v3.25.4
Long-Term Debt and Credit Arrangements (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Components of Debt
Components of debt, including the associated effective interest rates and maturities were as follows (in millions, except for percentages):
As of December 31,
20242025Stated Interest RateEffective Interest RatesMaturities
2025 Convertible Notes$1,150 $— — %— %—
2028 Convertible Notes1,725 1,725 0.875 %1.1 %December 2028
2028 Exchangeable Senior Notes— 1,125 0.00 %0.0 %May 2028
2027 Senior Notes700 — — %— %—
2028 Senior Notes500 — — %— %—
2029 Senior Notes1,500 1,500 4.50 %4.7 %August 2029
2030 Senior Notes1,250 1,250 4.30 %4.5 %January 2030
2031 Senior Notes— 1,000 4.15 %4.3 %January 2031
2034 Senior Notes1,500 1,500 4.80 %4.9 %September 2034
2035 Senior Notes— 1,250 4.80 %5.0 %September 2035
2054 Senior Notes1,250 1,250 5.35 %5.4 %September 2054
Total debt (1)
9,575 10,600 
Less: unamortized discount and issuance costs(78)(79)
Less: current portion of long-term debt(1,150)— 
Total long-term debt$8,347 $10,521 
(1) The total fair value of our outstanding debt was $9.5 billion and $11.1 billion as of December 31, 2024 and 2025, respectively, and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.
Schedule of Future Principal Payments
The future principal payments for our long-term debt as of December 31, 2025 are summarized as follows (in millions):
Future Minimum Payments
Year Ending December 31,
2026$— 
2027— 
20282,850 
20291,500 
20301,250 
Thereafter5,000 
Total$10,600