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v3.26.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2026
Debt Disclosure [Abstract] |
Debt | Debt Debt consisted of the following:
|  |  |  |  | March 31, 2026 |  | December 31, 2025 |  | Effective Interest Rate
|  |  |  |  | (in millions) |  |
Senior Notes |  |  |  |  |  |  |  |  |
2025 USD Notes |  | Floating Rate | Senior Notes due March 2028 |  | $ | 300 |  |  | $ | 300 |  |  | **
|  | 4.550 | % | Senior Notes due March 2028 |  | 450 |  |  | 450 |  |  | 4.727 | %
|  | 4.950 | % | Senior Notes due March 2032 |  | 500 |  |  | 500 |  |  | 5.063 | %
2024 USD Notes |  | 4.100 | % | Senior Notes due January 2028 |  | 750 |  |  | 750 |  |  | 4.262 | %
|  | 4.350 | % | Senior Notes due January 2032 |  | 1,150 |  |  | 1,150 |  |  | 4.446 | %
|  | 4.550 | % | Senior Notes due January 2035 |  | 1,100 |  |  | 1,100 |  |  | 4.633 | %
|  | 4.875 | % | Senior Notes due May 2034 |  | 1,000 |  |  | 1,000 |  |  | 5.047 | %
2023 USD Notes |  | 4.875 | % | Senior Notes due March 2028 |  | 750 |  |  | 750 |  |  | 5.003 | %
|  | 4.850 | % | Senior Notes due March 2033 |  | 750 |  |  | 750 |  |  | 4.923 | %
2022 EUR Notes |  | 1.000 | % | Senior Notes due February 2029 |  | 861 |  |  | 882 |  |  | 1.138 | %
2021 USD Notes |  | 2.000 | % | Senior Notes due November 2031 |  | 750 |  |  | 750 |  |  | 2.112 | %
|  | 1.900 | % | Senior Notes due March 2031 |  | 600 |  |  | 600 |  |  | 1.981 | %
|  | 2.950 | % | Senior Notes due March 2051 |  | 700 |  |  | 700 |  |  | 3.013 | %
2020 USD Notes |  | 3.300 | % | Senior Notes due March 2027 |  | 1,000 |  |  | 1,000 |  |  | 3.420 | %
|  | 3.350 | % | Senior Notes due March 2030 |  | 1,500 |  |  | 1,500 |  |  | 3.430 | %
|  | 3.850 | % | Senior Notes due March 2050 |  | 1,500 |  |  | 1,500 |  |  | 3.896 | %
2019 USD Notes |  | 2.950 | % | Senior Notes due June 2029 |  | 1,000 |  |  | 1,000 |  |  | 3.030 | %
|  | 3.650 | % | Senior Notes due June 2049 |  | 1,000 |  |  | 1,000 |  |  | 3.689 | %
2018 USD Notes |  | 3.500 | % | Senior Notes due February 2028 |  | 500 |  |  | 500 |  |  | 3.598 | %
|  | 3.950 | % | Senior Notes due February 2048 |  | 500 |  |  | 500 |  |  | 3.990 | %
2016 USD Notes |  | 2.950 | % | Senior Notes due November 2026 |  | 750 |  |  | 750 |  |  | 3.044 | %
|  | 3.800 | % | Senior Notes due November 2046 |  | 600 |  |  | 600 |  |  | 3.893 | %
2015 EUR Notes |  | 2.100 | % | Senior Notes due December 2027 |  | 919 |  |  | 941 |  |  | 2.189 | %
|  | 2.500 | % | Senior Notes due December 2030 |  | 172 |  |  | 176 |  |  | 2.562 | %
|  |  |  |  | 19,102 |  |  | 19,149 |  |  |
Less: Unamortized discount and debt issuance costs | (117) |  |  | (122) |  |  |
Less: Cumulative hedge accounting fair value adjustments 1 |  | (25) |  |  | (27) |  |  |
Total debt outstanding | 18,960 |  |  | 19,000 |  |  |
Less: Short-term debt 2 |  | (1,748) |  |  | (749) |  |  |
Long-term debt | $ | 17,212 |  |  | $ | 18,251 |  |  |
**The $300 million of Senior Notes due March 2028 are Floating Rate Notes that bear interest at a floating rate, reset quarterly, equal to the Compounded Secured Overnight Financing Rate (“SOFR”) plus 0.44%. 1 The Company has an interest rate swap that is accounted for as a fair value hedge. See Note 16 (Derivative and Hedging Instruments) for additional information. 2 As of March 31, 2026, the 2016 USD Notes due November 2026 and the 2020 USD Notes due March 2027 were classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheets. As of December 31, 2025, the 2016 USD Notes due November 2026 were classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheets. Commercial Paper Program and Credit Facility The Company has a commercial paper program (the “Commercial Paper Program”) under which the Company is authorized to issue up to $8 billion in unsecured commercial paper notes with maturities of up to 397 days from the date of issuance. The Commercial Paper Program is available in U.S. dollars. In conjunction with the Commercial Paper Program, the Company has a committed five-year unsecured $8 billion revolving credit facility (the “Credit Facility”). The Credit Facility is set to expire on November 7, 2030. Borrowings under the Credit Facility are available in U.S. dollars and/or euros. The facility fee under the Credit Facility is determined according to the Company’s credit rating and is payable on the average daily commitment, regardless of usage, per annum. In addition to the facility fee, interest rates on borrowings under the Credit Facility would be based on prevailing market interest rates plus applicable margins that fluctuate based on the Company’s credit rating. The Credit Facility contains customary representations, warranties, affirmative and negative covenants, events of default and indemnification provisions. The Company was in compliance, in all material respects, with the covenants of the Credit Facility at March 31, 2026 and December 31, 2025. Borrowings under the Commercial Paper Program and the Credit Facility, which may total up to $8 billion, are to be used to provide liquidity for general corporate purposes, including providing liquidity in the event of one or more settlement failures by the Company’s customers. The Company may borrow and repay amounts under the Commercial Paper Program and Credit Facility for business continuity purposes. At March 31, 2026 and December 31, 2025, the Company had no borrowings under the Commercial Paper Program or Credit Facility. During April 2026, the Company issued commercial paper. As of April 27, 2026, the Company had $2.5 billion of commercial paper outstanding, with a weighted-average interest rate of 3.82%, to be used for general corporate purposes. The Commercial Paper Program is supported by the Credit Facility.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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