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Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt
9. DEBT
Commercial Paper
The company maintains a commercial paper program that serves as a source of short-term financing. In September 2025, the company amended its commercial paper program to increase its capacity to issue unsecured commercial paper notes from $2.5 billion to $3.0 billion. There were no commercial paper borrowings outstanding at December 31, 2025 and December 31, 2024, respectively.
Credit Facility
In September 2025, the company entered into a new five-year senior unsecured revolving credit facility in an aggregate principal amount of $3.0 billion (the “2025 Credit Agreement”). The 2025 Credit Agreement replaced the company’s prior five-year, $2.5 billion revolving credit facility entered into in August 2022. The revolving credit facility established under the 2025 Credit Agreement is intended to support the company’s commercial paper program and other general corporate purposes. Commercial paper borrowings reduce the amount available for borrowing under the 2025 Credit Agreement. At December 31, 2025, there were no borrowings outstanding under this facility.
The 2025 Credit Agreement contains generally customary terms and conditions, including covenants restricting the company’s ability to sell all or substantially all of its assets, merge or consolidate with another entity or undertake other fundamental changes and incur liens. The company also cannot permit the ratio of its debt to capitalization (as set forth in the credit agreement) to exceed 65 percent. At December 31, 2025, the company was in compliance with all covenants under its credit agreement.
Unsecured Senior Notes
Issuance of Senior Notes
In May 2025, the company issued $1.0 billion of unsecured senior notes for general corporate purposes, including debt repayment, share repurchases, and working capital, as follows:
•$500 million of 4.65% senior notes due 2030 (the “2030 Notes”) and
•$500 million of 5.25% senior notes due 2035 (the “2035 Notes”).
In January 2024, the company issued $2.5 billion of unsecured senior notes for general corporate purposes, including debt repayment, share repurchases, and working capital, as follows:
•$500 million of 4.60% senior notes due 2029 (the “2029 Notes”),
•$850 million of 4.90% senior notes due 2034 (the “2034 Notes”), and
•$1.15 billion of 5.20% senior notes due 2054 (the “2054 Notes”).
We refer to the 2029 Notes, 2030 Notes, 2034 Notes, 2035 Notes, and 2054 Notes, together, as the “notes.” Interest on the notes is payable semi-annually in arrears. The notes are generally subject to redemption, in whole or in part, at the company’s discretion at any time, or from time to time, prior to maturity at a redemption price equal to the greater of 100% of the principal amount of the notes to be redeemed or an applicable “make-whole” amount, plus accrued and unpaid interest.
Repayments of Senior Notes
In January 2025, the company repaid $1.5 billion of 2.93 percent unsecured senior notes upon maturity.
Long-term debt consists of the following:
$ in millionsDecember 31
20252024
Fixed-rate notes and debentures, maturing inInterest rate
20252.93%$— $1,500 
2026
7.75% - 7.88%
527 527 
20273.20%750 750 
20283.25%2,000 2,000 
20294.60%500 500 
2030
4.40% - 4.65%
1,250 750 
20317.75%466 466 
20334.70%1,000 1,000 
20344.90%850 850 
20355.25%500 — 
2040
5.05% - 5.15%
800 800 
20434.75%950 950 
20453.85%600 600 
20474.03%2,250 2,250 
20505.25%1,000 1,000 
20534.95%1,000 1,000 
20545.20%1,150 1,150 
OtherVarious184 264 
Debt issuance costs(81)(83)
Total long-term debt15,696 16,274 
Less: current portion(1)
534 1,582 
Long-term debt, net of current portion$15,162 $14,692 
(1) The current portion of long-term debt is recorded in Other current liabilities in the consolidated statements of financial position.
The estimated fair value of long-term debt was $15.1 billion and $15.3 billion as of December 31, 2025 and 2024, respectively. We calculated the fair value of long-term debt using Level 2 inputs, based on interest rates available for debt with terms and maturities similar to the company’s existing debt arrangements.
Indentures underlying long-term debt issued by the company or its subsidiaries contain various restrictions with respect to the issuer, including one or more restrictions relating to limitations on liens, sale-leaseback arrangements and funded debt of subsidiaries. The majority of these fixed rate notes and debentures are subject to redemption at the company’s discretion at any time prior to maturity in whole or in part at the principal amount plus any make-whole premium and accrued and unpaid interest. Interest on these fixed rate notes and debentures are payable semi-annually in arrears.
Total interest payments, net of interest received and capitalized, were $588 million, $475 million and $437 million for the years ended December 31, 2025, 2024 and 2023, respectively. The company capitalized interest expense of $100 million, $113 million and $95 million during the years ended December 31, 2025, 2024 and 2023, respectively.
Maturities of long-term debt as of December 31, 2025, are as follows:
$ in millions
Year Ending December 31
2026$534 
2027755 
20282,044 
2029592 
20301,252 
Thereafter10,621 
Total principal payments15,798 
Unamortized premium on long-term debt, net of discount(21)
Debt issuance costs(81)
Total long-term debt$15,696