Borrowings

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Borrowings

Borrowings

The following table is a summary of the Company’s borrowings at September 30, 2025 and December 31, 2024:

In millions	September 30, 2025		December 31, 2024
Short-term debt
Commercial paper	$	1,247	$	2,119
Long-term debt
4.1% senior notes due March 2025	—		724
3.875% senior notes due July 2025	—		2,828
5% senior notes due February 2026	1,500		1,500
2.875% senior notes due June 2026	1,750		1,750
3% senior notes due August 2026	750		750
3.625% senior notes due April 2027	750		750
6.25% senior notes due June 2027	372		372
1.3% senior notes due August 2027	2,250		2,250
4.3% senior notes due March 2028	5,000		5,000
5% senior notes due January 2029	1,000		1,000
5.4% senior notes due June 2029	1,000		1,000
3.25% senior notes due August 2029	1,750		1,750
5.125% senior notes due February 2030	1,500		1,500
3.75% senior notes due April 2030	1,500		1,500
1.75% senior notes due August 2030	1,250		1,250
5.25% senior notes due January 2031	750		750
1.875% senior notes due February 2031	1,250		1,250
5.55% senior notes due June 2031	1,000		1,000
2.125% senior notes due September 2031	1,000		1,000
5% senior notes due September 2032	750		—
5.25% senior notes due February 2033	1,750		1,750
5.3% senior notes due June 2033	1,250		1,250
5.7% senior notes due June 2034	1,250		1,250
4.875% senior notes due July 2035	652		652
5.45% senior notes due September 2035	1,500		—
6.625% senior notes due June 2036	771		771
6.75% senior notes due December 2037	533		533
4.78% senior notes due March 2038	5,000		5,000
6.125% senior notes due September 2039	447		447
4.125% senior notes due April 2040	602		602
2.7% senior notes due August 2040	367		367
5.75% senior notes due May 2041	133		133
4.5% senior notes due May 2042	500		500
4.125% senior notes due November 2042	226		226
5.3% senior notes due December 2043	750		750
4.75% senior notes due March 2044	375		375
6% senior notes due June 2044	750		750
5.125% senior notes due July 2045	3,500		3,500
3.875% senior notes due August 2047	537		537
5.05% senior notes due March 2048	8,000		8,000
4.25% senior notes due April 2050	399		399
5.625% senior notes due February 2053	1,250		1,250

5.875% senior notes due June 2053	1,250		1,250
6.05% senior notes due June 2054	1,000		1,000
6.2% senior notes due September 2055	1,250		—
6% senior notes due June 2063	750		750
6.25% senior notes due September 2065	500		—
6.75% series B junior subordinated notes due December 2054	750		750
7% series A junior subordinated notes due March 2055	2,250		2,250
Finance lease liabilities	1,357		1,360
Other	296		302
Total debt principal	66,314		66,747
Debt premiums	160		170
Debt discounts and deferred financing costs	(638)		(647)
	65,836		66,270
Less:
Short-term debt (commercial paper)	(1,247)		(2,119)
Current portion of long-term debt	(4,081)		(3,624)
Long-term debt	$	60,508	$	60,527

Short-term Borrowings

Commercial Paper

The Company had $1.2 billion of commercial paper outstanding at a weighted average interest rate of 4.64% as of September 30, 2025. The Company had $2.1 billion of commercial paper outstanding at a weighted average interest rate of 4.98% as of December 31, 2024.

Long-term Borrowings

2025 Notes

On August 15, 2025, the Company issued $750 million aggregate principal amount of 5.0% senior notes due September 2032, $1.5 billion aggregate principal amount of 5.45% senior notes due September 2035, $1.25 billion aggregate principal amount of 6.2% senior notes due September 2055 and $500 million aggregate principal amount of 6.25% senior notes due September 2065 for total proceeds of approximately $4.0 billion, net of discounts and underwriting fees. The net proceeds of these offerings were used to repay existing indebtedness, including borrowings under the Company’s commercial paper program, as well as for general corporate purposes.