| Schedule of Total Debt |
The carrying value of our total debt, including short-term and long-term debt, consisted of the following (in millions): | | | | | | | | | | | | | | As of December 31, | | | 2025 | | 2024 | | | Short-term debt: | | | | | Commercial Paper | $ | 1,035 | | | $ | 529 | | | 2025 Senior Notes (3.65% unsecured due May 23, 2025) | — | | | 1,249 | | | 2025 Senior Notes (3.75% senior notes due December 1, 2025) | — | | | 1,249 | | | | Total short-term debt | 1,035 | | | 3,027 | | | | Long-term debt: | | | | | 2027 Senior Notes (4.00% senior notes due September 15, 2027) | 1,495 | | | 1,492 | | | 2027 Senior Notes (3.10% senior notes due September 15, 2027) | 499 | | | 498 | | | 2028 Senior Notes (3.625% senior notes due September 1, 2028) | 954 | | | 937 | | | 2028 Senior Notes (3.75% senior notes due September 21, 2028) | 597 | | | 596 | | | 2028 Senior Notes (3.95% unsecured due December 1, 2028) | 594 | | | — | | | 2029 Senior Notes (4.35% senior notes due June 15, 2029) | 1,245 | | | 1,243 | | | 2030 Senior Notes (2.10% senior notes due June 15, 2030) | 1,242 | | | 1,240 | | | 2031 Senior Notes (4.20% unsecured due March 15, 2031) | 640 | | | — | | | 2031 Senior Notes (5.25% senior notes due June 15, 2031) | 745 | | | 743 | | | 2032 Senior Notes (1.85% senior notes due September 15, 2032) | 1,489 | | | 1,488 | | | 2033 Senior Notes (4.60% senior notes due March 15, 2033) | 1,491 | | | 1,490 | | | 2040 Senior Notes (2.65% senior notes due September 15, 2040) | 1,234 | | | 1,233 | | | 2048 Senior Notes (4.25% senior notes due September 21, 2048) | 1,234 | | | 1,233 | | | 2050 Senior Notes (3.00% senior notes due June 15, 2050) | 1,224 | | | 1,223 | | | 2052 Senior Notes (4.95% senior notes due June 15, 2052) | 1,468 | | | 1,467 | | | 2060 Senior Notes (3.00% senior notes due September 15, 2060) | 1,473 | | | 1,473 | | | 2062 Senior Notes (5.20% senior notes due June 15, 2062) | 985 | | | 985 | | | Total long-term debt | 18,609 | | | 17,341 | | | Total debt | $ | 19,644 | | | $ | 20,368 | | |
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| Debt Repayment Schedule |
As of December 31, 2025, the outstanding debt repayment schedule is as follows (in millions): | | | | | | | 2026 | $ | 1,037 | | | 2027 | 2,000 | | | 2028 | 2,200 | | | 2029 | 1,250 | | | 2030 | 1,250 | | Thereafter | 12,150 | | | Principal amounts repayable | 19,887 | | | Unamortized debt issuance costs and discounts | (243) | | | Total debt outstanding | $ | 19,644 | |
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