v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Short-Term Debt
We have a commercial paper program of up to $25.0 billion, which is used for general corporate purposes. We had no commercial paper outstanding as of December 31, 2025 and March 31, 2026.
Our short-term debt balance also includes the current portion of certain long-term debt.
Long-Term Debt
During the first quarter of 2026, we issued fixed-rate senior unsecured notes consisting of: $20.0 billion US dollar-denominated notes with a weighted-average coupon rate of 4.80% and a weighted-average maturity of 15 years; £5.5 billion Sterling-denominated notes with a weighted-average coupon rate of 5.31% and a weighted-average maturity of 31 years; and CHF3.1 billion Swiss Franc-denominated notes with a weighted-average coupon rate of 1.06% and a weighted-average maturity of 10 years.
Total outstanding long-term debt is summarized below (in millions, except percentages):
MaturityCoupon RateEffective Interest RateAs of
December 31, 2025		As of
March 31, 2026
Debt
2016 US dollar notes20262.00%2.23%$2,000 $2,000 
2020 US dollar notes2027 - 2060
0.80% - 2.25%
0.93% - 2.33%
9,000 9,000 
2025 US dollar notes(1)
2028 - 2075
3.88% - 5.70%
4.00% - 5.79%
22,500 22,500 
2025 Euro notes(2)
2028 - 2064
2.38% - 4.38%
2.57% - 4.51%
15,585 15,265 
2026 US dollar notes
2029 - 2066
3.70% - 5.75%
3.93% - 5.84%
0 20,000 
2026 Sterling notes(2)
2029 - 2126
4.13% - 6.13%
4.23% - 6.19%
0 7,310 
2026 Swiss franc notes(2)
2029 - 2051
0.43% - 1.87%
0.52% - 1.90%
0 3,833 
Other long-term debt
0 397 
      Total face value of long-term debt49,085 80,305 
Unamortized discount and debt issuance costs(2)
(542)(806)
Less: current portion of long-term notes(3)
(1,996)(1,998)
       Total long-term debt$46,547 $77,501 
(1)Includes $500 million of floating-rate notes due in 2028. Interest is calculated using the compounded Secured Overnight Financing Rate (SOFR) plus 0.52%, reset quarterly.
(2)Principal, unamortized discount, and debt issuance costs for the foreign currency-denominated notes include the effect of foreign exchange rates.
(3)Total current portion of long-term debt is included within accrued expenses and other current liabilities. See Note 7 for further details.
The notes in the table above are senior unsecured obligations and rank equally with each other. We may redeem the fixed-rate notes at any time in whole or in part at specified redemption prices. The floating-rate notes are not redeemable prior to maturity. Interest is payable quarterly for the floating-rate notes, semi-annually for the US dollar-denominated fixed-rate notes, and annually for the euro-, sterling-, and Swiss franc-denominated fixed-rate notes. The effective interest rates are based on proceeds received and contractual interest payments.
The total estimated fair value of the outstanding notes was approximately $45.6 billion and $75.3 billion as of December 31, 2025 and March 31, 2026, respectively. The fair value was determined based on observable market prices of identical instruments in less active markets and is categorized accordingly as Level 2 in the fair value hierarchy.
Credit Facility
As of March 31, 2026, we had $11.7 billion of credit facilities expiring at various dates through April 2030, of which $1.2 billion was outstanding. The outstanding debt under the credit facilities bears an interest rate of SOFR plus 1.5% to 2.25% that is paid quarterly.