The following table summarizes the carrying value of our outstanding debt as of the dates indicated (in millions, except percentages): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Coupon Rate | | June 30, 2026 | | Effective Interest Rate | | December 31, 2025 | | Effective Interest Rate | | Long-Term Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Senior Notes: | | | | | | | | | | | | Senior notes due 2026 | | 1.400 | % | | $ | — | | | — | % | | $ | 750 | | | 1.252 | % | | Senior notes due 2027 | | 3.600 | % | | 850 | | | 3.689 | % | | 850 | | | 3.689 | % | | Senior notes due 2027 | | 5.950 | % | | 300 | | | 6.064 | % | | 300 | | | 6.064 | % | | Senior notes due 2029 | | 4.250 | % | | 600 | | | 4.419 | % | | 600 | | | 4.419 | % | | Senior notes due 2030 | | 2.700 | % | | 950 | | | 2.623 | % | | 950 | | | 2.623 | % | | Senior notes due 2031 | | 2.600 | % | | 750 | | | 2.186 | % | | 750 | | | 2.186 | % | | Senior notes due 2032 | | 6.300 | % | | 425 | | | 6.371 | % | | 425 | | | 6.371 | % | | Senior notes due 2035 | | 5.125 | % | | 400 | | | 5.226 | % | | 400 | | | 5.226 | % | | Senior notes due 2042 | | 4.000 | % | | 750 | | | 4.114 | % | | 750 | | | 4.114 | % | | Senior notes due 2051 | | 3.650 | % | | 1,000 | | | 2.517 | % | | 1,000 | | | 2.517 | % | | | | | | | | | | | | | Total senior notes | | | | 6,025 | | | | | 6,775 | | | | Hedge accounting fair value adjustments (1) | | | | (8) | | | | | (2) | | | | Unamortized discount and debt issuance costs | | | | (25) | | | | | (27) | | | | | | | | | | | | | | | | Less: Current portion of long-term debt | | | | (850) | | | | | (750) | | | | | Total long-term debt | | | | 5,142 | | | | | 5,996 | | | | | | | | | | | | | | | | Short-Term Debt | | | | | | | | | | | | Current portion of long-term debt | | | | 850 | | | | | 750 | | | | | | | | | | | | | | | | Commercial paper | | | | 750 | | | | | — | | | | Unamortized discount and debt issuance costs | | | | (7) | | | | | — | | | | | | | | | | | | | | | | Total short-term debt | | | | 1,593 | | | | | 750 | | | | | Total Debt | | | | $ | 6,735 | | | | | $ | 6,746 | | | |
(1)Includes the fair value adjustments to debt associated with interest rate swaps designated as fair value hedges.
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