v3.26.1
Debt and Borrowing Arrangements
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt and Borrowing Arrangements
Note 5. Debt and Borrowing Arrangements

Short-Term Borrowings
Our short-term borrowings and related weighted-average interest rates consisted of:
 As of June 30, 2026As of December 31, 2025
Amount
Outstanding		Weighted-
Average Rate		Amount
Outstanding		Weighted-
Average Rate
(in millions, except percentages)
Commercial paper$2,285 2.9 %$2,614 3.5 %
Bank loans42 13.9 %74 7.7 %
Total short-term borrowings$2,327 $2,688 

Our uncommitted and committed credit facilities available include:
 As of June 30, 2026As of December 31, 2025
Facility AmountBorrowed AmountFacility AmountBorrowed Amount
(in millions)
Uncommitted credit facilities$843 $42 $882 $71 
Credit facilities (1):
February 18, 2026— — 1,500 — 
February 17, 20271,500 — — — 
February 19, 20304,500 — 4,500 — 

(1)On February 18, 2026, our $1.5 billion 364-day senior unsecured revolving credit agreement dated as of February 19, 2025 expired and we entered into a $1.5 billion 364-day senior unsecured revolving credit agreement that will expire on February 17, 2027.

We maintain senior unsecured revolving credit facilities for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreements include a covenant that we maintain a minimum shareholders' equity of at least $25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with any mark-to-market accounting for pensions and other retirement plans. At June 30, 2026, we complied with this covenant. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security.

Debt Repayments
During the six months ended June 30, 2026, we repaid the following notes (in millions):
Interest RateMaturity DateAmountUSD Equivalent
3.625%February 2026$222$222

During the six months ended June 30, 2025, we repaid the following notes (in millions):
Interest RateMaturity DateAmountUSD Equivalent
3.250%March 2025C$600$417
1.500%May 2025$750$750
Debt Issuances
During the six months ended June 30, 2026, we issued the following notes (in millions):

Issuance DateInterest RateMaturity Date
Principal Amount
Principal Amount
USD Equivalent
April 20260.958%April 2029Fr.325$411
April 20261.271%November 2032Fr.245$309
April 20261.625%April 2036Fr.280$354

During the six months ended June 30, 2025, we issued the following notes (in millions):

Issuance Date
Interest RateMaturity DatePrincipal AmountPrincipal Amount
USD Equivalent
May 20254.250%May 2028$700$700
May 20254.500%May 2030$500$500
May 20255.125%May 2035$400$400

Fair Value of Our Debt
The fair value of our short-term borrowings reflects current market interest rates and approximates the amounts we have recorded on our condensed consolidated balance sheets. The fair value of our long-term debt, excluding finance lease obligations, was determined using quoted prices in active markets (Level 1 valuation data).

 As of June 30, 2026As of December 31, 2025
(in millions)
Fair Value$19,829 $19,553 
Carrying Value$21,450 $21,205 

Interest and Other Expense, net
Interest and other expense, net consisted of:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2026202520262025
 (in millions)
Interest expense
$144 $151 $292 $288 
Other income, net
(70)(98)(154)(82)
Interest and other expense, net$74 $53 $138 $206 

Other income, net includes amortization of amounts excluded from our assessment of hedge effectiveness related to our net investment hedge derivative contracts, foreign currency transaction gains and losses on certain foreign currency denominated assets and liabilities, gains and losses on certain foreign currency and interest rate derivative contracts, interest income and other non-operating items. Refer to Note 6, Financial Instruments for additional information about our hedging activities.