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Debt | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Debt | Debt As of March 31, 2026, the Company had aggregate outstanding notes of $14,361 million, net of $52 million of issuance costs and discounts, with varying maturities (the “Notes”). Of the outstanding balance, $999 million, net of issuance costs, is classified as short-term debt on the Consolidated Balance Sheets. As of December 31, 2025, the Company had aggregate outstanding notes of $14,463 million, net of $56 million of issuance costs and discounts. Each of the Notes are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates. A portion of the outstanding Notes is denominated in foreign currency (comprised of €4,700 million) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement gain, net of hedging impacts, totaling $10 million for the three months ended March 31, 2026). See Note 8 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial instruments. The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of March 31, 2026 and December 31, 2025:
|  | Principal Amount at Par |  |  |  |  |  | Level 2 Fair Value as of
|  | March 31, 2026 |  | December 31, 2025 |  | Issuance Date |  | Maturity |  | March 31, 2026 |  | December 31, 2025
|  | (in millions) |  |  |  |  |  | (in millions)
4.375% Senior Notes |  | 1,000 |  |  | 1,000 |  |  | October 2016 |  | November 2026 |  | 1,002 |  |  | 1,006 |
3.625% Senior Notes(1) |  | 1,497 |  |  | 1,526 |  |  | May 2017 |  | May 2027 |  | 1,508 |  |  | 1,550 |
4.875% Senior Notes |  | 1,600 |  |  | 1,600 |  |  | October 2017 |  | April 2028 |  | 1,621 |  |  | 1,634 |
5.875% Senior Notes |  | 1,900 |  |  | 1,900 |  |  | April 2018 |  | November 2028 |  | 1,978 |  |  | 1,998 |
4.625% Senior Notes(1) |  | 1,267 |  |  | 1,292 |  |  | October 2018 |  | May 2029 |  | 1,313 |  |  | 1,363 |
6.375% Senior Notes |  | 800 |  |  | 800 |  |  | October 2018 |  | May 2029 |  | 848 |  |  | 857 |
3.875% Senior Notes(1) |  | 1,382 |  |  | 1,409 |  |  | April 2019 |  | November 2029 |  | 1,404 |  |  | 1,455 |
5.375% Senior Notes |  | 900 |  |  | 900 |  |  | April 2019 |  | November 2029 |  | 929 |  |  | 939 |
3.625% Senior Notes(1) |  | 1,267 |  |  | 1,292 |  |  | October 2019 |  | June 2030 |  | 1,277 |  |  | 1,322 |
4.875% Senior Notes |  | 1,000 |  |  | 1,000 |  |  | October 2019 |  | June 2030 |  | 1,015 |  |  | 1,025 |
4.900% Senior Notes |  | 1,000 |  |  | 1,000 |  |  | August 2024 |  | August 2034 |  | 1,008 |  |  | 1,025 |
5.400% Senior Notes |  | 800 |  |  | 800 |  |  | August 2024 |  | August 2054 |  | 775 |  |  | 777 |
|  | $ | 14,413 |  |  | $ | 14,519 |  |  |  |  |  |  | $ | 14,678 |  |  | $ | 14,951 |
(1) The following Senior Notes have a principal amount denominated in Euro: 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million. Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash equal to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the principal amount thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the Company's ability to create, incur or allow certain liens, and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's and its subsidiaries assets, to another person. Certain of the Notes additionally limit the ability to enter into sale and lease-back transactions and create, assume, incur or guarantee additional indebtedness of certain of the Company's subsidiaries. As of March 31, 2026 and December 31, 2025, the Company was in compliance with all related covenants. Revolving Credit Facility On April 12, 2024, the Company entered into a five-year, $3 billion unsecured revolving credit facility that matures on April 12, 2029 (the “Revolving Credit Agreement”), to replace its previous $1 billion unsecured revolving credit facility. As of March 31, 2026, no amounts have been borrowed under the Revolving Credit Agreement. The borrowings under the Revolving Credit Agreement bear interest, at the Company’s option, of either (i) a floating rate per annum equal to a base rate (the “Alternate Base Rate”) plus an applicable margin or (ii) a per annum rate equal to an adjusted term SOFR rate (the “Adjusted Term SOFR Rate”) plus an applicable margin. The applicable margin for Alternate Base Rate loans will range from 0.00% to 0.25%, and the applicable margin for Adjusted Term SOFR Rate loans will range from 0.75% to 1.25%, each based on the Company’s credit ratings. The Revolving Credit Agreement contains customary affirmative covenants and negative covenants (and customary baskets and exceptions with respect thereto) for a credit facility of this size and type and requires the Company to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0 as of the last day of each fiscal quarter. As of March 31, 2026 and December 31, 2025, the Company was in compliance with all related covenants and ratios. Commercial Paper Program In May 2025, the Company established a $3 billion commercial paper program (the “Commercial Paper Program”) under which it may issue short-term unsecured commercial paper notes. Net proceeds from this program may be used for general corporate purposes. There were no borrowings outstanding under the Commercial Paper Program as of March 31, 2026. WBD Financing On February 27, 2026, upon the termination of the Amended and Restated Merger Agreement, all related financing arrangements to fund the previously proposed WBD transaction were terminated in accordance with their respective terms. No amounts had been borrowed under any of the financing arrangements and the related expenses were not material.

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