DEBT AND CREDIT FACILITIES (Tables)

12 Months Ended

Dec. 31, 2025

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 other	4.8	%	38		21
Total debt and finance lease obligations			9,476		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.

Future Debt Maturities


as of and for the years ended December 31 (in millions)	Debt maturities
2026	$	—
2027	841
2028	1,342
2029	1,180
2030	1,200
Thereafter	4,931
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.