v3.26.1
Borrowings and Lines of Credit
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Borrowings and Lines of Credit
Note 9: Borrowings and Lines of Credit
As of June 30, 2026, we had a revolving credit agreement with various banks permitting aggregate borrowings of up to $5.0 billion, which expires in August 2028. As of June 30, 2026, there were no borrowings outstanding under this agreement.
From time to time, we use commercial paper borrowings for general corporate purposes, including short-term funding related to potential acquisitions, pension contributions, debt refinancing, dividend payments, and repurchases of our common stock. The commercial paper notes have original maturities of not more than 364 days from the date of issuance. As of June 30, 2026, our maximum commercial paper borrowing limit was $5.0 billion as the commercial paper is backed by our $5.0 billion revolving credit agreement. At June 30, 2026 and December 31, 2025, we had no commercial paper borrowings outstanding. There were no new borrowings or repayments of commercial paper with maturities greater than 90 days during the six months ended June 30, 2026 and 2025.
We made the following repayments of long-term debt during the six months ended June 30, 2026 and 2025:
DateDescription of NotesAggregate Principal Balance (in millions)
February 27, 2026
5.000% notes due 2026
$500 
May 7, 2025
3 Month SOFR plus 1.225% term loan due 2025
750 
Long-term debt consisted of the following:
(dollars in millions)June 30, 2026December 31, 2025
5.000% notes due 2026 (1)
$— $500 
2.650% notes due 2026 (1)
719 719 
3 Month SOFR plus 1.225% term loan due 2026
900 900 
5.750% notes due 2026 (1)
1,250 1,250 
3.125% notes due 2027 (1)
1,100 1,100 
3.500% notes due 2027 (1)
1,300 1,300 
7.200% notes due 2027 (1)
382 382 
7.100% notes due 2027
135 135 
6.700% notes due 2028
285 285 
7.000% notes due 2028 (1)
185 185 
4.125% notes due 2028 (1)
3,000 3,000 
5.750% notes due 2029 (1)
500 500 
7.500% notes due 2029 (1)
414 414 
2.150% notes due 2030 (€500 million principal value) (1)
568 587 
2.250% notes due 2030 (1)
1,000 1,000 
6.000% notes due 2031 (1)
1,000 1,000 
1.900% notes due 2031 (1)
1,000 1,000 
2.375% notes due 2032 (1)
1,000 1,000 
5.150% notes due 2033 (1)
1,250 1,250 
6.100% notes due 2034 (1)
1,500 1,500 
5.400% notes due 2035 (1)
446 446 
6.050% notes due 2036 (1)
410 410 
6.800% notes due 2036 (1)
117 117 
7.000% notes due 2038
148 148 
6.125% notes due 2038 (1)
575 575 
4.450% notes due 2038 (1)
750 750 
5.700% notes due 2040 (1)
553 553 
4.875% notes due 2040 (1)
600 600 
4.700% notes due 2041 (1)
425 425 
4.500% notes due 2042 (1)
3,500 3,500 
4.800% notes due 2043 (1)
400 400 
4.200% notes due 2044 (1)
300 300 
4.150% notes due 2045 (1)
850 850 
3.750% notes due 2046 (1)
1,100 1,100 
(dollars in millions)June 30, 2026December 31, 2025
4.050% notes due 2047 (1)
600 600 
4.350% notes due 2047 (1)
1,000 1,000 
4.625% notes due 2048 (1)
1,750 1,750 
3.125% notes due 2050 (1)
1,000 1,000 
2.820% notes due 2051 (1)
1,000 1,000 
3.030% notes due 2052 (1)
1,100 1,100 
5.375% notes due 2053 (1)
1,250 1,250 
6.400% notes due 2054 (1)
1,750 1,750 
Other (including finance leases)
124 146 
Total principal long-term debt37,236 37,777 
Other (fair market value adjustments, (discounts)/premiums, and debt issuance costs)(82)(77)
Total long-term debt37,154 37,700 
Less: current portion5,296 3,412 
Long-term debt, net of current portion$31,858 $34,288 
(1)    We may redeem these notes, in whole or in part, at our option pursuant to their terms prior to the applicable maturity date.
The average maturity of our long-term debt as of June 30, 2026 is approximately 12 years.