LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of long-term debt

As of December 31, 2025 and 2024, the Company’s debt consisted of the following:

millions	2025	2024
5.875% senior notes due 2025	—	536
5.500% senior notes due 2025	—	465
5.550% senior notes due 2026	—	870
3.400% senior notes due 2026	—	284
Two-year term loan due 2026 (5.475% and 6.249% as of December 31, 2025 and 2024, respectively)	1,280	2,700
3.200% senior notes due 2026	182	182
7.500% debentures due 2026	112	112
8.500% senior notes due 2027	489	489
3.000% senior notes due 2027	216	216
7.125% debentures due 2027	150	150
7.000% debentures due 2027	48	48
5.000% senior notes due 2027	600	600
6.625% debentures due 2028	14	14
7.150% debentures due 2028	232	232
7.200% senior debentures due 2028	82	82
6.375% senior notes due 2028	578	578
7.200% debentures due 2029	135	135
7.950% debentures due 2029	116	116
8.450% senior debentures due 2029	116	116
3.500% senior notes due 2029	286	286
5.200% senior notes due 2029	1,200	1,200
Variable rate bonds due 2030 (4.450% and 5.710% as of December 31, 2025 and 2024, respectively)	68	68
8.875% senior notes due 2030	1,000	1,000
6.625% senior notes due 2030	1,449	1,449
6.125% senior notes due 2031	1,143	1,143
7.500% senior notes due 2031	900	900
7.875% senior notes due 2031	500	500
5.375% senior notes due 2032	1,000	1,000
5.550% senior notes due 2034	1,200	1,200
6.450% senior notes due 2036	1,727	1,727
Zero Coupon senior notes due 2036	285	673
0.000% loan due 2039 (CAD denominated)	17	18
4.300% senior notes due 2039	247	247
7.950% senior notes due 2039	325	325
6.200% senior notes due 2040	737	737
4.500% senior notes due 2044	191	191
4.625% senior notes due 2045	296	296
6.600% senior notes due 2046	1,117	1,117
4.400% senior notes due 2046	424	424
4.100% senior notes due 2047	258	258
4.200% senior notes due 2048	304	304
4.400% senior notes due 2049	280	280
(continued on next page)

millions (continued)	2025		2024
6.050% senior notes due 2054	1,000		1,000
7.730% debentures due 2096	58		58
7.500% debentures due 2096	60		60
7.250% debentures due 2096	5		5
Total borrowings at face value	$	20,427	$	24,391
Adjustments to book value:
Unamortized premium, net	1,054		1,037
Debt issuance costs	(84)		(104)
Net book value of debt	$	21,397	$	25,324
Long-term finance leases	801		658
Current finance leases	198		135
Total debt and finance leases	$	22,396	$	26,117
Less current maturities of finance leases	(198)		(135)
Less current maturities of long-term debt	(1,575)		(1,003)
Long-term debt, net	$	20,623	$	24,979

Schedule of debt maturities

The following table summarizes the Company’s debt activity in 2025:

millions	Borrowings at face value
Total borrowings at face value as of December 31, 2024	$	24,391
Repayments
5.875% senior notes due 2025	(536)
5.500% senior notes due 2025	(465)
5.550% senior notes due 2026	(870)
3.400% senior notes due 2026	(284)
Zero Coupon senior notes due 2036	(388)
Two-year term loan due 2026	(1,420)
Other	(1)
Total repayments	$	(3,964)
Total borrowings at face value as of December 31, 2025	$	20,427