v3.26.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Short-Term Debt
Loans payable, commercial paper and the related weighted-average interest rates were as follows:
In millionsMarch 31,
2026		December 31,
2025
Loans payable (1)
$451 $313 
Commercial paper (2)
349 353 
(1) Loans payable consist primarily of loans payable to various international and domestic financial institutions. It is not practicable to aggregate these notes and calculate a quarterly weighted-average interest rate.
(2) The weighted-average interest rate, inclusive of all brokerage fees, was 3.12 percent and 3.20 percent at March 31, 2026 and December 31, 2025, respectively.
Summary of Long-Term Debt
A summary of long-term debt was as follows:
In millionsInterest RateMarch 31,
2026		December 31,
2025
Long-term debt  
Debentures, due 20276.75%$58 $58 
Debentures, due 20287.125%250 250 
Senior notes, due 20284.25%300 300 
Senior notes, due 20294.90%500 500 
Senior notes, due 2030 (1)
1.50%850 850 
Senior notes, due 20314.70%700 700 
Senior notes, due 20345.15%750 750 
Senior notes, due 20355.30%1,000 1,000 
Senior notes, due 20434.875%500 500 
Senior notes, due 20502.60%650 650 
Senior notes, due 2054 (1)
5.45%1,000 1,000 
Debentures, due 2098 (2)
5.65%165 165 
Other debt182 175 
Unamortized discount and deferred issuance costs(89)(91)
Fair value adjustments due to hedge on indebtedness(64)(57)
Finance leases134 136 
Total long-term debt6,886 6,886 
Less: Current maturities of long-term debt157 94 
Long-term debt$6,729 $6,792 
(1) We entered into interest rate swaps on the noted debt instruments to effectively convert from a fixed rate to a floating rate. See "Interest Rate Risk" in NOTE 13, “DERIVATIVES,” for additional information.
(2) The effective interest rate is 7.48 percent.
Summary of Principal Payments on Long-Term Debt
Principal payments required on long-term debt during the next five years are as follows:
In millions20262027202820292030
Principal payments$83 

$139 $617 $540 $863 
Summary of Fair Value and Carrying Value of Long-Term Debt
Based on borrowing rates currently available to us for bank loans with similar terms and average maturities, considering our risk premium, the fair values and carrying values of total debt, including current maturities, were as follows:
 
In millionsMarch 31,
2026		December 31,
2025
Fair value of total debt (1)
$7,371 $7,337 
Carrying value of total debt7,686 7,552 
(1) The fair value of debt is derived from Level 2 input measures.