v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Table - Short-term Debt
The table below summarizes the balances and effective interest rates for our short-term debt (debt with original maturities of one year or less).
Table 7.1 - Short-term Debt(1)
(Dollars in millions)March 31, 2026December 31, 2025
Par value$24,558 $37,867 
Carrying amount24,408 37,718 
Weighted average effective rate3.66 %3.82 %
(1)Includes $3.1 billion and $3.0 billion of callable debt as of March 31, 2026 and December 31, 2025, respectively.
Table - Long-term Debt
The table below summarizes our long-term debt (debt with original maturities of more than one year).
Table 7.2 - Long-term Debt
March 31, 2026December 31, 2025
(Dollars in millions)Contractual MaturityPar Value
Carrying Amount(1)
Weighted
Average
Effective Rate(2)
Contractual MaturityPar Value
Carrying Amount(1)
Weighted
Average
Effective Rate(2)
Fixed-rate(3)
 2026 - 2056 $102,753 $100,373 3.59 %2026 - 2054$92,236 $90,104 3.62 %
Variable-rate(4)
 2026 - 2036 66,321 66,301 4.64 2026 - 203576,008 75,991 4.74 
Zero-coupon 2027 - 2039 3,904 2,640 4.74 2026 - 20393,904 2,610 4.73 
Other(5)
2028 - 2053488 536 8.12 2028 - 2053546 591 8.95 
Total long-term debt$173,466 $169,850 4.03 $172,694 $169,296 4.15 
(1)Represents par value, net of associated discounts or premiums and issuance costs. Includes $0.2 billion at both March 31, 2026 and December 31, 2025, of long-term debt that represents the fair value of debt for which the fair value option was elected. Includes hedge-related basis adjustments.
(2)Based on carrying amount. Excludes hedge-related basis adjustments.
(3)Includes $94.9 billion and $84.4 billion of callable debt as of March 31, 2026 and December 31, 2025, respectively.
(4)Includes $0.6 billion and $0.7 billion of callable debt as of March 31, 2026 and December 31, 2025, respectively.
(5)Includes STACR debt notes, SCR debt notes, and IO debt.
Table - Contractual Maturity of Long-Term Debt
The table below summarizes contractual maturities of long-term debt securities at March 31, 2026.
Table 7.3 - Contractual Maturities of Long-term Debt(1)
(In millions)Par Value
2026$33,795 
202746,896 
202819,975 
202917,418 
203024,760 
Thereafter30,134 
Total$172,978 
(1)Excludes $0.5 billion of STACR debt notes and SCR debt notes. Contractual maturities of these debt securities are not presented because they are subject to prepayment risk, as their payments are based upon the performance of a pool of mortgage assets that may be prepaid by the related mortgage borrowers at any time generally without penalty.