Debt (Tables)

3 Months Ended

Mar. 31, 2026

Long-term debt as of March 31, 2026, and December 31, 2025, consisted of the following (in millions):


	March 31, 2026
		Weighted
		Average
	Interest	Interest			March 31,		December 31,
	Rates	Rate (1)		Maturities	2026		2025
Fixed Rate Notes
Senior USD Notes	1.7% - 5.6%	4.5	%	2027 - 2052	$	11,145	$	6,094
Senior Euro Notes	1.0% - 3.5%	3.1	%	2027 - 2039	4,458		3,963
Senior GBP Notes	2.3% - 3.4%	6.7	%	2029 - 2031	225		229
Senior USD Floating Rate Notes (2)				2029	500		—
Senior Euro Floating Rate Notes (3)				2028	575		—
Revolving Credit Facility (4)		4.9	%	2029	102		215
Incremental Revolving Credit Facility (5)				2027	—		—
Financing arrangements for certain hardware and software				2026 - 2029	197		116
Other (5)					(310)		(264)
Total long-term debt, including current portion					16,892		10,353
Current portion of long-term debt					(101)		(1,284)
Long-term debt, excluding current portion					$	16,791	$	9,069

(1)The weighted average interest rate includes the impact of the fair value basis adjustments due to interest rate swaps, the impact of cross-currency interest rate swaps designated as fair value hedges, and the impact of interest rate swaps designated as cash flow hedges, and excludes the impact of cross-currency interest rate swaps designated as net investment hedges (see Note 8). These impacts, in certain cases, result in an effective weighted average interest rate being outside the stated interest rate range on the fixed rate notes.

(2)Interest on the Senior USD Floating Rate Notes is payable quarterly at Compound Secured Overnight Financing Rate ("SOFR") plus 1.21%.

(3)Interest on the Senior EUR Floating Rate Notes is payable quarterly at Three-month Euro Interbank Offered Rate ("EURIBOR") plus 0.85%.

(4)Interest on the Revolving Credit Facility is generally payable at SOFR plus an applicable margin of up to 1.625% and an unused commitment fee of up to 0.200%, each based upon the Company's corporate credit ratings. The weighted average interest rate on the Revolving Credit Facility excludes fees.

(5)Interest on the Incremental Revolving Credit Facility is generally payable at SOFR plus an applicable margin of up to 1.625% and an unused commitment fee of up to 0.200%, each based upon the Company's corporate credit ratings.

(6)Other includes the amount of fair value basis adjustments due to interest rate swaps (see further discussion below and in Note 8), unamortized debt issuance costs and unamortized non-cash bond discounts.

Schedule of Short-Term Debt

Short-term borrowings as of March 31, 2026, and December 31, 2025, consisted of the following (in millions):


	March 31, 2026
	Weighted
	Average
	Interest			March 31,		December 31,
	Rate		Maturities	2026		2025
Euro-commercial paper notes ("ECP Notes")	2.2	%	Up to 183 days	$	115	$	117
U.S. commercial paper notes ("USCP Notes")	4.1	%	Up to 397 days	4,037		2,612
Other				$	12	$	—
Total Short-term borrowings				$	4,164	$	2,729

Schedule of Principal Maturities of Long-Term Debt

The following table summarizes the amount of our long-term debt, including financing obligations for certain hardware and software, as of March 31, 2026, based on maturity date (in millions).


	Total
2026	$	86
2027	1,714
2028	4,303
2029	3,460
2030	1,736
Thereafter	5,903
Total principal payments	17,202
Other debt per the long-term debt table	(310)
Total long-term debt, including current portion	$	16,892

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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