v3.26.1
FINANCING ARRANGEMENTS
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS FINANCING ARRANGEMENTS
Short-term debt obligations include:
Dollars in millionsMarch 31,
2026		December 31,
2025
Non-U.S. short-term financing obligations
$319 $284 
Current portion of Long-term debt1,988 1,977 
Short-term debt obligations
$2,308 $2,261 

Under its commercial paper program, BMS may issue a maximum of $5.0 billion of unsecured notes with maturities of not more than 365 days from the date of issuance.
Long-term debt and the current portion of Long-term debt include:
Dollars in millionsMarch 31,
2026		December 31,
2025
Principal value$43,665 $44,323 
Adjustments to principal value:
Fair value of interest rate swap contracts17 41 
Unamortized basis adjustment from swap terminations57 60 
Unamortized bond discounts and issuance costs(341)(347)
Unamortized purchase price adjustments of Celgene debt743 751 
Total$44,140 $44,827 
Current portion of Long-term debt$1,988 $1,977 
Long-term debt42,152 42,850 
Total$44,140 $44,827 

The fair value of Long-term debt, including the current portion, was $40.2 billion as of March 31, 2026 and $41.5 billion as of December 31, 2025 valued using Level 2 inputs, which are based upon the quoted market prices for the same or similar debt instruments. The fair value of Short-term debt obligations approximates the carrying value due to the short maturities of the debt instruments.

During the three months ended March 31, 2026, $500 million of floating rate notes matured and were repaid.

Interest payments were $473 million and $624 million for the three months ended March 31, 2026 and 2025, respectively, net of amounts related to interest rate swap contracts.

Credit Facilities

As of March 31, 2026 and December 31, 2025, BMS had a five-year $5.0 billion revolving credit facility, which is extendable annually by one year with the consent of the lenders. In January 2026, the Company extended the termination date of the credit facility from January 2030 to January 2031. The facility provides for customary terms and conditions with no financial covenants and is used to provide backup liquidity for the Company's commercial paper borrowings. No borrowings were outstanding under the revolving credit facility as of March 31, 2026 and December 31, 2025.