| Schedule of Components of Debt |
Components of debt, including the associated effective interest rates and maturities were as follows (in millions, except for percentages): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | | | | | | | | December 31, 2025 | | June 30, 2026 | | Stated Interest Rates | | Effective Interest Rates | | Maturities | | 2026 Term Loan | | — | | | 2,000 | | | 4.46 | % | | 4.8 | % | | December 2026 | 2028 Convertible Notes | | 1,725 | | | 1,725 | | | 0.875 | % | | 1.1 | % | | December 2028 | | 2028 Exchangeable Senior Notes | | 1,125 | | | 1,324 | | | 0.00 | % | | 0.0 | % | | May 2028 | | 2029 Senior Notes | | 1,500 | | | 1,500 | | | 4.50 | % | | 4.7 | % | | August 2029 | | 2030 Senior Notes | | 1,250 | | | 1,250 | | | 4.30 | % | | 4.5 | % | | January 2030 | | 2031 Senior Notes | | 1,000 | | | 1,000 | | | 4.15 | % | | 4.3 | % | | January 2031 | | 2034 Senior Notes | | 1,500 | | | 1,500 | | | 4.80 | % | | 4.9 | % | | September 2034 | | 2035 Senior Notes | | 1,250 | | | 1,250 | | | 4.80 | % | | 5.0 | % | | September 2035 | | 2054 Senior Notes | | 1,250 | | | 1,250 | | | 5.35 | % | | 5.4 | % | | September 2054 | | | | | | | | | | | | | Less: unamortized discount and issuance costs | | (79) | | | (76) | | | | | | | | Total debt(1) | | $ | 10,521 | | | $ | 12,723 | | | | | | | | | | | | | | | | | | | | Short-term debt | | — | | | 1,997 | | | | | | | | | Long-term debt | | 10,521 | | | 10,726 | | | | | | | |
(1) The total fair value of our outstanding debt was $11.1 billion and $12.9 billion as of December 31, 2025 and June 30, 2026, respectively, and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.
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