Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Long-term debt, Pre-swap borrowing

($ in millions)
At December 31:	Maturities	2025		2024
U.S. dollar debt (weighted-average interest rate at December 31, 2025): (1)
5.1%	2025	—		1,601
3.7%	2026	5,800		5,800
3.3%	2027	4,119		4,119
4.8%	2028	2,319		1,313
3.6%	2029	3,757		3,750
3.2%	2030	2,355		1,350
4.8%	2031	500		500
4.6%	2032	2,700		1,850
4.8%	2033	750		750
4.9%	2034	1,000		1,000
5.2%	2035	900		—
8.0%	2038	83		83
4.5%	2039	2,745		2,745
2.9%	2040	650		650
4.0%	2042	1,107		1,107
5.3%	2044	1,000		1,000
7.0%	2045	27		27
4.7%	2046	650		650
4.3%	2049	3,000		3,000
3.0%	2050	750		750
4.2%	2052	1,400		1,400
5.1%	2053	650		650
5.3%	2054	1,400		1,400
5.7%	2055	1,000		—
7.1%	2096	316		316
		$	38,979	$	35,813
Euro debt (weighted-average interest rate at December 31, 2025): (1)
1.6%	2025	—		3,106
2.3%	2027	2,349		2,071
0.7%	2028	2,114		1,863
1.5%	2029	1,174		1,035
1.7%	2030	2,055		1,035
2.7%	2031	2,936		2,588
0.7%	2032	1,879		1,656
3.2%	2033	1,292		—
1.3%	2034	1,174		1,035
3.8%	2035	1,174		1,035
3.5%	2037	1,057		—
1.2%	2040	998		880
4.0%	2043	1,174		1,035
3.8%	2045	881		—
		$	20,258	$	17,340
Other currencies (weighted-average interest rate at December 31, 2025): (1)
Pound sterling (4.9%)	2038	1,009		939
Japanese yen (1.0%)	2026–2028	811		808
Other (13.8%)	2026–2027	78		212
		$	61,134	$	55,111
Finance lease obligations (5.1% weighted-average interest rate at December 31, 2025)	2026–2035	1,153		1,000
		$	62,286	$	56,112
Less: net unamortized discount		806		824
Less: net unamortized debt issuance costs		185		168
Add: fair value adjustment (2)		(36)		(176)
		$	61,259	$	54,943
Less: current maturities		6,424		5,059
Total		$	54,836	$	49,884

(1)Includes notes, debentures, bank loans and secured borrowings.

(2)The portion of the company’s fixed-rate debt obligations that is hedged is reflected in the Consolidated Balance Sheet as an amount equal to the sum of the debt’s carrying value and a fair value adjustment representing changes in the fair value of the hedged debt obligations attributable to movements in benchmark interest rates.

Post-swap borrowing (Long-term debt, including current portion)

($ in millions)
	2025				2024
At December 31:	Amount		Weighted-Average Interest Rate		Amount		Weighted-Average Interest Rate
Fixed-rate debt	$	54,004	3.5	%	$	47,712	3.3	%
Floating-rate debt (1)	7,255		5.0	%	7,231		5.6	%
Total	$	61,259			$	54,943

(1)Includes $6,725 million in both 2025 and 2024, of notional interest-rate swaps that effectively convert fixed-rate long-term debt into floating-rate debt. Refer to note S, “Derivative Financial Instruments,” for additional information.

Pre-swap annual contractual obligations of long-term debt outstanding

Pre-swap annual contractual obligations of long-term debt outstanding at December 31, 2025, are as follows:

($ in millions)
	Total
2026	$	6,425
2027	6,753
2028	5,172
2029	5,095
2030	4,492
Thereafter	34,348
Total	$	62,286

Interest on debt

($ in millions)
For the year ended December 31:	2025		2024		2023
Cost of financing	$	365	$	336	$	334
Interest expense	1,935		1,712		1,607
Interest capitalized	4		12		9
Total interest paid and accrued	$	2,305	$	2,060	$	1,949