| Schedule of Long-term Debt |
As of March 31, 2026 and December 31, 2025, the Company's debt consisted of the following:
| | | | | | | | | | | | | | millions | 2026 | 2025 | | | | | Two-year term loan due 2026 (5.475% as of December 31, 2025) | — | | 1,280 | | | | | | 3.200% senior notes due 2026 | — | | 182 | | | | | | 7.500% debentures due 2026 | — | | 112 | | | | | | 8.500% senior notes due 2027 | — | | 489 | | | | | | 3.000% senior notes due 2027 | — | | 216 | | | | | | 7.125% debentures due 2027 | — | | 150 | | | | | | 7.000% debentures due 2027 | 48 | | 48 | | | | | | 5.000% senior notes due 2027 | — | | 600 | | | | | | 6.625% debentures due 2028 | 14 | | 14 | | | | | | 7.150% debentures due 2028 | — | | 232 | | | | | | 7.200% senior debentures due 2028 | — | | 82 | | | | | | 6.375% senior notes due 2028 | — | | 578 | | | | | | 7.200% debentures due 2029 | 135 | | 135 | | | | | | 7.950% debentures due 2029 | 102 | | 116 | | | | | | 8.450% senior notes due 2029 | 116 | | 116 | | | | | | 3.500% senior notes due 2029 | — | | 286 | | | | | | 5.200% senior notes due 2029 | — | | 1,200 | | | | | | | Variable rate bonds due 2030 | 68 | | 68 | | | | | | 8.875% senior notes due 2030 | 1,000 | | 1,000 | | | | | | 6.625% senior notes due 2030 | 1,068 | | 1,449 | | | | | | 6.125% senior notes due 2031 | 298 | | 1,143 | | | | | | 7.500% senior notes due 2031 | 900 | | 900 | | | | | | 7.875% senior notes due 2031 | 500 | | 500 | | | | | | 5.375% senior notes due 2032 | 1,000 | | 1,000 | | | | | | 5.550% senior notes due 2034 | 1,200 | | 1,200 | | | | | | 6.450% senior notes due 2036 | 1,727 | | 1,727 | | | | | | | Zero Coupon senior notes due 2036 | 263 | | 285 | | | | | | 0.000% loan due 2039 (CAD denominated) | 16 | | 17 | | | | | | 4.300% senior notes due 2039 | 247 | | 247 | | | | | | 7.950% senior notes due 2039 | 325 | | 325 | | | | | | 6.200% senior notes due 2040 | 737 | | 737 | | | | | | 4.500% senior notes due 2044 | 191 | | 191 | | | | | | 4.625% senior notes due 2045 | 296 | | 296 | | | | | | 6.600% senior notes due 2046 | 1,117 | | 1,117 | | | | | | 4.400% senior notes due 2046 | 424 | | 424 | | | | | | 4.100% senior notes due 2047 | 258 | | 258 | | | | | | 4.200% senior notes due 2048 | 304 | | 304 | | | | | | 4.400% senior notes due 2049 | 280 | | 280 | | | | | | 6.050% senior notes due 2054 | 1,000 | | 1,000 | | | | | | | | | | | | | | | | | | | | 7.730% debentures due 2096 | 58 | | 58 | | | | | | 7.500% debentures due 2096 | 60 | | 60 | | | | | | 7.250% debentures due 2096 | 5 | | 5 | | | | | | | Total borrowings at face value | $ | 13,757 | | $ | 20,427 | | | | | |
As of March 31, 2026 and December 31, 2025, the following table summarizes the Company's outstanding debt, including finance lease liabilities:
| | | | | | | | | | millions | 2026 | 2025 | | Total borrowings at face value | $ | 13,757 | | $ | 20,427 | | | Adjustments to book value: | | | | Unamortized premium, net | 1,012 | | 1,054 | | | Debt issuance costs | (62) | | (84) | | | Net book value of debt | $ | 14,707 | | $ | 21,397 | | | Long-term finance leases | 764 | | 801 | | | Current finance leases | 200 | | 198 | | | Total debt and finance leases | $ | 15,671 | | $ | 22,396 | | | Less: current finance leases | (200) | | (198) | | | Less: current maturities of long-term debt | (224) | | (1,575) | | | Long-term debt, net | $ | 15,247 | | $ | 20,623 | |
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| Schedule of Maturities of Long-Term Debt |
The following table summarizes the Company's debt extinguishment in the three months ended March 31, 2026: | | | | | | | millions | Borrowings at face value | | Total borrowings at face value as of December 31, 2025 | $ | 20,427 | | | | | Repayments | | Two-year term loan due 2026 | (1,280) | | 3.200% senior notes due 2026 | (182) | | 7.500% debentures due 2026 | (112) | | 3.000% senior notes due 2027 | (216) | | 5.000% senior notes due 2027 | (600) | | 7.125% debentures due 2027 | (150) | | 8.500% senior notes due 2027 | (489) | | 6.375% senior notes due 2028 | (578) | | 7.150% debentures due 2028 | (232) | | 7.200% senior debentures due 2028 | (82) | | 3.500% senior notes due 2029 | (286) | | 5.200% senior notes due 2029 | (1,200) | | 7.950% debentures due 2029 | (14) | | 6.625% senior notes due 2030 | (381) | | 6.125% senior notes due 2031 | (845) | | | Zero Coupon senior notes due 2036 | (22) | | 0.000% loan due 2039 (CAD denominated) | (1) | | | Total repayments | $ | (6,670) | | | | | Total borrowings at face value as of March 31, 2026 | $ | 13,757 | |
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