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DEBT AND CREDIT FACILITIES
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES
The following table summarizes the carrying amount of our borrowings under various financing arrangements:
(in millions)Carrying Amount
Type of BorrowingIssue DateMaturity DateInterest RateDecember 31, 2025December 31, 2024
Senior UnsecuredNovember 2014February 20253.50%$— $1,750 
Senior UnsecuredSeptember 2015March 20263.65%2,750 2,747 
Senior UnsecuredSeptember 2016March 20272.95%1,249 1,249 
Senior UnsecuredSeptember 2020October 20271.20%749 748 
Senior UnsecuredNovember 2024November 20294.80%747 746 
Senior UnsecuredSeptember 2020October 20301.65%996 995 
Senior UnsecuredSeptember 2023October 20335.25%994 993 
Senior UnsecuredNovember 2024June 20355.10%992 991 
Senior UnsecuredSeptember 2015September 20354.60%994 994 
Senior UnsecuredSeptember 2016September 20364.00%744 744 
Senior UnsecuredSeptember 2020October 20402.60%990 989 
Senior UnsecuredDecember 2011December 20415.65%997 997 
Senior UnsecuredMarch 2014April 20444.80%1,738 1,738 
Senior UnsecuredNovember 2014February 20454.50%1,736 1,735 
Senior UnsecuredSeptember 2015March 20464.75%2,225 2,224 
Senior UnsecuredSeptember 2016March 20474.15%1,731 1,730 
Senior UnsecuredSeptember 2020October 20502.80%1,480 1,479 
Senior UnsecuredSeptember 2023October 20535.55%989 988 
Senior UnsecuredNovember 2024November 20545.50%989 989 
Senior UnsecuredNovember 2024November 20645.60%739 738 
Total senior unsecured notes23,827 25,562 
Liability related to future royalties1,110 1,148 
Total debt, net24,937 26,710 
Less: Current portion of long-term debt, net2,807 1,815 
Total Long-term debt, net$22,129 $24,896 
Senior Unsecured Notes
In February 2025, we repaid $1.75 billion of principal balance related to our senior unsecured notes due February 2025.
Our senior unsecured notes may be redeemed at our option at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) the sum, as determined by an independent investment banker, of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis at the Treasury Rate, plus a make-whole premium, which are defined in the terms of the notes. The senior unsecured notes also have a par call feature, exercisable at our option, to redeem the notes at par in whole, or in part, on dates ranging from one to six months prior to maturity. In each case, accrued and unpaid interest is also required to be redeemed to the date of redemption.
In the event of a change in control and a downgrade in the rating of our senior unsecured notes below investment grade by Moody’s Investors Service, Inc. and S&P Global Ratings, the holders may require us to purchase all or a portion of their notes at a price equal to 101% of the aggregate principal amount of the notes repurchased, plus accrued and unpaid interest to the date of repurchase. We are required to comply with certain covenants under our note indentures governing our senior unsecured notes. As of December 31, 2025 and 2024, we were not in violation of any covenants.
Liability Related to Future Royalties
In connection with our acquisition of Immunomedics, we assumed a liability related to a funding arrangement, which was originally entered into by Immunomedics and RPI Finance Trust (“RPI”), prior to our acquisition of Immunomedics. Under the funding agreement, RPI has the right to receive certain royalty amounts, subject to certain reductions, based on the net sales of Trodelvy for each calendar quarter during the term of the agreement through approximately 2036. The liability is amortized using the effective interest rate method, resulting in recognition of interest expense over 16 years. The estimated timing and amount of future expected royalty payments over the estimated term are re-assessed each reporting period. The impact from changes in estimates is recognized in the liability and the related interest expense prospectively.
Revolving Credit Facility
In June 2024, we terminated our $2.5 billion revolving credit facility maturing in June 2025 (the “2020 Revolving Credit Facility”) and entered into a new $2.5 billion revolving credit facility maturing in June 2029 (the “2024 Revolving Credit Facility”), which has terms substantially similar to the 2020 Revolving Credit Facility. The 2024 Revolving Credit Facility can be used for working capital requirements and for general corporate purposes, including, without limitation, acquisitions. As of December 31, 2025 and 2024, there were no amounts outstanding under our revolving credit facility.
The 2024 Revolving Credit Facility contains customary representations, warranties, affirmative and negative covenants and events of default. As of December 31, 2025, we were in compliance with all covenants. Loans under the 2024 Revolving Credit Facility bear interest at either (i) Term SOFR plus the Applicable Percentage, (ii) the Alternative Currency Term Rate plus the Applicable Percentage, or (iii) the Base Rate plus the Applicable Percentage, each as defined in the 2024 Revolving Credit Facility agreement. We may terminate or reduce the commitments and may prepay any loans under the 2024 Revolving Credit Facility in whole or in part at any time without premium or penalty.
Interest Paid
The following table summarizes interest paid, net of amounts capitalized:
Year Ended December 31,
(in millions)202520242023
Interest paid, net of amounts capitalized$1,036 $951 $891 
Contractual Maturities of Financing Obligations
The following table summarizes the aggregate future principal maturities of our senior unsecured notes as of December 31, 2025:
(in millions)Amount
2026$2,750 
20272,000 
2028— 
2029750 
20301,000 
Thereafter17,500 
Total$24,000