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Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
We primarily invest in the following types of derivative financial instruments: interest rate swaps, futures, forward contracts, put and call options, collars, swaptions, embedded derivatives and warrants. We also enter into master netting agreements which reduce credit risk by permitting net settlement of transactions. At December 31, 2025 and 2024, we had received collateral of $34 and posted collateral of $142, respectively, related to our derivative financial instruments.
A summary of the aggregate contractual or notional amounts and carrying values related to derivative financial instruments at December 31, 2025 and 2024 is as follows:
 Contractual/
Notional
Amount		Balance Sheet LocationCarrying Value
Asset(Liability)
December 31, 2025
Hedging instruments
Interest rate swaps - fixed to floating$6,875 Other assets/other liabilities$83 $(44)
Foreign currency forwards251 Other current liabilities— (5)
Subtotal hedging7,126 83 (49)
Non-hedging instruments
Futures/Forwards35 Equity securities/other assets— — 
Subtotal non-hedging35 Subtotal non-hedging— — 
Total derivatives$7,161 Total derivatives83 (49)
Amounts netted(21)21 
Net derivatives$62 $(28)
December 31, 2024
Hedging instruments
Interest rate swaps - fixed to floating$6,475 Other assets/other liabilities$8 $(150)
Foreign currency forwards322 Other current liabilities— (6)
Subtotal hedging6,797 Subtotal hedging8 (156)
Non-hedging instruments
Interest rate swaps5 Other assets/other liabilities— — 
Futures/Forwards124 Equity securities/other assets3 — 
Subtotal non-hedging129 Subtotal non-hedging3 — 
Total derivatives$6,926 Total derivatives11 (156)
Amounts netted(6)6 
Net derivatives$5 $(150)
Fair Value Hedges
We have entered into various interest rate swap contracts to convert a portion of our interest rate exposure on our long-term debt from fixed rates to floating rates. The floating rates payable on all of our fair value hedges are benchmarked to the Secured Overnight Financing Rate (“SOFR”). A summary of our outstanding fair value hedges at December 31, 2025 and 2024 is as follows:
Type of Fair Value HedgesYear
Entered
Into		Outstanding Notional AmountInterest Rate
Received		Expiration Date
20252024
Interest rate swap2025$150 $— 4.600 %March 15, 2032
Interest rate swap2025250 — 5.000 July 15, 2035
Interest rate swap2024200 200 5.500 April 15, 2032
Interest rate swap20241,000 1,000 4.750 August 15, 2032
Interest rate swap2024600 600 5.150 December 15, 2028
Interest rate swap20241,000 1,000 5.380 December 15, 2033
Interest rate swap2024750 750 4.750 August 15, 2029
Interest rate swap2024750 750 4.950 May 1, 2031
Interest rate swap20241,200 1,200 5.200 August 15, 2034
Interest rate swap2023300 300 5.500 April 15, 2032
Interest rate swap2023150 150 2.550 September 15, 2030
Interest rate swap2023125 125 4.100 September 1, 2027
Interest rate swap2023100 100 2.250 November 15, 2029
Interest rate swap2022150 150 5.500 April 15, 2032
Interest rate swap202275 75 4.100 September 1, 2027
Interest rate swap202275 75 2.250 November 15, 2029
    Total notional amount outstanding
$6,875 $6,475 
The following amounts were recorded on our consolidated balance sheets related to cumulative basis adjustments for fair value hedges at December 31, 2025 and 2024:
Balance Sheet Classification in Which Hedged Item is IncludedCarrying Amount of Hedged LiabilityCumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability
2025202420252024
Long-term debt$30,797 $29,218 $39 $(142)
Cash Flow Hedges
We have entered into a series of forward starting pay fixed interest rate swaps with the objective of eliminating the variability of cash flows in the interest payments on future financings that were anticipated at the time of entering into the swaps. During 2025 and 2024, swaps in the notional amount of $150 and $900, respectively, were terminated.
The unrecognized loss, net of tax, for all expired and terminated interest rate cash flow hedges included in accumulated other comprehensive loss was $192 and $201 at December 31, 2025 and 2024, respectively. As of December 31, 2025, the total amount of amortization over the next twelve months for all interest rate cash flow hedges is estimated to increase interest expense by approximately $13. No amounts were excluded from effectiveness testing, and our cash flow hedges were determined to be highly effective during the year ended December 31, 2025.
Non-Hedging Derivatives
A summary of the effect of non-hedging derivatives on our consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 is as follows:
Type of Non-hedging DerivativesIncome Statement Location of
Gain (Loss) Recognized		Derivative
(Loss) Gain
Recognized
Year ended December 31, 2025
Interest rate swapsNet losses on financial instruments(1)
FuturesNet losses on financial instruments(1)
Total$(2)
Year ended December 31, 2024
Options (including swaptions)Net losses on financial instruments$(1)
CollarsNet losses on financial instruments14 
FuturesNet losses on financial instruments(3)
Total$10 
Year ended December 31, 2023
Derivatives embedded in convertible securitiesNet losses on financial instruments$(2)
Options (including swaptions)Net losses on financial instruments3 
CollarsNet losses on financial instruments(3)
Futures10 
Total$8 
In connection with our equity investment in Mosaic Health (see Note 5, “Investments”), we entered into a limited partnership and related agreements with the majority owners that provide for certain rights and obligations of each party, including certain put, call, and purchase price true-up options. These options, if exercised, will result in our purchase of the units held by the majority owners as early as 2028 but no later than 2030 at a price based on certain multiples of revenue and earnings of Mosaic Health businesses, subject to various adjustments and qualifications. We have calculated the fair value of the net put option, which is a Level III measurement (see Note 7, “Fair Value”), using a Monte Carlo simulation, which relies on assumptions including cash flow projections, risk-free rates, volatility and details specific to the options. Significant changes in assumptions could result in significantly lower or higher fair value measurements. The carrying value of the net put option of $1,330, which is a non-cash item measured at fair value at the date of our initial investment, is included under the caption “Other noncurrent liabilities” in our consolidated balance sheets as of December 31, 2025 and 2024. We have elected to not mark the net put option to market, as it is an option on large blocks of equity securities, and the carrying value of the net put option will remain on the consolidated balance sheets until it is exercised, expires, or the terms are substantially amended.
In connection with our equity investment in Liberty Dental (see Note 5, “Investments”), we entered into an agreement with the majority owners that provides for certain rights and obligations of each party, including certain put and call options. These options, if exercised, will result in our purchase of the units held by the majority owners as early as July 1, 2026 but no later than 2027 at a price based on certain multiples of earnings of Liberty Dental, subject to various adjustments and qualifications. We calculated the fair value of the net put option, which is a Level III measurement (see Note 7, “Fair Value”), based on assumptions including cash flow projections, risk-free rates, volatility and details specific to the options. Significant changes in assumptions could result in significantly lower or higher fair value measurements. On March 28, 2025, the terms of the put and call options were substantially amended. The previous net put option liability of $85 at December 31, 2024 was extinguished and we recognized a new net put option liability at its estimated fair value on March 28, 2025 of $396, which is included under the caption “Other noncurrent liabilities” in our consolidated balance sheet as of December 31, 2025. We have elected to not mark the net put option to market, as it is an option on large blocks of equity securities, and the carrying value of the net put option will remain on the consolidated balance sheets until it is exercised, expires, or the terms are substantially amended.