 2025June 30, 2026
2014 Notes issuance of $6.0 billion
2034 - 2044
4.80% - 4.95%
4.93% - 5.12%
2,750 2,750 
2017 Notes issuance of $17.0 billion
2027 - 2057
3.15% - 4.25%
3.25% - 4.33%
12,000 12,000 
2020 Notes issuance of $10.0 billion
2027 - 2060
1.20% - 2.70%
1.26% - 2.77%
7,750 7,750 
2021 Notes issuance of $18.5 billion
2028 - 2061
1.65% - 3.25%
1.70% - 3.31%
15,000 12,250 
April 2022 Notes issuance of $12.8 billion
2027 - 2062
3.30% - 4.10%
3.40% - 4.15%
9,750 9,750 
December 2022 Notes issuance of $8.3 billion
2027 - 2032
4.55% - 4.70%
4.61% - 4.74%
5,750 5,750 
2025 Notes issuance of $15.0 billion
2028 - 2065
3.90% - 5.55%
3.99% - 5.62%
15,000 15,000 
March 2026 Notes issuance of $37.0 billion (2)
2028 - 2076
3.85% - 6.05%
3.96% - 6.12%
— 37,000 
March 2026 Euro-denominated Notes issuance of €14.5 billion (3)
2028 - 2064
2.50% - 4.85%
2.59% - 4.88%
— 16,550 
May 2026 Swiss franc-denominated Notes issuance of CHF2.8 billion
2029 - 2051
0.84% - 2.08%
0.90% - 2.10%
— 3,487 
June 2026 Canadian Dollar-denominated Notes issuance of C$14.0 billion
2029 - 2056
3.40% - 5.00%
3.46% - 5.05%
— 9,853 
Other long-term debt836 855 
Total face value of long-term debt68,836 132,995 
Unamortized discount and issuance costs, net(440)(771)
Less: current portion of long-term debt(2,748)(3,330)
Long-term debt$65,648 $128,894 
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(1) The weighted-average remaining lives of the 2014, 2017, 2020, 2021, April 2022, December 2022, 2025, March 2026, March 2026 Euro-denominated, May 2026 Swiss franc-denominated, and June 2026 Canadian Dollar-denominated Notes were 13.9, 14.9, 17.6, 15.6, 13.3, 3.9, 15.1, 16.4, 10.1, 8.9, and 14.8 years as of June 30, 2026. The combined weighted-average remaining life of the Notes was 14.2 years as of June 30, 2026.
(2) Includes $2.8 billion of floating rate Notes due in 2028 and 2029. Interest is calculated using the compounded Secured Overnight Financing Rate (“SOFR”) plus 0.44% and 0.59%, respectively, and payable quarterly in arrears.
(3) Includes €1.8 billion of floating rate Notes due in 2028. Interest is calculated using Euro Interbank Offered Rate (“EURIBOR”) plus 0.35%, payable quarterly in arrears.
Interest on the Notes is primarily payable semi-annually in arrears except for the fixed rate March 2026 Euro-denominated Notes and May 2026 Swiss franc-denominated Notes for which interest is primarily payable annually in arrears. We may redeem the fixed rate Notes at any time in whole, or from time to time, in part at specified redemption prices, except for the May 2026 Swiss franc-denominated Notes, which we may redeem on or after the applicable par call dates in whole, but not in part. The floating rate Notes are generally not redeemable prior to maturity. We are not subject to any financial covenants under the Notes.
The estimated fair value of the Notes was approximately $61.1 billion and $123.8 billion as of December 31, 2025 and June 30, 2026, which is based on quoted prices for our debt as of those dates.
Subsequent to June 30, 2026, we issued $25.0 billion of U.S. Dollar-denominated Notes for general corporate purposes with maturities between 2029 and 2066, including $750 million of floating rate Notes due in 2029 based on the compounded SOFR plus 0.58%. The fixed rate Notes have stated interest rates between 4.60% and 6.25%, and effective interest rates between 4.67% and 6.33%.
We have U.S. Dollar and Euro commercial paper programs (the “Commercial Paper Programs”) under which we may from time to time issue unsecured commercial paper up to a total of $30.0 billion (including up to €3.0 billion) at the date of issue, with individual maturities that may vary but will not exceed 397 days from the date of issue. There were no borrowings outstanding under the Commercial Paper Programs as of December 31, 2025 and June 30, 2026. We use the net proceeds from the issuance of commercial paper for general corporate purposes.
We have an aggregate $20.0 billion in unsecured revolving credit facilities with syndicates of lenders, consisting of a $15.0 billion facility (the “Credit Agreement”) and a $5.0 billion 364-day facility (the “Short-Term Credit Agreement”). The Credit Agreement has a term that extends to November 2028 and may be extended for one or more additional one-year terms subject to approval by the lenders. The interest rate applicable to outstanding balances under the Credit Agreement is the applicable benchmark rate specified in the Credit Agreement plus 0.45%, with a commitment fee of 0.03% on the undrawn portion of the credit facility. The Short-Term Credit Agreement matures in October 2026 and may be extended for one additional period of 364 days subject to approval by the lenders. The interest rate applicable to outstanding balances under the Short-Term Credit Agreement is the SOFR specified in the Short-Term Credit Agreement plus 0.45%, with a commitment fee of 0.03% on the undrawn portion. There were no borrowings outstanding under the Credit Agreement and the Short-Term Credit Agreement as of December 31, 2025 and June 30, 2026.
In June 2026, we entered into a $17.5 billion unsecured delayed draw term loan with a syndicate of lenders (“Term Loan”), which matures three years from the date of borrowing and bears interest at the SOFR specified in the Term Loan plus a margin ranging from 0.625% to 0.875% based on our credit ratings. We may draw up to $17.5 billion in a single draw on any business day on or prior to September 30, 2026, after which any undrawn commitments will automatically terminate. Amounts borrowed and repaid may not be reborrowed. There were no borrowings outstanding under the Term Loan as of June 30, 2026.
We also utilize other short-term credit facilities for working capital purposes. There were $455 million and $325 million of borrowings outstanding under these facilities as of December 31, 2025 and June 30, 2026, which were included in “Accrued expenses and other” on our consolidated balance sheets.
Standby letters of credit are guarantees issued by financial institutions on our behalf, which can only be drawn in the event we fail to perform under the underlying obligation, and do not reduce the amount of borrowings available under our credit facilities. As of June 30, 2026, our total standby letter of credit facilities assigned to specific beneficiaries was $13.4 billion, primarily related to our payment-related services, and workers’ compensation and insurance programs.