v3.26.3
Short-term and Long-term Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Short-term and Long-term Debt
Short-term and Long-term Debt
Short-term Debt
The table below summarizes the balances and effective interest rates for our short-term debt (debt with original maturities of one year or less).
Table 7.1 - Short-term Debt(1)
(Dollars in millions)September 30, 2026December 31, 2025
Par value$9,581 $37,867 
Carrying amount9,525 37,718 
Weighted average effective rate3.79 %3.82 %
(1)Includes $0.2 billion and $3.0 billion of callable debt as of September 30, 2026 and December 31, 2025, respectively.
Long-term Debt
The table below summarizes our long-term debt (debt with original maturities of more than one year).
Table 7.2 - Long-term Debt
September 30, 2026December 31, 2025
(Dollars in millions)Contractual MaturityPar Value
Carrying Amount(1)
Weighted
Average
Effective Rate(2)
Contractual MaturityPar Value
Carrying Amount(1)
Weighted
Average
Effective Rate(2)
Fixed-rate(3)
 2026 - 2056 $105,877 $102,031 3.67 %2026 - 2054$92,236 $90,104 3.62 %
Variable-rate(4)
 2026 - 2036 50,582 50,554 4.49 2026 - 203576,008 75,991 4.74 
Zero-coupon 2027 - 2039 3,904 2,703 4.74 2026 - 20393,904 2,610 4.73 
Other(5)
2027 - 20531,652 1,710 6.23 2028 - 2053546 591 8.95 
Total long-term debt$162,015 $156,998 3.97 $172,694 $169,296 4.15 
(1)Represents par value, net of associated discounts or premiums and issuance costs. Includes $0.2 billion at both September 30, 2026 and December 31, 2025 of long-term debt that represents the fair value of debt for which the fair value option was elected. Includes hedge-related basis adjustments.
(2)Based on carrying amount. Excludes hedge-related basis adjustments.
(3)Includes $98.0 billion and $84.4 billion of callable debt as of September 30, 2026 and December 31, 2025, respectively.
(4)Includes $0.9 billion and $0.7 billion of callable debt as of September 30, 2026 and December 31, 2025, respectively.
(5)Includes STACR debt notes, SCR debt notes, IO debt, and certain other borrowings.
A portion of our long-term debt is callable. Callable debt gives us the option to redeem the debt security at par on one or more specified call dates or at any time on or after a specified call date.
The table below summarizes contractual maturities of long-term debt securities at September 30, 2026.
Table 7.3 - Contractual Maturities of Long-term Debt(1)
(In millions)Par Value
2026$15,948 
202747,291 
202821,531 
202918,891 
203024,068 
Thereafter32,634 
Total$160,363 
(1)Excludes certain debt obligations that borrowers may prepay at any time, generally without penalty.