v3.26.1
Long-Term Debt and Credit Arrangements (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2025March 31, 2026
Stated Interest Rates
Effective Interest RatesMaturities
2028 Convertible Notes
1,725 1,725 0.875 %1.1 %December 2028
2028 Exchangeable Senior Notes1,125 1,115 0.00 %0.0 %May 2028
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 Notes1,000 1,000 4.15 %4.3 %January 2031
2034 Senior Notes1,500 1,500 4.80 %4.9 %September 2034
2035 Senior Notes1,250 1,250 4.80 %5.0 %September 2035
2054 Senior Notes1,250 1,250 5.35 %5.4 %September 2054
Total debt (1)
10,600 10,590 
Less: unamortized discount and issuance costs(79)(76)
Total long-term debt$10,521 $10,514 
(1) The total fair value of our outstanding debt was $11.1 billion and $10.7 billion as of December 31, 2025 and March 31, 2026, respectively, and was determined based on quoted prices in markets that are not active, which is considered a Level 2 valuation input.