v3.26.1
DEBT (Tables)
6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Long-Term Debt

 

 

June 30,

 

 

December 31,

 

(in millions)

 

2026

 

 

2025

 

 

 

 

 

3.450% Senior Notes, due 2027

 

 

300

 

 

 

299

 

3.500% Senior Notes, due 2027

 

 

494

 

 

 

493

 

2.500% Senior Notes, due 2030

 

 

474

 

 

 

473

 

2.400% Senior Notes, due 2031

 

 

891

 

 

 

891

 

5.150% Senior Notes, due 2034

 

 

739

 

 

 

739

 

6.25% Senior Notes, due 2037

 

 

229

 

 

 

229

 

4.250% Senior Notes, due 2047

 

 

591

 

 

 

591

 

3.200% Senior Notes, due 2051

 

 

851

 

 

 

851

 

5.500% Senior Notes, due 2054

 

 

727

 

 

 

727

 

Revolving Facility1

 

 

95

 

 

 

 

Trade Receivable Facility2

 

 

560

 

 

 

30

 

Total debt

 

 

5,951

 

 

 

5,323

 

Less: current maturities

 

 

(860

)

 

 

(30

)

Long-term debt

 

$

5,091

 

 

$

5,293

 

 

1 Borrowings bear interest, at the Company’s option, at rates based upon the Secured Overnight Financing Rate (SOFR) or a base rate, plus, for each rate, a margin determined in accordance with a ratings-based pricing grid. Revolving Facility interest rate is 4.75% at June 30, 2026. Any outstanding principal amounts, together with interest accrued thereon, are due in full on the maturity date.

2 Borrowings bear interest at a rate equal to the Adjusted Term Secured Overnight Financing Rate (Adjusted Term SOFR), as defined, plus 0.7%. Trade Receivable Facility interest rate is 4.32% and 4.57% at June 30, 2026 and December 31, 2025, respectively.

Schedule of Components of Credit Facilities

The Company's credit facilities contain the following provisions:

 

 

 

Revolving

 

Trade Receivable

 

 

Facility

 

Facility*

Facility limit

 

$800 million

 

$600 million

Lenders

 

Syndicate of banks

 

Syndicate of banks

Maturity date

 

December 21, 2030

 

September 16, 2026

* Borrowings limited to lesser of facility limit or borrowing base, as defined