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DEBT AND BORROWING ARRANGEMENTS
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT AND BORROWING ARRANGEMENTS DEBT AND BORROWING ARRANGEMENTS
Loans and Notes Payable
Loans and notes payable consist primarily of commercial paper issued in the United States. As of December 31, 2025 and 2024, we had $1,495 million and $1,139 million, respectively, in outstanding commercial paper borrowings. Our weighted-average interest rates for commercial paper outstanding were 3.9% and 5.0% as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, the Company also had $56 million and $360 million, respectively, in lines of credit, short-term credit facilities and other short-term borrowings.
In addition, we had $7,227 million in unused lines of credit and other short-term credit facilities as of December 31, 2025, of which $6,150 million was in corporate backup lines of credit for general purposes. These backup lines of credit expire at various times through 2030. There were no borrowings under these corporate backup lines of credit during 2025. These credit facilities are subject to normal banking terms and conditions. Some of the financial arrangements require compensating balances, none of which was significant to our Company.
Long-Term Debt
The Company’s long-term debt consisted of the following (in millions except average rate data):
December 31, 2025December 31, 2024
Amount
Average Rate1
Amount
Average Rate1
Fixed interest rate long-term debt:
U.S. dollar notes due 2027-2093$26,945 3.6%$26,931 3.1%
U.S. dollar debentures due 2026-2098767 4.8 778 4.8 
Euro notes due 2026-205315,470 2.4 13,619 3.1 
Swiss franc notes due 2028726 5.1 635 6.7 
Other, due through 20982
651 4.9 1,845 7.1 
Fair value adjustments3
(618)      N/A(785)        N/A
Total4,5
43,941 3.3%43,023 3.4%
Less: Current portion1,822  648  
Long-term debt$42,119  $42,375  
1Rates represent the weighted-average effective interest rate on the balances outstanding as of year end, as adjusted for the effective amount of interest rate swap agreements and cross-currency swap agreements, if applicable. Refer to Note 5 for a more detailed discussion on interest rate management.
2As of December 31, 2024, the amount includes $1,249 million of debt instruments related to our bottling operations in Africa. As of December 31, 2025, the Company’s bottling operations in Africa met the criteria to be classified as held for sale. As a result, the related debt balance as of December 31, 2025 was recorded in the line item liabilities held for sale in our consolidated balance sheet. Refer to Note 2.
3Amounts represent the changes in fair values due to changes in benchmark interest rates. Refer to Note 5 for additional information about our fair value hedging strategy.
4As of December 31, 2025 and 2024, the fair value of our long-term debt, including the current portion, was $39,385 million and $38,052 million, respectively.
5The above notes and debentures include various restrictions, none of which was significant to our Company.
Total interest paid was $1,724 million, $1,669 million and $1,415 million in 2025, 2024 and 2023, respectively.
During 2024, the Company extinguished prior to maturity long-term debt of $485 million, resulting in a gain of $22 million recorded in the line item interest expense in our consolidated statement of income.
The following table summarizes the maturities of long-term debt for the five years succeeding December 31, 2025 (in millions):
Maturities of
Long-Term Debt
2026$1,822 
20274,817 
20282,923 
20292,955 
20303,411