v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
The Company’s outstanding debt is as follows:
(In millions)March 31,
2026		December 31, 2025
Short-term:
Commercial paper$1,049 $— 
Current portion of long-term debt653 1,267 
$1,702 $1,267 
Long-term:
Senior notes – 1.349% due 2026
$633 $647 
Senior notes – 3.750% due 2026
— 600 
Senior notes – 4.550% due 2027
946 946 
Senior notes – Floating due 2027 (a)
299 299 
Senior notes – 4.375% due 2029
1,500 1,499 
Senior notes – 1.979% due 2030
631 646 
Senior notes – 2.250% due 2030
744 744 
Senior notes – 4.650% due 2030
993 992 
Senior notes – 2.375% due 2031
398 398 
Senior notes – 4.850% due 2031
993 992 
Senior notes – 5.750% due 2032
495 494 
Senior notes – 5.875% due 2033
299 298 
Senior notes – 5.400% due 2033
594 594 
Senior notes – 5.150% due 2034
496 496 
Senior notes – 5.000% due 2035
1,982 1,983 
Senior notes – 4.950% due 2036
596 — 
Senior notes – 4.750% due 2039
496 496 
Senior notes – 5.350% due 2044
495 495 
Senior notes – 4.350% due 2047
494 494 
Senior notes – 4.200% due 2048
594 594 
Senior notes – 4.900% due 2049
1,239 1,240 
Senior notes – 2.900% due 2051
346 346 
Senior notes – 6.250% due 2052
492 492 
Senior notes – 5.450% due 2053
591 591 
Senior notes – 5.700% due 2053
989 989 
Senior notes – 5.450% due 2054
494 493 
Senior notes – 5.400% due 2055
1,479 1,479 
Mortgage – 5.701% due 2035
244 249 
Other1 1 
19,553 19,587 
Less: current portion653 1,267 
 $18,900 $18,320 
(a)For the Floating Notes, interest is calculated based on a compounded SOFR benchmark rate plus 0.700%.
The senior notes in the table above are registered by the Company with the Securities and Exchange Commission and are not guaranteed.
The Company has a $3.5 billion short-term debt financing program through the issuance of commercial paper. The proceeds from the issuance of commercial paper are used for general corporate purposes. The Company had $1.0 billion of commercial paper outstanding at March 31, 2026, at an average effective interest rate of 4.06%. The Company did not have any commercial paper outstanding at December 31, 2025.
Credit Facilities
The Company has a $3.5 billion multi-currency unsecured five-year revolving credit facility (the "Credit Facility") expiring October 2028. Borrowings under the Credit Facility bear interest at a rate per annum, equal, at the Company's option, either at (a) the Secured Overnight Financing Rate ("SOFR") benchmark rate for U.S. dollar borrowings, or (b) a currency specific benchmark rate, plus an applicable margin which varies with the Company's credit ratings. The Company is required to maintain certain coverage and leverage ratios for the Credit Facility, which are evaluated quarterly.
The Credit Facility includes provisions for determining a benchmark replacement rate in the event existing benchmark rates are no longer available, or in certain other circumstances, in which an alternative rate may be required. At March 31, 2026 and December 31, 2025, the Company had no borrowings under this facility.
The Company also maintains other credit and overdraft facilities with various financial institutions aggregating $121 million and $122 million at March 31, 2026 and December 31, 2025, respectively. There were no outstanding borrowings under these facilities at March 31, 2026 and December 31, 2025.
The Company also has outstanding guarantees and letters of credit with various banks aggregating $155 million and $150 million at March 31, 2026 and December 31, 2025, respectively.
Senior Notes
In March 2026, the Company repaid $600 million of 3.750% senior notes at maturity.
In February 2026, the Company issued $600 million of 4.950% senior notes due 2036. The Company used the net proceeds from these issuances for general corporate purposes.
In March 2025, the Company repaid $500 million of 3.500% senior notes at maturity.
Fair Value of Short-term and Long-term Debt
The estimated fair value of the Company's short-term and long-term debt is provided below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown in the following table are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or need to dispose of the financial instrument.
March 31, 2026December 31, 2025
(In millions)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Short-term debt$1,702 $1,698 $1,267 $1,261 
Long-term debt$18,900 $18,229 $18,320 $18,093 
The fair value of the Company's short-term debt consists primarily of term debt maturing within the next year and its fair value approximates its carrying value. The estimated fair value of a primary portion of the Company's long-term debt is based on discounted future cash flows using current interest rates available for debt with similar terms and remaining maturities. Short-term and long-term debt would be classified as Level 2 in the fair value hierarchy.