| Schedule of Long-term Debt Instruments |
The following is a summary of debt outstanding, net of unamortized issuance costs and discounts, as of March 31, 2026 and December 31, 2025: | | | | | | | | | | | | | March 31,
2026 | | December 31, 2025 | | | | | | (in millions) | | | | | | | | | | | | | | | | | | | | | | | | | 1.60%, Euro-denominated senior notes, due 2028 (net of $1 and $1 unamortized issuance costs, respectively) | $ | 574 | | | $ | 586 | | 4.35%, senior notes, due 2029 (net of $0 and $1 unamortized issuance costs, respectively) | — | | | 265 | | 4.650%, senior notes, due 2029 (net of $3 and $3 unamortized issuance costs, respectively) | 398 | | | 398 | | 3.25%, senior notes, due 2032 (net of $3 and $4 unamortized issuance costs and $2 and $2 discount, respectively) | 712 | | | 711 | | 5.150%, senior notes, due 2034 (net of $4 and $4 unamortized issuance costs and $1 and $1 discount, respectively) | 511 | | | 511 | | 4.25%, Euro-denominated senior notes, due 2036 (net of $6 and $6 unamortized issuance costs and $2 and $2 discount, respectively) | 855 | | | 872 | | 4.40%, senior notes, due 2046 (net of $2 and $3 unamortized issuance costs and $1 and $1 discount, respectively) | 297 | | | 296 | | 5.40%, senior notes, due 2049 (net of $3 and $3 unamortized issuance costs and $1 and $1 discount, respectively) | 346 | | | 346 | | 3.10%, senior notes, due 2051 (net of $14 and $15 unamortized issuance costs and $28 and $28 discount, respectively) | 1,458 | | | 1,457 | | 4.15%, senior notes, due 2052 (net of $10 and $10 unamortized issuance costs and $2 and $2 discount, respectively) | 988 | | | 988 | | | | | | 5.750%, senior notes, due 2054 (net of $6 and $6 unamortized issuance costs and $3 and $3 discount, respectively) | 541 | | | 541 | | 6.875%, fixed-to-fixed reset rate junior subordinated notes, due 2054 (net of $6 and $6 unamortized issuance costs, respectively) | 494 | | | 494 | | | | | | | Finance leases and other | 104 | | | 86 | | | Sub-total | 7,278 | | | 7,551 | | Spin-Off Debt: 6.125% Senior Notes due 2031 (net of $11 and $0 unamortized issuance costs, respectively) | 789 | | | — | | Spin-Off Debt: 6.375% Senior Notes due 2034 (net of $12 and $0 unamortized issuance costs, respectively) | 788 | | | — | | Spin-Off Debt: Term Loan A, due 2031 (net of $5 and $0 unamortized issuance costs, respectively) | 495 | | | — | | | Total debt | 9,350 | | | 7,551 | | | Less: current portion | (102) | | | (81) | | | Long-term debt | $ | 9,248 | | | $ | 7,470 | |
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