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 debt	653		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
Other	1		1
	19,553		19,587
Less: current portion	653		1,267
	$	18,900	$	18,320

(a)For the Floating Notes, interest is calculated based on a compounded SOFR benchmark rate plus 0.700%.


	March 31, 2026				December 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

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details