Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

Debt outstanding, excluding finance leases, was as follows (in millions):

	December 31, 2025 a				December 31, 2024 a
Notes and debentures, due through 2097	$	23,569	4.9	%	$	22,919	4.8	%
Equipment obligations, due through 2028	309		3.6		332		3.6
Mortgage bonds, due through 2047	47		3.1		47		3.1
Financing obligations, due through 2053	251		4.5		268		4.6
Unamortized fair value adjustment under acquisition method accounting, discount, debt issuance costs, and other, net	(172)				(141)
Total	24,004				23,425
Less current portion of long-term debt	(548)		6.4	%	(1,241)		4.3	%
Long-term debt	$	23,456			$	22,184

a  Amounts represent debt outstanding and weighted average effective interest rates for 2025 and 2024, respectively. Maturities are as of December 31, 2025.

Schedule of Maturities of Long-term Debt

The following table provides principal cash flows and fair value information for the Company’s debt obligations.

	December 31, 2025
	Maturity Date						Total	Fair Value
	2026	2027	2028	2029	2030	Thereafter
Debt maturities (in millions)	$548	$752	$475	$416	$287	$21,526	$24,004	$22,083