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INDEBTEDNESS (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Summary of Total Indebtedness
The following table summarizes total indebtedness:
December 31, 2025
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps(1)
Unamortized (Discount) PremiumUnamortized 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 debt
$7,168 $(84)$(49)$(41)$6,994 
December 31, 2024
Notes Payable:
Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) PremiumUnamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(32)$3 $(4)$567 
1.75% 2015 Senior Notes due 2027
518 — — (1)517 
3.25% 2017 Senior Notes, due 2028
500 (13)(2)(1)484 
4.25% 2018 Senior Notes, due 2029
400 (35)(1)(1)363 
4.875% 2018 Senior Notes, due 2048
400 (35)(6)(3)356 
0.950% 2019 Senior Notes, due 2030
776 — (1)(3)772 
3.75% 2020 Senior Notes, due 2025
700 (3)— — 697 
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 — (6)(4)590 
2.75% 2021 Senior Notes, due 2041
600 — (12)(5)583 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (43)(8)(5)444 
4.25% 2022 Senior Notes, due 2032
500 (8)(2)(3)487 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total long-term debt$7,694 $(169)$(52)$(45)$7,428 
Current portion(697)
Total long-term debt$6,731 
(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 amount of the hedged debt.
Schedule of Credit Facilities . Further information on the key terms of this revolving credit facility is below:
December 31, 2025December 31, 2024
Issue DateCapacityMaturityDrawnUndrawnDrawnUndrawn
2024 Credit Facility
May 6, 2024$1,250 May 6, 2029$— $1,250 $— $1,250 
Principal Payments Due on Long-term Borrowings
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,Total
2026$— 
2027587 
2028500 
2029400 
2030881 
Thereafter4,800 
Total$7,168 
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:
Year Ended December 31,
202520242023
Expense on borrowings(1)
$(251)$(300)$(296)
(Expense) income on UTPs and other tax related liabilities(2)
3 (13)8 
Net periodic pension costs - interest component (30)(26)(26)
Income65 102 63 
Interest expense, net$(213)$(237)$(251)
Interest paid(3)
$235 $280 $281 
(1) Expense on borrowings includes interest on long-term debt, as well as realized gains/losses related to interest rate swaps and cross currency swaps, which are more fully discussed in Note 6.
(2) The amount for the year ended December 31, 2025 includes a $15 million reduction of tax-related interest expense related to the lapse in the statute of limitations of certain tax positions. Refer to Note 15 for additional information. The amount for the year ended December 31, 2023 includes a $22 million reduction of tax-related interest expense primarily related to the resolutions of tax matters.
(3) Interest paid includes net settlements on interest rate swaps more fully discussed in Note 6.
Fair Value and Carrying Value of Long-term Debt
The fair value and carrying value of the Company’s debt as of December 31, 2025 and 2024 are as follows:
December 31, 2025December 31, 2024
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Total debt
$6,994 $6,245 $7,428 $6,601