v3.26.1
Debt (Notes)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt
3. Debt

The following table provides information on the principal amount of our outstanding debt balances:
June 30, 2026December 31, 2025
(In millions, unless otherwise stated)
Current portion of debt
$3.5 billion credit facility due May 21, 2031
$— $— 
Commercial paper notes(a)338 13 
Current portion of senior notes
4.15%, due August 2026
375 375 
1.75%, due November 2026
500 500 
7.50%, due November 2026
200 200 
6.70%, due February 2027
7 — 
2.25%, due March 2027(b)
571 — 
7.00%, due March 2027
300 — 
Trust I preferred securities, 4.75%, due March 2028(c)
111 111 
Current portion of other debt41 27 
Total current portion of debt2,443 1,226 
Long-term debt (excluding current portion)
Senior notes29,171 30,065 
EPC Building, LLC, promissory note, 3.967%, due 2026 through 2035
257 268 
Trust I preferred securities, 4.75%, due March 2028
109 110 
Other164 154 
Total long-term debt29,701 30,597 
Total debt(d)$32,144 $31,823 
(a)Weighted average interest rate on borrowings at June 30, 2026 and December 31, 2025 was 3.92% and 3.85%, respectively.
(b)Consists of senior notes denominated in Euros that have been converted to U.S. dollars and are respectively reported above at the June 30, 2026 exchange rate of $1.1422 U.S. dollars per Euro and at the December 31, 2025 exchange rate of $1.1746 U.S. dollars per Euro. As of June 30, 2026 and December 31, 2025, the cumulative changes in the exchange rate of U.S. dollars per Euro since issuance had resulted in an increase of $28 million and $44 million, respectively. As of June 30, 2026, we had outstanding associated cross-currency swap agreements which are designated as cash flow hedges.
(c)Reflects the portion of cash consideration payable if all the outstanding securities as of the end of the reporting period were converted by the holders.
(d)Excludes our “Debt fair value adjustments” which, as of June 30, 2026 and December 31, 2025, increased our total debt balances by $104 million and $180 million, respectively.

We and substantially all of our wholly owned domestic subsidiaries are parties to a cross guarantee agreement whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of specified indebtedness of each other party to the agreement. In addition, substantially all of our wholly owned domestic subsidiaries guarantee our obligations under our credit facility pursuant to a guarantee agreement executed in connection with our credit facility.

Credit Facilities and Restrictive Covenants

On May 21, 2026, we, as borrower, entered into an Amended and Restated Revolving Credit Agreement (the “Amended Credit Facility”) with Barclays Bank PLC, as administrative agent (“Barclays”), and the lenders listed on the signature pages to such Amended Credit Facility, which amended and restated the Company’s $3.5 billion Revolving Credit Agreement dated August 20, 2021 (as previously amended, the “Existing Credit Facility”).

The Amended Credit Facility amended certain provisions of the Existing Credit Facility to, among other things, (i) extend the stated maturity date from August 20, 2026 to May 21, 2031, and (ii) increase the amount of the facility available for swingline loans from $50 million to $400 million. Substantially all of our wholly owned domestic subsidiaries guarantee our obligations under the Amended Credit Facility pursuant to a guaranty agreement.

Depending on the type of loan request, our borrowings under our Amended Credit Facility bear interest at either (i) the greatest of (1) the Federal Funds Rate plus 0.5%; (2) the Prime Rate; or (3) the Term SOFR for a one-month period plus 1% or (ii) Term SOFR or (iii) Daily Simple SOFR, plus, in each case, an applicable margin ranging from 0.000% to 1.500% per
annum based on our credit rating. Standby fees for the unused portion of the credit facility will be calculated at a rate ranging from 0.075% to 0.200%.

The Amended Credit Facility contains financial and various other covenants that apply to us and our subsidiaries and are common in such agreements, including a maximum ratio of Consolidated Net Indebtedness to Consolidated EBITDA (as defined in the Amended Credit Facility, as amended) of 5.50 to 1.00, for any four-fiscal-quarter period. Other negative covenants include restrictions on our and certain of our subsidiaries’ ability to incur debt, grant liens, make fundamental changes, or engage in certain transactions with affiliates, or in the case of certain material subsidiaries, permit restrictions on dividends, distributions, or making or prepayments of loans to us or any guarantor. The Amended Credit Facility also restricts our ability to make certain restricted payments if an event of default (as defined in the Amended Credit Facility) has occurred and is continuing or would occur and be continuing.

As of June 30, 2026, we had no borrowings outstanding under our credit facility, $338 million borrowings outstanding under our commercial paper program, and $10 million in letters of credit. Our availability under our credit facility as of June 30, 2026 was approximately $3.2 billion. For the periods ended June 30, 2026 and 2025, we were in compliance with all required covenants.

Fair Value of Financial Instruments

The carrying value and estimated fair value of our outstanding debt balances are disclosed below:
June 30, 2026December 31, 2025
Carrying
value		Estimated
fair value(a)		Carrying
value		Estimated
fair value(a)
(In millions)
Total debt$32,248 $31,978 $32,003 $31,966 
(a)Included in the estimated fair value are amounts for our Trust I Preferred Securities of $217 million as of both June 30, 2026 and December 31, 2025.

We used Level 2 input values to measure the estimated fair value of our outstanding debt balance as of both June 30, 2026 and December 31, 2025.