v3.26.1
Financing arrangements
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Financing arrangements Financing arrangements
Our borrowings consisted of the following (in millions):
June 30, 2026December 31, 2025
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes)
$— $881 
2.60% notes due 2026 (2.60% 2026 Notes)
1,250 1,250 
Term loan due October 20261,800 1,800 
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes)
630 640 
2.20% notes due 2027 (2.20% 2027 Notes)
1,724 1,724 
3.20% notes due 2027 (3.20% 2027 Notes)
1,000 1,000 
5.15% notes due 2028 (5.15% 2028 Notes)
3,750 3,750 
1.65% notes due 2028 (1.65% 2028 Notes)
1,234 1,234 
3.00% notes due 2029 (3.00% 2029 Notes)
750 750 
4.05% notes due 2029 (4.05% 2029 Notes)
1,250 1,250 
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes)
928 944 
2.45% notes due 2030 (2.45% 2030 Notes)
1,250 1,250 
5.25% notes due 2030 (5.25% 2030 Notes)
2,750 2,750 
4.20% notes due 2031 (4.20% 2031 Notes)
1,000 — 
2.30% notes due 2031 (2.30% 2031 Notes)
1,250 1,250 
2.00% notes due 2032 (2.00% 2032 Notes)
987 987 
3.35% notes due 2032 (3.35% 2032 Notes)
1,000 1,000 
4.20% notes due 2033 (4.20% 2033 Notes)
750 750 
5.25% notes due 2033 (5.25% 2033 Notes)
4,250 4,250 
4.85% notes due 2036 (4.85% 2036 Notes)
1,750 — 
6.375% notes due 2037 (6.375% 2037 Notes)
478 478 
6.90% notes due 2038 (6.90% 2038 Notes)
254 254 
6.40% notes due 2039 (6.40% 2039 Notes)
333 333 
3.15% notes due 2040 (3.15% 2040 Notes)
1,478 1,478 
5.75% notes due 2040 (5.75% 2040 Notes)
373 373 
2.80% notes due 2041 (2.80% 2041 Notes)
543 568 
4.95% notes due 2041 (4.95% 2041 Notes)
600 600 
5.15% notes due 2041 (5.15% 2041 Notes)
729 729 
5.65% notes due 2042 (5.65% 2042 Notes)
415 415 
5.60% notes due 2043 (5.60% 2043 Notes)
2,750 2,750 
5.375% notes due 2043 (5.375% 2043 Notes)
185 185 
4.40% notes due 2045 (4.40% 2045 Notes)
2,250 2,250 
5.50% notes due 2046 (5.50% 2046 Notes)
500 — 
4.563% notes due 2048 (4.563% 2048 Notes)
1,415 1,415 
3.375% notes due 2050 (3.375% 2050 Notes)
1,269 1,462 
4.663% notes due 2051 (4.663% 2051 Notes)
3,541 3,541 
3.00% notes due 2052 (3.00% 2052 Notes)
598 703 
4.20% notes due 2052 (4.20% 2052 Notes)
882 882 
4.875% notes due 2053 (4.875% 2053 Notes)
1,000 1,000 
5.65% notes due 2053 (5.65% 2053 Notes)
4,250 4,250 
2.77% notes due 2053 (2.77% 2053 Notes)
940 940 
5.65% notes due 2056 (5.65% 2056 Notes)
750 — 
4.40% notes due 2062 (4.40% 2062 Notes)
1,128 1,128 
June 30, 2026December 31, 2025
5.75% notes due 2063 (5.75% 2063 Notes)
2,750 2,750 
Other notes due 2097100 100 
Total principal amount of debt
58,814 56,044 
Unamortized bond discounts, premiums and issuance costs, net(1,317)(1,306)
Fair value adjustments(217)(161)
Other24 27 
Total carrying value of debt57,304 54,604 
Less current portion(5,445)(4,599)
Total long-term debt$51,859 $50,005 
There are no material differences between the effective interest rates and coupon rates of our notes, except for the 4.563% 2048 Notes, the 4.663% 2051 Notes and the 2.77% 2053 Notes, which have effective interest rates of 6.3%, 5.6% and 5.2%, respectively.
The Term loan has an interest rate of one-month SOFR plus 1.225%.
Debt issuances
In the first quarter of 2026, we issued $4.0 billion of debt consisting of $1.0 billion of the 4.20% 2031 Notes, $1.75 billion of the 4.85% 2036 Notes, $500 million of the 5.50% 2046 Notes and $750 million of the 5.65% 2056 Notes. There were no debt issuances during the three months ended June 30, 2026 or during the three and six months ended June 30, 2025.
Debt repayments
During the three months ended June 30, 2026, we did not have any debt repayments, compared to $1.0 billion of debt repayments during the three months ended June 30, 2025. During the six months ended June 30, 2026, we repaid the €750 million aggregate principal amount of the 2.00% 2026 euro Notes ($833 million upon settlement of the related cross-currency swap), compared to $3.5 billion of debt repayments during the six months ended June 30, 2025.
Debt extinguishment
During the three months ended June 30, 2026, we did not have any extinguishments of debt. During the three months ended June 30, 2025, we repurchased an aggregate principal amount of our debt of $418 million, including portions of the 3.15% 2040 Notes, 2.80% 2041 Notes, 3.375% 2050 Notes, 3.00% 2052 Notes, 4.20% 2052 Notes and 4.40% 2062 Notes, for an aggregate cost of $301 million, which resulted in a $117 million gain on extinguishment of debt.
During the six months ended June 30, 2026, we repurchased an aggregate principal amount of our debt of $324 million, including portions of the 2.80% 2041 Notes, 3.375% 2050 Notes and 3.00% 2052 Notes, for an aggregate cost of $233 million, which resulted in a $90 million gain on extinguishment of debt. During the six months ended June 30, 2025, we repurchased an aggregate principal amount of our debt of $832 million, including portions of the 2.00% 2032 Notes, 3.15% 2040 Notes, 2.80% 2041 Notes, 3.375% 2050 Notes, 3.00% 2052 Notes, 4.20% 2052 Notes and 4.40% 2062 Notes, for an aggregate cost of $602 million, which resulted in a $228 million gain on extinguishment of debt. Gains and losses on extinguishments of debt are recorded in Other (expense) income, net, in the Condensed Consolidated Statements of Income.
Interest rate swap contracts
See Note 12, Derivative instruments, for a discussion of interest rate swap contracts related to certain of our notes.
Shelf registration statement and other facilities
In February 2026, we filed a shelf registration statement with the SEC that allows us to issue unspecified amounts of debt securities, common stock, preferred stock, warrants to purchase securities (including debt securities, common stock, preferred stock or depositary shares), rights to purchase common stock or preferred stock, securities purchase contracts, securities purchase units, and depositary shares. Under this shelf registration statement, all of the securities available for issuance may be offered from time to time with terms to be determined at the time of issuance. This shelf registration statement expires in February 2029.
In the first quarter of 2026, we extended the term of our $4.0 billion syndicated, unsecured, revolving credit facility by one year to March 2029. As of June 30, 2026 and December 31, 2025, no amounts were outstanding under this facility.