v3.26.1
Long-Term Debt and Short-Term Borrowings
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-Term Debt and Short-Term Borrowings Long-Term Debt and Short-Term Borrowingsarrying value includes the impact of debt issuance costs. Long-term debt and short-term borrowings as of March 31, 2026 and December 31, 2025 consisted of the following:
(Millions)CurrencyEffective Interest RateFinal Maturity DateCarrying Value
DescriptionMarch 31, 2026December 31, 2025
Three year senior term loan credit facility
USD5.03 2027$110 $110 
$1 billion 5.45 percent three year senior notes
USD5.36 2027349 349 
$1.5 billion 5.40 percent five year senior notes
USD5.28 2029698 698 
$1 billion 5.45 percent seven year senior notes
USD5.31 2031991 991 
$1.65 billion 5.60 percent ten year senior notes
USD5.48 20341,634 1,636 
$1.25 billion 5.90 percent thirty year senior notes
USD6.04 20541,210 1,209 
$500 million 6.00 percent forty year senior notes
USD6.04 206442 42 
Other borrowings2.15 202746 — 
Total debt5,080 5,035 
Less: short-term borrowings and current portion of long-term debt505 — 
Long-term debt (excluding current portion)$4,575 $5,035 
Senior Notes
The Company’s borrowings include $5.0 billion aggregate principal amount of senior notes with maturity dates ranging from 2027 through 2064 (collectively, the “Senior Notes”). The Senior Notes are governed by an indenture and supplemental indenture between the Company and a trustee (collectively, the “Indenture”). The Indenture contains certain customary affirmative and negative covenants, including restrictions on the Company’s ability to consolidate, merge, convey, transfer or lease substantially all of its assets. In addition, the Indenture contains other customary terms, including certain events of default, upon the occurrence of which the Senior Notes may be declared immediately due and payable. The Company is in compliance with all covenants related to the Senior Notes.
Other borrowings consists of term loans utilized in connection with the exit of certain transition agreements with 3M.
Credit Facilities
On February 16, 2024, the Company entered into credit agreements providing for:
•a five year senior unsecured revolving credit facility in an aggregate committed amount of $2.0 billion expiring in 2029 (the “5-year Revolving Credit Facility”); and
•an eighteen month senior unsecured term loan credit facility in an aggregate principal amount of $500 million (matured in 2025) and a three year senior unsecured term credit loan facility in an aggregate principal amount of $1.0 billion (together, the “Term Loan Credit Facilities,” and together with the 5-Year Revolving Credit Facility, the “Credit Facilities”). The Term Loan Credit Facilities have a floating interest rate based on a Secured Overnight Financing Rate (“SOFR”) index.
At March 31, 2026, there are no amounts outstanding under the 5-year Revolving Credit Facility.
Commercial Paper
On March 4, 2024, the Company entered into a commercial paper program that allows it to issue up to $2.0 billion aggregate principal amount of short-term notes to finance short-term liabilities. Any such issuance will mature within 364 days from date of issue. There was no commercial paper outstanding as of March 31, 2026.
Future Maturities of Long-term Debt: Maturities of long-term debt in the table below reflect the impact of repayment such that total maturities equal the contractual value of long-term debt net of amounts repaid as of March 31, 2026. The maturities of long-term debt for the periods subsequent to March 31, 2026 are as follows (in millions):
Remainder of
2026		20272028202920302031After 2031Total
$—$460$—$703$—$1,000$2,920$5,083
Financial Instruments Not Measured at Fair Value
The fair values of cash equivalents, accounts receivable, and accounts payable approximated carrying values because of the short-term nature of these instruments. At March 31, 2026, the estimated fair value of the Company’s long-term debt obligations, comprised of both Senior Notes and Term Loan Credit Facilities with current portions excluded, was $4.7 billion compared to a carrying value of $4.6 billion. At December 31, 2025, the estimated fair value of the Company’s long-term debt obligations, comprised of both Senior Notes and Term Loan Credit Facilities with current portions excluded, was $5.2 billion compared to a carrying value of $5.0 billion. The fair value was estimated using quoted market prices for the publicly registered Senior Notes, which are classified as Level 2 within the fair value hierarchy. The fair values and principal values consider the terms of the related debt and exclude the impacts of debt discounts. Because there is no active market for trading outstanding term loans, the fair values of the Term Loan Credit Facilities are estimated to be equal to their respective carrying values.