v3.26.1
DEBT AND FINANCING ARRANGEMENTS
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT AND FINANCING ARRANGEMENTS DEBT AND FINANCING ARRANGEMENTS
The carrying value of our outstanding debt obligations as of March 31, 2026 and December 31, 2025 consisted of the following (in millions):
Principal
Amount		Carrying Value
Maturity20262025
Fixed-rate senior notes:
2.400% senior notes
$500 2026$500 $500 
3.050% senior notes
1,000 2027998 998 
3.400% senior notes
750 2029748 748 
2.500% senior notes
400 2029399 399 
4.450% senior notes
750 2030747 747 
4.650% senior notes
500 2030498 498 
4.875% senior notes
900 2033896 896 
5.150% senior notes
900 2034894 894 
5.250% senior notes
1,250 20351,240 1,240 
6.200% senior notes
1,500 20381,487 1,487 
5.200% senior notes
500 2040495 495 
4.875% senior notes
500 2040492 492 
3.625% senior notes
375 2042369 369 
3.400% senior notes
500 2046493 493 
3.750% senior notes
1,150 20471,138 1,138 
4.250% senior notes
750 2049744 744 
3.400% senior notes
700 2049689 689 
5.300% senior notes
1,250 20501,232 1,232 
5.050% senior notes
1,100 20531,082 1,083 
5.500% senior notes
1,100 20541,087 1,087 
5.950% senior notes
1,250 20551,232 1,232 
5.600% senior notes
600 2064590 590 
6.050% senior notes
1,000 2065985 985 
Floating-rate senior notes:
Floating-rate senior notes1,883 2049-20751,861 1,863 
Debentures:
7.620% debentures
276 2030279 279 
Pound Sterling notes:
5.500% notes
88 203187 89 
5.125% notes
600 2050571 585 
Euro senior notes:
1.000% senior notes
575 2028574 587 
1.500% senior notes
575 2032573 586 
Finance lease obligations
1,085 2026-21181,085 781 
Facility notes, bonds and other
321 2026-2045321 321 
Total debt$24,628 $24,386 $24,127 
Less: current maturities(637)(608)
Long-term debt$23,749 $23,519 
    
Commercial Paper
We are authorized to borrow up to $10.0 billion under a U.S. commercial paper program and €5.0 billion (in a variety of currencies) under a European commercial paper program. There was no commercial paper outstanding as of March 31, 2026 or December 31, 2025. The amount of commercial paper outstanding under these programs in the remainder of 2026 is expected to fluctuate.
Debt Classification
We have classified certain floating-rate senior notes that are redeemable at the option of the note holder as long-term debt in our consolidated balance sheets, due to our intent and ability to refinance the debt if the put option is exercised.
Sources of Credit
We maintain two credit agreements with a consortium of banks. The first of these agreements provides revolving credit facilities of $1.0 billion, expires on November 23, 2026 and bears interest at a periodic fixed rate equal to the term Secured Overnight Financing Rate ("SOFR"), plus an applicable margin based on our then-current credit rating. The second agreement provides revolving credit facilities of $2.0 billion, expires on November 25, 2029 and bears interest at a periodic fixed rate equal to the term SOFR rate, plus 0.10% per annum and an applicable margin based on our then-current credit rating. The applicable margin from the credit pricing grid as of March 31, 2026 for both agreements was 0.70%. If the credit ratings established by Standard & Poor's and Moody's differ, the higher rating will be used, except in cases where the lower rating is two or more levels lower. In these circumstances, the rating one step below the higher rating will be used. We are also able to request advances under these facilities based on competitive bids for the applicable interest rate.
There were no amounts outstanding under these facilities as of March 31, 2026 or December 31, 2025. For further discussion see note 9 to the audited, consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025.
Debt Covenants
Our existing debt instruments and credit facilities subject us to certain financial covenants. These covenants limit the amount of secured indebtedness that we may incur, and limit the amount of attributable debt in sale-leaseback transactions. We were in compliance with these financial covenants for all periods presented.
Fair Value of Debt    
Based on the borrowing rates currently available to us for long-term debt with similar terms and maturities, the fair value of long-term debt, including current maturities and excluding leases, was approximately $22.4 and $22.8 billion as of March 31, 2026 and December 31, 2025, respectively. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of all of our debt instruments.
Other Arrangements
During the three months ended March 31,2026, we entered into three new aircraft leases under an existing financing arrangement. The structure of this arrangement required parent company guarantees of approximately $1.8 billion.
In 2025 we entered into a real estate transaction for the development of a facility and recognized a financing obligation, which will continue to increase as construction progresses. As of March 31, 2026 and December 31, 2025 we recognized $164 and $132 million, respectively, within Other Non-Current Liabilities in our consolidated balance sheets. For further discussion see note 9 to the audited, consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025.