v3.26.3
Short-term and Long-term Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Table - 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.
Table - 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.
Table - Contractual Maturity of Long-Term Debt
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.