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DEBT AND CREDIT FACILITIES
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES
Debt Outstanding
At December 31, 2025 and 2024, we had the following debt outstanding:
as of December 31 (in millions)Effective interest rate as of December 31,2025¹
20251
20241
Commercial paper— %$— $300 
1.3% notes due 2025
— %— 625 
Delayed draw term loan due 2025— %— 1,826 
2.6% notes due 2026
— %— 749 
Term loan maturing 2027— %— 1,643 
7.65% debentures due 2027
7.7 %5 5 
1.915% notes due 2027
3.4 %834 1,446 
6.625% debentures due 2028
5.8 %94 94 
2.272% notes due 2028
2.4 %1,246 1,245 
1.3% notes due 2029
1.4 %876 776 
4.45% notes due 2029
4.2 %298 — 
3.95% notes due 2030
4.1 %497 497 
4.9% notes due 2030
4.6 %695 — 
1.73% notes due 2031
2.7 %647 646 
2.539% notes due 2032
2.6 %1,542 1,541 
5.65% notes due 2035
5.2 %991 — 
6.25% notes due 2037
6.3 %266 266 
3.65% notes due 2042
3.9 %6 6 
4.5% notes due 2043
4.6 %256 256 
3.5% notes due 2046
3.7 %442 441 
3.132% notes due 2051
3.2 %743 743 
Finance leases and other4.8 %38 21 
Total debt and finance lease obligations9,476 13,126 
Short-term debt (1)(2,126)
Current maturities of long-term debt and finance lease obligations(2)(626)
Long-term debt and finance lease obligations$9,473 $10,374 
1Book values include any discounts, premiums and adjustments related to hedging instruments and effective interest rates reflect amortization of those items.
Significant Debt Activity
In February 2025, we repaid $1.00 billion under our $1.64 billion five-year term loan facility maturing in 2026. In June 2025, we amended and restated this term loan facility in its entirety (as further described under "Credit Facilities" below).
In November 2025 we commenced cash tender offers for (i) any and all of our 2.6% senior unsecured notes due 2026 (the 2026 Notes) and (ii) a portion of our 1.915% senior unsecured notes due 2027 (the 2027 Notes) in an aggregate purchase price up to $600 million. The cash tender offers were settled in December 2025.
In December 2025, we issued $300 million of 4.45% senior notes due in 2029 (the 2029 Notes), $700 million of 4.9% senior notes due in 2030 (the 2030 Notes) and $1.00 billion of 5.65% senior notes due 2035 (the 2035 Notes and together with the 2029 Notes and the 2030 Notes, the Notes). The interest rate payable on each series of the Notes will be subject to adjustment from time to time if (1) Moody’s Investors Service, Inc. (Moody’s) or Standard & Poor’s Ratings Services (S&P) downgrades (or subsequently upgrades) the debt rating applicable to the Notes of a
series or (2) Moody’s or S&P ceases to rate the Notes of that series or fails to make a rating of the Notes of that series publicly available for reasons outside of our control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) under the Exchange Act, selected by us as a replacement agency for Moody’s or S&P, downgrades (or subsequently upgrades), or discontinues, a rating of the Notes of that series. The indenture governing the Notes contains various covenants, which include limitations on our ability and the ability of certain of our subsidiaries to create, incur, assume or guarantee secured debt and our ability to merge or consolidate with any other entity or sell, transfer or lease all or substantially all of our properties and assets.
We used the proceeds from the Notes to fund the full repayment of the $750 million principal outstanding under the 2026 Notes (inclusive of the cash tender offer and the subsequent satisfaction and discharge with respect to the remaining 2026 Notes), the cash tender offer on the 2027 Notes in an aggregate purchase price of $600 million and repaid $645 million under the Term Loan Facility (as defined below and which was terminated in connection with this repayment). In connection with the completion of these transactions, we recognized a net pre-tax gain of $16 million from the early extinguishment of debt, which is included in other (income) expense, net in the consolidated statement of income (loss) for the year ended December 31, 2025.
In 2024, we repaid our $13 million 7.0% notes due 2024, $809 million 0.4% notes due 2024, $1.40 billion 1.322% notes due 2024, $300 million floating rate notes due 2024 and $130 million three-year term loan facility due 2024.
Credit Facilities
On June 11, 2025, we entered into an amended and restated U.S. Dollar-denominated term loan credit facility (the Term Loan Facility), which amended and restated in its entirety our prior term loan credit facility. Borrowings under the Term Loan Facility bore interest on the principal amount outstanding at either Term SOFR plus an applicable margin or a “base rate” plus an applicable margin. The Term Loan Facility, which has now been terminated, contained various covenants, including a maximum net leverage ratio. As discussed above in the Significant Debt Activity section, in December 2025 we repaid the outstanding balance under the Term Loan Facility at which time it was terminated.
On June 11, 2025, we entered into an amended and restated revolving credit facility (the Multicurrency Revolver), which amended and restated in its entirety our prior U.S. Dollar-denominated revolving credit facility and replaced our prior Euro-denominated revolving credit facility. Our Multicurrency Revolver has a maximum capacity of $2.20 billion and matures in 2030. Borrowings under the Multicurrency Revolver in U.S. dollars bear interest on the principal amount outstanding at either Term SOFR plus an applicable margin or a “base rate” plus an applicable margin. The Multicurrency Revolver contains various covenants, including a maximum net leverage ratio (which ratio was most recently increased for the four fiscal quarters ending December 31, 2025, March 31, 2026, June 30, 2026, and September 30, 2026 pursuant to a November 2025 amendment). Costs incurred in connection with the amendments to the Multicurrency Revolver (or its predecessor agreements) were not material. Borrowings in Euros are subject to a sublimit of $300 million. We may, at our option, seek to increase the aggregate commitment under the Multicurrency Revolver by up to $1.10 billion, which would result in a maximum aggregate commitment of up to $3.30 billion. There were no borrowings outstanding under the Multicurrency Revolver as of December 31, 2025 or 2024. Our commercial paper borrowing arrangements require us to maintain undrawn borrowing capacity under our Multicurrency Revolver for an amount at least equal to our outstanding commercial paper borrowings. Based on our covenant calculations as of December 31, 2025, we had capacity to draw approximately $1.79 billion under the Multicurrency Revolver.
On July 17, 2024, we entered into a credit agreement pursuant to which a group of banks provided us with senior unsecured term loans in an aggregate principal amount of up to $2.05 billion ("bridge facility"). Borrowings under the bridge facility were available in up to three drawings to fund (a) the refinancing of our 1.322% Senior Notes due November 29, 2024, our Floating Rate Notes due November 29, 2024, and certain borrowings under our existing term loan facility and (b) payment of certain U.S. tax liabilities arising from internal reorganization transactions related to the sale of our Kidney Care business. Borrowings under the bridge facility bore interest at a rate based on our long-term debt ratings in effect from time to time and the interest rate on any borrowings outstanding beyond December 31, 2024 would increase by 0.25%. We also incurred a ticking fee on undrawn commitments at a rate based on our long-term debt ratings in effect from time to time. The banks' funding commitments under the bridge facility terminated on December 31, 2024. In November 2024, we reduced the bridge facility capacity from $2.05 billion to $1.83 billion. Additionally, during the fourth quarter of 2025 we drew on the bridge facility to repay our 1.322% Senior Notes due November 29, 2024, our Floating Rate Notes due November 29, 2024 and the outstanding balance on our three-year term loan facility. There was $1.83 billion outstanding under this bridge
facility as of December 31, 2024. In January 2025, we used a portion of the approximately $3.3 billion of net after-tax cash proceeds from the sale of our Kidney Care business to repay the $1.83 billion outstanding under the bridge facility, at which time it was terminated.
We also maintain other credit arrangements, which totaled approximately $385 million and $412 million as of December 31, 2025 and 2024, respectively. There were no amounts outstanding under these arrangements as of December 31, 2025 and 2024.
As of December 31, 2025, we were in compliance with the financial covenants in the Multicurrency Revolver. The non-performance of any financial institution supporting any of the credit facilities would reduce the maximum capacity of these facilities by such institution’s respective commitment.
Commercial Paper
There was no commercial paper outstanding as of December 31, 2025. As of December 31, 2024, we had $300 million of commercial paper outstanding with a weighted-average interest rate of 4.78% and an original term of 45 days. In the first quarter of 2025, we repaid the $300 million balance outstanding as of December 31, 2024.
Future Debt Maturities
as of and for the years ended December 31 (in millions)Debt maturities
2026$— 
2027841 
20281,342 
20291,180 
20301,200 
Thereafter4,931 
Total debt maturities1
9,494 
Discounts, premiums, and adjustments relating to hedging instruments(56)
Total debt obligations1
$9,438 
1 Excludes finance leases and other of $38 million as of December 31, 2025.