v3.26.3
Borrowings Under Credit Facilities and Commercial Paper Program
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Borrowings Under Credit Facilities and Commercial Paper Program Borrowings Under Credit Facilities and Commercial Paper Programs
At September 30, 2026, we had a primary unsecured credit facility with a consortium of 32 banks that included a $6,250,000,000 unsecured revolving credit facility. The unsecured revolving credit facility is comprised of a $2,000,000,000 tranche that matures on July 24, 2029 (none outstanding at September 30, 2026) and a $4,250,000,000 tranche that matures on March 6, 2030 (none outstanding at September 30, 2026). The unsecured revolving credit facility may be increased, subject to certain conditions and lender commitments, by up to an additional $1,250,000,000. The $4,250,000,000 tranche may be extended, at our option, for two successive six-month periods. The primary unsecured credit facility also allows us to borrow up to $1,750,000,000 in alternative currencies (none outstanding at September 30, 2026). Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over the secured overnight financing rate (“SOFR”) interest rate. Based on our current credit ratings and annual sustainability results, the applicable margin under the unsecured revolving credit facility was 0.675% over SOFR at September 30, 2026. In addition, we pay a facility fee quarterly to each bank based on the bank’s commitment amount. This fee depends on our debt ratings and annual sustainability results and was 0.125% at September 30, 2026. 
Under the terms of our U.S. dollar denominated commercial paper program, we may issue unsecured commercial paper notes with maturities that vary, but do not exceed 397 days from the date of issue, up to a maximum aggregate face or principal amount outstanding at any time of $3,000,000,000. As of September 30, 2026, $760,000,000 of principal was outstanding under the program, reducing the available borrowing capacity under the unsecured revolving credit facility. At September 30, 2026, the notes outstanding under the program had a weighted-average interest rate of 4.13% and a weighted average remaining maturity of one day.
In August 2026, we established a Canadian-dollar denominated commercial paper program. Under the terms of the program, we may issue unsecured commercial paper notes with maturities that vary, but do not exceed 365 days from the date of issue, up to a maximum aggregate face or principal amount outstanding at any time of C$1,000,000,000. As of September 30, 2026, C$400,000,000 of principal was outstanding under the program, equivalent to $281,480,000 based on the period-end exchange rate. The notes had a carrying amount of $281,054,000, net of an unamortized discount of $426,000. The principal amount outstanding reduces the available borrowing capacity of the unsecured revolving credit facility. At September 30, 2026, the notes outstanding under the program had a weighted-average interest rate of 2.62% and a weighted average remaining maturity of 22 days
The following information relates to aggregate principal activity and utilization under our unsecured revolving credit facility and commercial paper programs for the periods presented (in thousands):
Three Months Ended September 30,
Nine Months Ended September 30,
2026202520262025
Beginning balance$—$— $—$—
Gross borrowings22,478,173— 27,928,4236,400,000
Gross repayments(21,435,287)— (26,885,537)(6,400,000)
Effect of foreign currency(1,406)— (1,406)—
Ending balance$1,041,480$—$1,041,480$—
Maximum amount outstanding at any month end$1,490,000$— $1,490,000$600,000
Average amount outstanding (total of daily principal balances divided by days in period)$709,427 $— $260,046 $52,491
Weighted average interest rate (actual interest expense divided by average borrowings outstanding)4.01 %— %4.03 %4.71 %