v3.25.4
Borrowings
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
Debt at December 31 consisted of the following:
Stated Interest Rate20252024
Long-term notes:
Notes due 2025
2.750% - 7.125%
$— $778 
Notes due 2026
1.625% - 5.000%
1,632 1,529 
Notes due 2027
3.100% - 5.500%
2,516 2,516 
Notes due 2028
0.450% - 4.550%(1)
3,256 442 
Notes due 2029
0.420% - 4.500%
3,077 3,076 
Notes due 2030
2.125% - 4.750%
2,132 779 
Notes due 2031 - 2040
0.500% - 6.770%
11,582 6,166 
Notes due 2041 - 2050
0.970% - 4.650%
4,543 4,381 
Notes due 2051 - 2060
1.125% - 5.550%
8,280 5,961 
Notes due 2061 - 2070
1.375% - 5.650%
5,824 3,977 
Other long term debt and adjustments(339)(298)
Short-term commercial paper borrowings— 4,338 
Total debt42,503 33,644 
Less current portion(1,635)(5,117)
Long-term debt$40,868 $28,527 
(1) Included in the 2028 tranche is $750 million of floating-rate notes issued in August 2025, with interest reset and paid quarterly using the Secured Overnight Financing Rate (SOFR) plus .530 percent.
The weighted-average effective borrowing rate on short-term commercial paper borrowings was 4.61 percent at December 31, 2024.
At December 31, 2025, we had $10.1 billion of unused committed bank credit facilities, which consisted primarily of a $4.0 billion credit facility that expires in December 2029 and a $6.0 billion 364-day facility that expires in August 2026, both of which are available to support our commercial paper program.
Below are the details of our issuances of long-term debt for the periods presented, from which the cash proceeds were used for business development activities and general business purposes, including the repayment of commercial paper:
Date of IssuanceAmountMaturity
Stated Interest Rate
August 2025$6,750 2028-2065
4.000%-5.650%(1)
February 20256,500 2028-2065
4.550%-5.600%
August 20245,000 2027-2064
4.150%-5.200%
February 20246,500 2027-2064
4.500%-5.100%
February 20234,000 2026-2063
4.700%-5.000%
(1) Included in the 2028 tranche is $750 million of floating-rate notes, with interest reset and paid quarterly using SOFR plus .530 percent.
The following table summarizes information related to interest on borrowings, net of capitalized interest:
202520242023
Interest expense on borrowings$895 $781 $486 
Cash payments for interest on borrowings633 578 404