BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2026


	March 31,		December 31,
(Dollars in millions)	2026		2025
Borrowings consisted of:
1.875% notes due November 2026 (1)	$	574	$	586
7.6% debentures due February 2027	196		196
4.5% notes due December 2028	498		497
5.0% notes due August 2029	743		743
4.5% notes due February 2031	594		—
5.75% notes due March 2033	496		496
5.625% notes due February 2034	744		744
4.8% notes due September 2042	495		495
4.65% notes due October 2044	880		880

2027 Term Loan	—		150


Total borrowings	5,220		4,787
Less: Borrowings due within one year	770		586
Long-term borrowings	$	4,450	$	4,201

(1)The carrying value of the euro-denominated 1.875% notes due November 2026 fluctuates with changes in the euro to U.S. dollar exchange rate. The carrying value of this euro-denominated borrowing has been designated as a non-derivative net investment hedge of a portion of the Company's net investments in euro functional-currency denominated subsidiaries to offset foreign currency fluctuations.

- 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