Debt (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Short-term and Long-term Debt Outstanding

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


(in millions)	June 30, 2026		December 31, 2025
4.0% Senior Notes, due 2026 1	$	—	$	3
2.95% Senior Notes, due 2027 2	500		499
2.45% Senior Notes, due 2027 3	1,247		1,246
4.75% Senior Notes, due 2028 4	777		784
4.25% Senior Notes, due 2029 5	985		991
2.5% Senior Notes, due 2029 6	498		498
2.95% Sustainability-Linked Senior Notes, due 2029 7	1,242		1,241
1.25% Senior Notes, due 2030 8	597		596
4.25% Senior Notes, due 2031 9	596		595
2.90% Senior Notes, due 2032 10	1,481		1,480
5.25% Senior Notes, due 2033 11	744		744
4.80% Senior Notes, due 2035 12	396		396
6.55% Senior Notes, due 2037 13	291		291
4.5% Senior Notes, due 2048 14	273		273
3.25% Senior Notes, due 2049 15	591		591
3.70% Senior Notes, due 2052 16	976		976
2.3% Senior Notes, due 2060 17	683		683
3.9% Senior Notes, due 2062 18	487		486

5.05% Senior Notes, due 2029 19	645		—
5.45% Senior Notes, due 2031 20	644		—
6.05% Senior Notes, due 2036 21	692		—
Commercial paper	825		715

Total debt	15,170		13,088
Less: short-term debt including current maturities	2,572		718
Long-term debt	$	12,598	$	12,370

1 We made a $3 million repayment of our 4.0% Senior Notes in the first quarter of 2026.

2 Interest payments are due semiannually on January 22 and July 22, and as of June 30, 2026, the unamortized debt discount and issuance costs total less than $1 million.

3 Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2026, the unamortized debt discount and issuance costs total $3 million.

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

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

6 Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2026, the unamortized debt discount and issuance costs total $2 million.

7 Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2026, the unamortized debt discount and issuance costs total $8 million. From and including March 1, 2026, the interest rate payable on Sustainability-Linked Senior Notes due 2029 was increased by 25 basis points (0.25%) per annum, in accordance with the terms of the governing indenture.

8 Interest payments are due semiannually on February 15 and August 15, and as of June 30, 2026, the unamortized debt discount and issuance costs total $3 million.

9 Interest payments are due semiannually on January 15 and July 15, beginning on July 15, 2026, and as of June 30, 2026, 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 June 30, 2026, the unamortized debt discount and issuance costs total $19 million.

11 Interest payments are due semiannually on March 15 and September 15, and as of June 30, 2026, the unamortized debt discount and issuance costs total $6 million.

12 Interest payments are due semiannually on June 4 and December 4, and as of June 30, 2026, the unamortized debt discount and issuance costs total $4 million.

13 Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2026, the unamortized debt discount and issuance costs total $2 million.

14 Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2026, the unamortized debt discount and issuance costs total $10 million.

15 Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2026, the unamortized debt discount and issuance costs total $9 million.

16 Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2026, the unamortized debt discount and issuance costs total $24 million.

17 Interest payments are due semiannually on February 15 and August 15, and as of June 30, 2026, the unamortized debt discount and issuance costs total $17 million.

18 Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2026, the unamortized debt discount and issuance costs total $13 million.

19 Interest payments are due semiannually on June 15 and December 15, beginning on December 15, 2026, and as of June 30, 2026, the unamortized debt discount and issuance costs total $5 million.

20 Interest payments are due semiannually on June 15 and December 15, beginning on December 15, 2026, and as of June 30, 2026, the unamortized debt discount and issuance costs total $6 million.

21 Interest payments are due semiannually on June 15 and December 15, beginning on December 15, 2026, and as of June 30, 2026, the unamortized debt discount and issuance costs total $8 million.