| Summary of long-term debt |
The following table summarizes long-term debt: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | as of December 31 (dollars in millions) | 2025 Effective interest rate (a) | | 2025 | | 2024 Effective interest rate (a) | | 2024 | | | | | | 3.60-3.80% aggregate notes due 2025 | 2.09-3.66% | | $ | — | | | 2.09-3.66% | | $ | 6,771 | | | | | | | 2.95% senior notes due 2026 | 3.02 | % | | 4,000 | | | 3.02 | % | | 4,000 | | | | | | | 3.20% senior notes due 2026 | 3.28 | % | | 2,000 | | | 3.28 | % | | 2,000 | | | | | | | 4.549% term loan due 2027 | 4.61 | % | | 2,000 | | | 4.61 | % | | 2,000 | | | | | | | 0.75% senior euro notes due 2027 (€750 principal) | 0.86 | % | | 880 | | | 0.86 | % | | 778 | | | | | | | 4.80% senior notes due 2027 | 4.93 | % | | 2,250 | | | 4.93 | % | | 2,250 | | | | | | | 4.25% senior notes due 2028 | 4.38 | % | | 1,750 | | | 4.38 | % | | 1,750 | | | | | | | 4.65% senior notes due 2028 | 4.78 | % | | 1,250 | | | — | | | — | | | | | | | 2.125% senior euro notes due 2028 (€750 principal) | 2.18 | % | | 880 | | | 2.18 | % | | 778 | | | | | | | 2.625% senior euro notes due 2028 (€500 principal) | 1.20 | % | | 586 | | | 1.20 | % | | 519 | | | | | | | 3.20% senior notes due 2029 | 3.25 | % | | 5,500 | | | 3.25 | % | | 5,500 | | | | | | | 2.125% senior euro notes due 2029 (€550 principal) | 1.19 | % | | 645 | | | 1.19 | % | | 570 | | | | | | | 4.80% senior notes due 2029 | 4.91 | % | | 2,500 | | | 4.91 | % | | 2,500 | | | | | | | 4.875% senior notes due 2030 | 4.96 | % | | 1,000 | | | — | | | — | | | | | | | 1.25% senior euro notes due 2031 (€650 principal) | 1.30 | % | | 761 | | | 1.30 | % | | 674 | | | | | | | 4.95% senior notes due 2031 | 5.02 | % | | 2,000 | | | 5.02 | % | | 2,000 | | | | | | | 5.05% senior notes due 2034 | 5.13 | % | | 3,000 | | | 5.13 | % | | 3,000 | | | | | | | 4.55% senior notes due 2035 | 3.52 | % | | 1,789 | | | 3.52 | % | | 1,789 | | | | | | | 4.50% senior notes due 2035 | 4.58 | % | | 2,500 | | | 4.58 | % | | 2,500 | | | | | | | 5.20% senior notes due 2035 | 5.26 | % | | 1,000 | | | — | | | — | | | | | | | 4.30% senior notes due 2036 | 4.37 | % | | 1,000 | | | 4.37 | % | | 1,000 | | | | | | | 4.05% senior notes due 2039 | 4.11 | % | | 4,000 | | | 4.11 | % | | 4,000 | | | | | | | 4.40% senior notes due 2042 | 4.46 | % | | 2,600 | | | 4.46 | % | | 2,600 | | | | | | | 4.625% senior notes due 2042 | 4.00 | % | | 457 | | | 4.00 | % | | 457 | | | | | | | 4.85% senior notes due 2044 | 4.11 | % | | 1,074 | | | 4.11 | % | | 1,074 | | | | | | | 5.35% senior notes due 2044 | 5.39 | % | | 750 | | | 5.39 | % | | 750 | | | | | | | 4.70% senior notes due 2045 | 4.73 | % | | 2,700 | | | 4.73 | % | | 2,700 | | | | | | | 4.75% senior notes due 2045 | 4.20 | % | | 881 | | | 4.20 | % | | 881 | | | | | | | 4.45% senior notes due 2046 | 4.50 | % | | 2,000 | | | 4.50 | % | | 2,000 | | | | | | | 4.875% senior notes due 2048 | 4.94 | % | | 1,750 | | | 4.94 | % | | 1,750 | | | | | | | 4.25% senior notes due 2049 | 4.29 | % | | 5,750 | | | 4.29 | % | | 5,750 | | | | | | | 5.40% senior notes due 2054 | 5.44 | % | | 3,000 | | | 5.44 | % | | 3,000 | | | | | | | 5.60% senior notes due 2055 | 5.64 | % | | 750 | | | — | | | — | | | | | | | 5.50% senior notes due 2064 | 5.53 | % | | 1,500 | | | 5.53 | % | | 1,500 | | | | | | | | Fair value hedges | | | (47) | | | | | (224) | | | | | | | | Unamortized bond discounts | | | (122) | | | | | (130) | | | | | | | | Unamortized deferred financing costs | | | (259) | | | | | (266) | | | | | | | | Unamortized bond premiums | | | 503 | | | | | 555 | | | | | | | | Financing liability | | | 378 | | | | | 328 | | | | | | | | Other | | | 41 | | | | | 40 | | | | | | | | Total long-term debt and finance lease obligations | | | 64,997 | | | | | 67,144 | | | | | | | | Current portion | | | 6,056 | | | | | 6,804 | | | | | | | | Noncurrent portion | | | $ | 58,941 | | | | | $ | 60,340 | | | | | | |
(a)Excludes the effect of any related interest rate swaps.
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| Summary of maturities of long-term debt |
| | | | | | | as of and for the years ending December 31 (in millions) | | | 2026 | $ | 6,000 | | | 2027 | 5,130 | | | 2028 | 4,466 | | | 2029 | 8,645 | | | 2030 | 1,000 | | | Thereafter | 39,262 | | | Total long-term debt | 64,503 | | | Fair value hedges, unamortized bond premiums/discounts, deferred financing costs, finance lease obligations and financing liability | 494 | | | Total long-term debt and finance lease obligations | $ | 64,997 | |
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