Debt Financing Arrangements

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt Financing Arrangements

Debt Financing Arrangements

The Company’s long-term debt consisted of the following (in millions, except as noted):

Debt Instrument
Interest Rate	Face Amount	Due Date	December 31, 2025		December 31, 2024
1.000% Notes	€650 million	2025	$	—	$	672
2.500% Notes	$1 billion	2026	999		999
7.500% Debentures	$147 million	2027	147		147
6.750% Debentures	$103 million	2027	103		103
6.625% Debentures	$144 million	2029	144		144
3.250% Notes	$1 billion	2030	999		993
7.000% Debentures	$160 million	2031	165		161
2.900% Notes	$750 million	2032	746		745
5.935% Debentures	$336 million	2032	341		337
4.500% Notes	$500 million	2033	494		493
5.375% Debentures	$432 million	2035	427		426
6.450% Debentures	$103 million	2038	102		103
5.765% Debentures	$297 million	2041	297		297
4.535% Debentures	$383 million	2042	294		291
4.016% Debentures	$371 million	2043	269		266
3.750% Notes	$408 million	2047	403		403
4.500% Notes	$600 million	2049	590		589
2.700% Notes	$750 million	2051	733		732
6.950% Debentures	$157 million	2097	154		154
Other			205		199
Total long-term debt including current maturities			7,612		8,254
Current maturities			(1,006)		(674)
Total long-term debt			$	6,606	$	7,580

At December 31, 2025, the fair value of the Company’s long-term debt, excluding current portion, was $6.3 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards), compared to a carrying value of $6.6 billion.

The Company’s credit facilities and certain debentures require the Company to comply with specified financial and non-financial covenants including maintenance of minimum tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements. The Company was in compliance with these covenants as of December 31, 2025.

The aggregate future maturities of long-term debt as of December 31, 2025 are as follows (in millions):

	Amount
2026	$	1,006
2027	266
2028	—
2029	145
2030	1,006
Thereafter	5,442
Total estimated future maturities	$	7,865

At December 31, 2025, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $12.3 billion, of which $9.4 billion was unused. 

The Company had outstanding standby letters of credit and surety bonds at December 31, 2025 and 2024, totaling $1.2 billion and $1.4 billion, respectively.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $3.0 billion in funding resulting from the sale of accounts receivable. As of December 31, 2025, the Company utilized $2.1 billion of its facility under the Programs. See Note 19. Sale of Accounts Receivable for further information on the Programs.

The weighted average interest rates on short-term borrowings outstanding at December 31, 2025 and 2024, were 4.0% and 4.7%, respectively. Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was $715 million of commercial paper outstanding at December 31, 2025.

Credit Ratings

As of December 31, 2025, the three major credit rating agencies maintained the Company’s credit ratings at investment grade levels with a negative outlook.