Long-Term Debt

12 Months Ended

Dec. 31, 2025

Long-Term Debt, Unclassified [Abstract]

Long-Term Debt

LONG-TERM DEBT

During 2025, we issued $8.67 billion of medium-term notes, of which $5.75 billion were at fixed interest rates and $2.92 billion were floating interest rates. At December 31, 2025, the outstanding medium-term notes had remaining maturities ranging up to five years. Debt issuance costs are capitalized and amortized to Interest expense using the effective yield method over the term of the debt issuance. Medium-term notes, net contain fair value adjustments for debt in a fair value hedge relationship.

Long-term debt outstanding as of December 31, was comprised of the following: 

(Millions of dollars)	2025			2024
	Balance		Weighted Avg. Rate	Balance		Weighted Avg. Rate
Medium-term notes	$	26,424	3.8%	$	24,940	3.9%
Unamortized discount and debt issuance costs	(41)			(42)
Fair value adjustments	54			(16)
Medium-term notes, net	26,437			24,882
Bank borrowings and other	666		10.7%	524		9.6%
Total	$	27,103		$	25,406

Maturities of Long-term debt outstanding (excluding fair value adjustments) as of December 31, 2025, in each of the next five years, are as follows: 

(Millions of dollars)
2026	$	7,085
2027	8,890
2028	7,528
2029	2,590
2030	456

Medium-term notes of $1.75 billion maturing in the first quarter of 2026 were excluded from Current maturities of long-term debt in the Consolidated Statements of Financial Position as of December 31, 2025 due to a $1.75 billion issuance of medium-term notes on January 8, 2026, of which $1.25 billion and $500 million mature in 2028 and 2031, respectively. The preceding maturity table reflects the reclassification of $1.75 billion from maturities in 2026 to $1.25 billion in 2028 and $500 million in 2031.