The following table summarizes the carrying value of our outstanding debt (in millions, except percentages): | | | | | | | | | | | | | Effective Interest Rate | June 30, 2026 | December 31, 2025 | | Long-Term Debt | | | | | Senior notes issued August 2020: | | | | 1.40% notes due September 2030 | 1.53% | $ | 1,500 | | $ | 1,500 | | | Senior notes issued May 2026: | | | | 4.25% notes due May 2028 | 4.68% | 750 | — | | 4.70% notes due August 2031 | 5.00% | 600 | — | | 5.05% notes due May 2033 | 5.36% | 650 | — | | 5.40% notes due May 2036 | 5.68% | 1,250 | | — | | 6.30% notes due May 2056 | 6.57% | 750 | — | | | Total senior notes | | $ | 5,500 | | $ | 1,500 | | | Unamortized debt discount and issuance costs | | (65) | | (9) | | | Total carrying value of long-term debt | | $ | 5,435 | | $ | 1,491 | | | | | | | Short-Term Debt | | | | | Commercial paper | | $ | 2,100 | | $ | — | | | Unamortized debt discount | | (18) | | — | | | Total carrying value of short-term debt | | $ | 2,082 | | $ | — | |
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