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Financing arrangements
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Financing arrangements Financing arrangements
Our borrowings consisted of the following (in millions):
 September 30, 2025December 31, 2024
1.90% notes due 2025 (1.90% 2025 Notes)
$— $500 
5.25% notes due 2025 (5.25% 2025 Notes)
— 2,000 
3.125% notes due 2025 (3.125% 2025 Notes)
— 1,000 
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes)
880 777 
5.507% notes due 2026 (5.507% 2026 Notes)
— 1,500 
2.60% notes due 2026 (2.60% 2026 Notes)
1,250 1,250 
Term loan due October 20261,800 1,800 
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes)
639 595 
2.20% notes due 2027 (2.20% 2027 Notes)
1,724 1,724 
3.20% notes due 2027 (3.20% 2027 Notes)
1,000 1,000 
5.15% notes due 2028 (5.15% 2028 Notes)
3,750 3,750 
1.65% notes due 2028 (1.65% 2028 Notes)
1,234 1,234 
3.00% notes due 2029 (3.00% 2029 Notes)
750 750 
4.05% notes due 2029 (4.05% 2029 Notes)
1,250 1,250 
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes)
941 876 
2.45% notes due 2030 (2.45% 2030 Notes)
1,250 1,250 
5.25% notes due 2030 (5.25% 2030 Notes)
2,750 2,750 
2.30% notes due 2031 (2.30% 2031 Notes)
1,250 1,250 
2.00% notes due 2032 (2.00% 2032 Notes)
987 1,001 
3.35% notes due 2032 (3.35% 2032 Notes)
1,000 1,000 
4.20% notes due 2033 (4.20% 2033 Notes)
750 750 
5.25% notes due 2033 (5.25% 2033 Notes)
4,250 4,250 
6.375% notes due 2037 (6.375% 2037 Notes)
478 478 
6.90% notes due 2038 (6.90% 2038 Notes)
254 254 
6.40% notes due 2039 (6.40% 2039 Notes)
333 333 
3.15% notes due 2040 (3.15% 2040 Notes)
1,478 1,668 
5.75% notes due 2040 (5.75% 2040 Notes)
373 373 
2.80% notes due 2041 (2.80% 2041 Notes)
568 776 
4.95% notes due 2041 (4.95% 2041 Notes)
600 600 
5.15% notes due 2041 (5.15% 2041 Notes)
729 729 
5.65% notes due 2042 (5.65% 2042 Notes)
415 415 
5.60% notes due 2043 (5.60% 2043 Notes)
2,750 2,750 
5.375% notes due 2043 (5.375% 2043 Notes)
185 185 
4.40% notes due 2045 (4.40% 2045 Notes)
2,250 2,250 
4.563% notes due 2048 (4.563% 2048 Notes)
1,415 1,415 
3.375% notes due 2050 (3.375% 2050 Notes)
1,462 1,764 
4.663% notes due 2051 (4.663% 2051 Notes)
3,541 3,541 
3.00% notes due 2052 (3.00% 2052 Notes)
703 890 
4.20% notes due 2052 (4.20% 2052 Notes)
882 895 
4.875% notes due 2053 (4.875% 2053 Notes)
1,000 1,000 
5.65% notes due 2053 (5.65% 2053 Notes)
4,250 4,250 
2.77% notes due 2053 (2.77% 2053 Notes)
940 940 
4.40% notes due 2062 (4.40% 2062 Notes)
1,128 1,165 
 September 30, 2025December 31, 2024
5.75% notes due 2063 (5.75% 2063 Notes)
2,750 2,750 
Other notes due 2097100 100 
Total principal amount of debt
56,039 61,778 
Unamortized bond discounts, premiums and issuance costs, net(1,317)(1,360)
Fair value adjustments(159)(343)
Other24 24 
Total carrying value of debt54,587 60,099 
Less current portion(2,153)(3,550)
Total long-term debt$52,434 $56,549 
There are no material differences between the effective interest rates and coupon rates of our notes, except for the 4.563% 2048 Notes, the 4.663% 2051 Notes and the 2.77% 2053 Notes, which have effective interest rates of 6.3%, 5.6% and 5.2%, respectively.
The Term loan has an interest rate of three-month SOFR plus 1.225%.
Debt repayments
During the three months ended September 30, 2025 and 2024, debt repayments totaled $1.5 billion and $2.2 billion, respectively. During the nine months ended September 30, 2025 and 2024, debt repayments totaled $5.0 billion and $3.6 billion, respectively.
Debt extinguishment
During the three months ended September 30, 2025, we repurchased an aggregate principal amount of our debt of $119 million, including portions of the 2.80% 2041 Notes, 3.375% 2050 Notes and 3.00% 2052 Notes, for an aggregate cost of $81 million, which resulted in a $36 million gain on extinguishment of debt. During the three months ended September 30, 2024, we repurchased an aggregate principal amount of our debt of $331 million, including portions of the 3.15% 2040 Notes, 2.80% 2041 Notes, 3.375% 2050 Notes and 3.00% 2052 Notes, for an aggregate cost of $249 million, which resulted in an $82 million gain on extinguishment of debt.
During the nine months ended September 30, 2025, we repurchased an aggregate principal amount of our debt of $1.0 billion, including portions of the 2.00% 2032 Notes, 3.15% 2040 Notes, 2.80% 2041 Notes, 3.375% 2050 Notes, 3.00% 2052 Notes, 4.20% 2052 Notes and 4.40% 2062 Notes, for an aggregate cost of $683 million, which resulted in a $264 million gain on extinguishment of debt. During the nine months ended September 30, 2024, we repurchased an aggregate principal amount of our debt of $875 million, including portions of the 3.15% 2040 Notes, 2.80% 2041 Notes, 3.375% 2050 Notes, 3.00% 2052 Notes, 4.20% 2052 Notes and 4.40% 2062 Notes, for an aggregate cost of $659 million, which resulted in a $215 million gain on extinguishment of debt. Gains and losses on extinguishments of debt are recorded in Other income, net, in the Condensed Consolidated Statements of Income.
Interest rate swap contracts
See Note 12, Derivative instruments, for a discussion of interest rate swap contracts related to certain of our notes.