Debt (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Short-term and Long-term Debt Outstanding

A summary of short-term and long-term debt outstanding is as follows:


(in millions)	December 31,
	2025		2024


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 paper	715		—
Total debt	13,088		11,398
Less: short-term debt including current maturities	718		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.