v3.25.4
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
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.
Summary of Long-term Notes
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.
Schedule of Additional Borrowings Disclosures
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