| Schedule of Borrowings |
Our borrowings consisted of the following (in millions): | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | 1.90% notes due 2025 (1.90% 2025 Notes) | $ | — | | | $ | 500 | | 5.25% notes due 2025 (5.25% 2025 Notes) | — | | | 2,000 | | 3.125% notes due 2025 (3.125% 2025 Notes) | — | | | 1,000 | | 2.00% €750 million notes due 2026 (2.00% 2026 euro Notes) | 881 | | | 777 | | 5.507% notes due 2026 (5.507% 2026 Notes) | — | | | 1,500 | | 2.60% notes due 2026 (2.60% 2026 Notes) | 1,250 | | | 1,250 | | | Term loan due October 2026 | 1,800 | | | 1,800 | | 5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes) | 640 | | | 595 | | 2.20% notes due 2027 (2.20% 2027 Notes) | 1,724 | | | 1,724 | | 3.20% notes due 2027 (3.20% 2027 Notes) | 1,000 | | | 1,000 | | 5.15% notes due 2028 (5.15% 2028 Notes) | 3,750 | | | 3,750 | | 1.65% notes due in 2028 (1.65% 2028 Notes) | 1,234 | | | 1,234 | | 3.00% notes due 2029 (3.00% 2029 Notes) | 750 | | | 750 | | 4.05% notes due 2029 (4.05% 2029 Notes) | 1,250 | | | 1,250 | | 4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes) | 944 | | | 876 | | 2.45% notes due 2030 (2.45% 2030 Notes) | 1,250 | | | 1,250 | | 5.25% notes due 2030 (5.25% 2030 Notes) | 2,750 | | | 2,750 | | 2.30% notes due 2031 (2.30% 2031 Notes) | 1,250 | | | 1,250 | | 2.00% notes due 2032 (2.00% 2032 Notes) | 987 | | | 1,001 | | 3.35% notes due 2032 (3.35% 2032 Notes) | 1,000 | | | 1,000 | | 4.20% notes due 2033 (4.20% 2033 Notes) | 750 | | | 750 | | 5.25% notes due 2033 (5.25% 2033 Notes) | 4,250 | | | 4,250 | | 6.375% notes due 2037 (6.375% 2037 Notes) | 478 | | | 478 | | 6.90% notes due 2038 (6.90% 2038 Notes) | 254 | | | 254 | | 6.40% notes due 2039 (6.40% 2039 Notes) | 333 | | | 333 | | 3.15% notes due 2040 (3.15% 2040 Notes) | 1,478 | | | 1,668 | | 5.75% notes due 2040 (5.75% 2040 Notes) | 373 | | | 373 | | 2.80% notes due 2041 (2.80% 2041 Notes) | 568 | | | 776 | | 4.95% notes due 2041 (4.95% 2041 Notes) | 600 | | | 600 | | 5.15% notes due 2041 (5.15% 2041 Notes) | 729 | | | 729 | | 5.65% notes due 2042 (5.65% 2042 Notes) | 415 | | | 415 | | 5.60% notes due 2043 (5.60% 2043 Notes) | 2,750 | | | 2,750 | | 5.375% notes due 2043 (5.375% 2043 Notes) | 185 | | | 185 | | 4.40% notes due 2045 (4.40% 2045 Notes) | 2,250 | | | 2,250 | | 4.563% notes due 2048 (4.563% 2048 Notes) | 1,415 | | | 1,415 | | 3.375% notes due 2050 (3.375% 2050 Notes) | 1,462 | | | 1,764 | | 4.663% notes due 2051 (4.663% 2051 Notes) | 3,541 | | | 3,541 | | 3.00% notes due 2052 (3.00% 2052 Notes) | 703 | | | 890 | | 4.20% notes due 2052 (4.20% 2052 Notes) | 882 | | | 895 | | 4.875% notes due 2053 (4.875% 2053 Notes) | 1,000 | | | 1,000 | | 5.65% notes due 2053 (5.65% 2053 Notes) | 4,250 | | | 4,250 | | 2.77% notes due 2053 (2.77% 2053 Notes) | 940 | | | 940 | | 4.40% notes due 2062 (4.40% 2062 Notes) | 1,128 | | | 1,165 | | 5.75% notes due 2063 (5.75% 2063 Notes) | 2,750 | | | 2,750 | |
| | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | Other notes due 2097 | 100 | | | 100 | | Total principal amount of debt | 56,044 | | | 61,778 | | | Unamortized bond discounts, premiums and issuance costs, net | (1,306) | | | (1,360) | | | Fair value adjustments | (161) | | | (343) | | | Other | 27 | | | 24 | | | Total carrying value of debt | 54,604 | | | 60,099 | | | Less current portion | (4,599) | | | (3,550) | | | Total long-term debt | $ | 50,005 | | | $ | 56,549 | |
In March 2023, in connection with the acquisition of Horizon (see Note 4, Acquisition), we issued the following series of notes (in millions): | | | | | | | Principal Amount | 5.25% 2025 Notes | $ | 2,000 | | 5.507% 2026 Notes | 1,500 | | 5.15% 2028 Notes | 3,750 | | 5.25% 2030 Notes | 2,750 | | 5.25% 2033 Notes | 4,250 | | 5.60% 2043 Notes | 2,750 | | 5.65% 2053 Notes | 4,250 | | 5.75% 2063 Notes | 2,750 | | | Total | $ | 24,000 | |
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