v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
A summary of short-term and long-term debt outstanding is as follows:
(in millions)December 31,
 20252024
4.75% Senior Notes, due 2025 1
— 4 
4.0% Senior Notes, due 2026 2
3 3 
2.95% Senior Notes, due 2027 3
499 498 
2.45% Senior Notes, due 2027 4
1,246 1,243 
4.75% Senior Notes, due 2028 5
784 797 
4.25% Senior Notes, due 2029 6
991 1,004 
2.5% Senior Notes, due 2029 7
498 497 
2.70% Sustainability-Linked Senior Notes, due 2029 8
1,241 1,238 
1.25% Senior Notes, due 2030 9
596 595 
4.25% Senior Notes, due 2031 10
595 — 
2.90% Senior Notes, due 2032 11
1,480 1,477 
5.25% Senior Notes due 2033 12
744 744 
4.80% Senior Notes, due 2035 13
396 — 
6.55% Senior Notes, due 2037 14
291 291 
4.5% Senior Notes, due 2048 15
273 273 
3.25% Senior Notes, due 2049 16
591 590 
3.70% Senior Notes, due 2052 17
976 975 
2.3% Senior Notes, due 2060 18
683 683 
3.9% Senior Notes, due 2062 19
486 486 
Commercial paper715 — 
Total debt13,088 11,398 
Less: short-term debt including current maturities718 4 
Long-term debt$12,370 $11,394 

1We made a $4 million repayment of our 4.75% senior notes in the first quarter of 2025.
2Interest payments are due semiannually on March 1 and September 1.
3Interest payments are due semiannually on January 22 and July 22, and as of December 31, 2025, the unamortized debt discount and issuance costs total $1 million.
4Interest payments are due semiannually on March 1 and September 1, and as of December 31, 2025, the unamortized debt discount and issuance costs total $4 million.
5Interest payments are due semiannually on February 1 and August 1.
6Interest payments are due semiannually on May 1 and November 1.
7Interest payments are due semiannually on June 1 and December 1, and as of December 31, 2025, the unamortized debt discount and issuance costs total $2 million.
8Interest payments are due semiannually on March 1 and September 1, and as of December 31, 2025, the unamortized debt discount and issuance costs total $9 million. From and including March 1, 2026, the interest rate payable on Sustainability-Linked Senior Notes due 2029 shall be increased by 25 basis points (0.25%) per annum, in accordance with the terms of the governing indenture.
9Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2025, the unamortized debt discount and issuance costs total $4 million.
10Interest payments are due semiannually on January 15 and July 15, beginning on July 15, 2026, and as of December 31, 2025, the unamortized debt discount and issuance costs total $5 million.
11Interest payments are due semiannually on March 1 and September 1, and as of December 31, 2025, the unamortized debt discount and issuance costs total $20 million.
12Interest payments are due semiannually on March 15 and September 15, and as of December 31, 2025, the unamortized debt discount and issuance costs total $6 million.
13Interest payments are due semiannually on June 4 and December 4, beginning on June 4, 2026, and as of December 31, 2025, the unamortized debt discount and issuance costs total $4 million.
14Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2025, the unamortized debt discount and issuance costs total $2 million.
15Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2025, the unamortized debt discount and issuance costs total $10 million.
16Interest payments are due semiannually on June 1 and December 1, and as of December 31, 2025, the unamortized debt discount and issuance costs total $9 million.
17Interest payments are due semiannually on March 1 and September 1, and as of December 31, 2025, the unamortized debt discount and issuance costs total $24 million.
18Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2025, the unamortized debt discount and issuance costs total $17 million.
19Interest payments are due semiannually on March 1 and September 1, and as of December 31, 2025, the unamortized debt discount and issuance costs total $14 million.

Annual long-term debt maturities are scheduled as follows based on book values as of December 31, 2025: $3 million due in 2026, $1.7 billion due in 2027, $784 million due in 2028; $2.7 billion due in 2029; $596 million due in 2030; and $6.5 billion due thereafter.

The fair value of our total debt borrowings was $11.3 billion and $10.0 billion as of December 31, 2025 and December 31, 2024, respectively, and was estimated based on quoted market prices.

On December 4, 2025, we issued $600 million of 4.25% senior notes due in 2031 and $400 million of 4.80% senior notes due in 2035. The notes are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor's Financial Services LLC.

We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our $2.0 billion five-year credit agreement (our “credit facility”) that will terminate on December 17, 2029. As of December 31, 2025, we had $715 million of outstanding commercial paper. As of December 31, 2024, we had no outstanding commercial paper.

Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually. We currently pay a commitment fee of 8 basis points. There will be no sustainability pricing adjustment to our commitment fees or our margins under the credit facility for the approximately year-long period beginning April 7, 2025 as a result of our emissions performance for the year ended December 31, 2024. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility.

The only financial covenant in our credit facility is a requirement that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this ratio has never been exceeded.