v3.26.1
INDEBTEDNESS (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Summary of Total Indebtedness
The following table summarizes total indebtedness:
June 30, 2026
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(19)$3 $(4)$580 
1.75% 2015 Senior Notes, due 2027
571 — — — 571 
3.25% 2017 Senior Notes, due 2028
500 — (1)(1)498 
4.25% 2018 Senior Notes, due 2029
400 (22)(1)(1)376 
4.875% 2018 Senior Notes, due 2048
400 (22)(6)(3)369 
0.950% 2019 Senior Notes, due 2030
857 — (1)(2)854 
3.25% 2020 Senior Notes, due 2050
300 — (4)(2)294 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (4)(3)593 
2.75% 2021 Senior Notes, due 2041
600 — (11)(4)585 
3.10% 2021 Senior Notes, due 2061
500 — (6)(5)489 
3.75% 2022 Senior Notes, due 2052
500 (31)(8)(4)457 
4.25% 2022 Senior Notes, due 2032
500 (4)(1)(2)493 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total debt
$7,128 $(98)$(46)$(38)$6,946 
Current portion(571)
Total long-term debt$6,375 

December 31, 2025
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(18)$3 $(4)$581 
1.75% 2015 Senior Notes, due 2027
587 — — — 587 
3.25% 2017 Senior Notes, due 2028
500 — (1)(1)498 
4.25% 2018 Senior Notes, due 2029
400 (19)(1)(1)379 
4.875% 2018 Senior Notes, due 2048
400 (21)(6)(3)370 
0.950% 2019 Senior Notes, due 2030
881 — (2)(3)876 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (5)(3)592 
2.75% 2021 Senior Notes, due 2041
600 — (11)(4)585 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (23)(8)(4)465 
4.25% 2022 Senior Notes, due 2032
500 (3)(1)(3)493 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total long-term debt
$7,168 $(84)$(49)$(41)$6,994 
(1) The fair value of interest rate swaps in the tables above represents the cumulative amount of fair value hedging adjustments included in the carrying value of the hedged debt.
Principal Payments Due on Long-Term Borrowings
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,Year Ending Total
2026 (After June 30,)
$— 
2027571 
2028500 
2029400 
2030857 
Thereafter4,800 
Total$7,128 
Summary of Components of Interest as Presented in Consolidated Statements of Operations
The following table summarizes the components of interest as presented in the consolidated statements of operations and the cash paid for interest:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Income$9 $13 $21 $37 
Expense on borrowings(1)
(55)(62)(110)(134)
Expense on UTPs and other tax related liabilities(2)
(5)(5)(21)(11)
Net periodic pension costs - interest component(7)(7)(14)(14)
Interest expense, net$(58)$(61)$(124)$(122)
Interest paid(3)
$29 $45 $107 $136 
(1) Expense on borrowings includes interest on long-term debt, as well as realized gains/losses related to interest rate and cross currency swaps, which are more fully discussed in Note 7.
(2) Interest expense on UTPs and other tax related liabilities in 2026 includes interest accrued relating to a reserve pursuant to an international non-income tax obligation.
(3) Interest paid includes net settlements on interest rate and cross currency swaps, which are more fully discussed in Note 7.
Fair Value and Carrying Value of Long-Term Debt
The fair value and carrying value of the Company’s debt as of June 30, 2026 and December 31, 2025 are as follows:
June 30, 2026December 31, 2025
Carrying Value
Estimated Fair Value
Carrying Value
Estimated Fair Value
Total debt$6,946 $6,127 $6,994 $6,245