DEBT (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Short-term Debt

Loans payable, commercial paper and the related weighted-average interest rates were as follows:

In millions	September 30, 2025		December 31, 2024
Loans payable (1)	$	315	$	356
Commercial paper (2)	353		1,259
(1) Loans payable consist primarily of loans payable to various international and domestic financial institutions. It is not practicable to aggregate these notes and calculate a quarterly weighted-average interest rate.
(2) The weighted-average interest rate, inclusive of all brokerage fees, was 3.49 percent and 4.49 percent at September 30, 2025 and December 31, 2024, respectively.

Summary of long-term debt

A summary of long-term debt was as follows:

In millions	Interest Rate	September 30, 2025		December 31, 2024
Long-term debt
Hydrogenics promissory notes, due 2025	—%	$	55	$	110
Senior notes, due 2025 (1)	0.75%	—		500
Debentures, due 2027	6.75%	58		58
Debentures, due 2028	7.125%	250		250
Senior notes, due 2028	4.25%	300		—
Senior notes, due 2029	4.90%	500		500
Senior notes, due 2030 (1)	1.50%	850		850
Senior notes, due 2031	4.70%	700		—
Senior notes, due 2034	5.15%	750		750
Senior notes, due 2035	5.30%	1,000		—
Senior notes, due 2043	4.875%	500		500
Senior notes, due 2050	2.60%	650		650
Senior notes, due 2054	5.45%	1,000		1,000
Debentures, due 2098 (2)	5.65%	165		165
Other debt		184		160
Unamortized discount and deferred issuance costs		(93)		(89)
Fair value adjustments due to hedge on indebtedness		(58)		(85)
Finance leases		135		125
Total long-term debt		6,946		5,444
Less: Current maturities of long-term debt		122		660
Long-term debt		$	6,824	$	4,784
(1) In 2021, we entered into a series of interest rate swaps to effectively convert debt from a fixed rate to floating rate. In March of 2025, we settled the remainder of the interest rate swaps on our debt due in 2025. See "Interest Rate Risk" in NOTE 13, "DERIVATIVES," for additional information. During the third quarter of 2025, we repaid the outstanding balance of the senior notes due in 2025.
(2) The effective interest rate is 7.48 percent.

Principal repayments on long-term debt

Principal payments required on long-term debt during the next five years are as follows:

In millions	2025		2026		2027		2028		2029
Principal payments	$	71	$	95	$	128	$	607	$	537

Fair value and carrying value of total debt

Based on borrowing rates currently available to us for bank loans with similar terms and average maturities, considering our risk premium, the fair values and carrying values of total debt, including current maturities, were as follows:

 

In millions	September 30, 2025		December 31, 2024
Fair value of total debt (1)	$	7,419	$	6,651
Carrying value of total debt	7,614		7,059
(1) The fair value of debt is derived from Level 2 input measures.