Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

Debt 

A summary of short-term and long-term debt outstanding is as follows:

(in millions)	September 30, 2025		December 31, 2024
4.75% Senior Notes, due 2025 1	—		4
4.0% Senior Notes, due 2026 2	3		3
2.95% Senior Notes, due 2027 3	499		498
2.45% Senior Notes, due 2027 4	1,245		1,243
4.75% Senior Notes, due 2028 5	788		797
4.25% Senior Notes, due 2029 6	995		1,004
2.5% Senior Notes, due 2029 7	498		497
2.70% Sustainability-Linked Senior Notes, due 2029 8	1,240		1,238
1.25% Senior Notes, due 2030 9	596		595
2.90% Senior Notes, due 2032 10	1,479		1,477
5.25% Senior Notes, due 2033 11	744		744
6.55% Senior Notes, due 2037 12	291		291
4.5% Senior Notes, due 2048 13	273		273
3.25% Senior Notes, due 2049 14	590		590
3.70% Senior Notes, due 2052 15	975		975
2.3% Senior Notes, due 2060 16	683		683
3.9% Senior Notes, due 2062 17	486		486
Total debt	11,385		11,398
Less: short-term debt including current maturities	3		4
Long-term debt	$	11,382	$	11,394

1     We made a $4 million repayment of our 4.75% senior notes in the first quarter of 2025.

2     Interest payments are due semiannually on March 1 and September 1.

3    Interest payments are due semiannually on January 22 and July 22, and as of September 30, 2025, the unamortized debt discount and issuance costs total $1 million.

4    Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $5 million.

5     Interest payments are due semiannually on February 1 and August 1.

6 Interest payments are due semiannually on May 1 and November 1.

7    Interest payments are due semiannually on June 1 and December 1, and as of September 30, 2025, the unamortized debt discount and issuance costs total $2 million.

8    Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $10 million.

9    Interest payments are due semiannually on February 15 and August 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $4 million.

10 Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $21 million.

11 Interest payments are due semiannually on March 15 and September 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $6 million.

12    Interest payments are due semiannually on May 15 and November 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $2 million.

13    Interest payments are due semiannually on May 15 and November 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $10 million.

14 Interest payments are due semiannually on June 1 and December 1, and as of September 30, 2025, the unamortized debt discount and issuance costs total $10 million.

15    Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $25 million.

16    Interest payments are due semiannually on February 15 and August 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $17 million.

17    Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $14 million.

The fair value of our total debt borrowings was $10.4 billion and $10.0 billion as of September 30, 2025 and December 31, 2024, respectively, and was estimated based on quoted market prices.

We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our $2.0 billion five-year credit agreement (our “credit facility”) that will terminate on December 17, 2029. As of September 30, 2025, and December 31, 2024, we had no outstanding commercial paper.

Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually. We currently pay a commitment fee of 8 basis points. There will be no sustainability pricing adjustment to our commitment fees or our margins under the credit facility for the approximately year-long period beginning April 7, 2025 as a result of our emissions performance for the year ended December 31, 2024. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility.

The only financial covenant in our credit facility is a requirement that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this ratio has never been exceeded.