v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
 
Debt consists of the following ($ in millions):
September 30, 2026December 31, 2025
$2,500 million 4.25% Senior Notes due December 15, 2027
$568 $2,211 
$2,300 million 2.45% Senior Notes due July 15, 2028
2,101 2,302 
$3,500 million 4.625% Senior Notes due December 15, 2029
3,277 3,277 
$2,000 million 3.375% Senior Notes due February 15, 2030
2,000 2,000 
$2,200 million 3.00% Senior Notes due October 15, 2030
2,200 2,200 
$2,200 million 2.50% Senior Notes due March 1, 2031
2,200 2,200 
$1,300 million 2.625% Senior Notes due August 1, 2031
1,300 1,300 
Total senior notes13,646 15,490 
Term Loan Facility1,963 2,000 
Debt issuance costs(67)(89)
Total debt15,542 17,401 
Less: current portion(88)(50)
 Long-term debt$15,454 $17,351 
Senior Notes

Senior Notes due December 15, 2027

During the three and nine months ended September 30, 2026, the Company repurchased $500 million and $1,647 million, respectively, of its par value Senior Notes due 2027 through the Company's senior note debt repurchase program. During the three and nine months ended September 30, 2026, the Company recognized a $2 million and $7 million pre-tax loss, respectively, on the repurchase of the notes, including the impact of unamortized debt discount and issuance costs of $2 million and $7 million, respectively. In October 2026, the Company redeemed in full at par the remaining $569 million of its par value Senior Notes due 2027 through the debt repurchase program.

Senior Notes due July 15, 2028

During the three and nine months ended September 30, 2026, the Company repurchased $58 million and $200 million, respectively of its par value Senior Notes due 2028 for $55 million and $190 million, respectively, through the Company's senior note debt repurchase program. The Company recognized a $3 million and $9 million pre-tax gain on the repurchase of the notes, during the three and nine months ended September 30, 2026, respectively. The nine months ended September 30, 2026 included the impact of unamortized debt premium and issuance costs of $1 million.

Senior Note Debt Repurchase Program

In June 2022, the Company's Board of Directors authorized a $1,000 million senior note debt repurchase program in preparation for future debt reductions as part of the Company's strategic initiatives, which was increased by $1,000 million in February 2026 and by $750 million in May 2026. During the nine months ended September 30, 2026, the Company repurchased $1,847 million of its par value Senior Notes due 2027 and 2028 for an aggregate amount of $1,837 million, as described above. As of September 30, 2026, there was $426 million available under the senior note debt repurchase program.

In October 2026, the debt repurchase program was increased by $2,000 million and subsequently the Company redeemed in full the remaining $569 million of its par value Senior Notes due 2027 for $569 million through the debt repurchase program. Reflecting the increase in authorization and subsequent repurchase, there was $1,857 million available under the senior note debt repurchase program as of October 27, 2026.