v3.26.1
Contractual Obligations and Commitments (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The debt maturity schedule for our long-term debt obligations is presented below:
(in millions, except coupon rates)Issuance DateMaturity DateAs of
Coupon Rate(1)
June 30, 2026
December 31, 2025
December 2027 Senior Notes(2)
November 2019December 20271,026 1,058 0.625%
March 2028 Senior Notes(2)
March 2022March 2028855 881 1.375%
March 2028 Senior NotesFebruary 2018March 2028344 344 4.000%
March 2029 Senior NotesFebruary 2019March 2029272 272 4.000%
March 2029 Senior Notes(2)
February 2024March 2029855 881 3.375%
June 2030 Senior NotesMay 2020June 20301,200 1,200 2.650%
March 2031 Senior Notes(2)
March 2022March 2031855 881 1.625%
March 2031 Senior Notes(2)
February 2025March 2031969 999 3.000%
March 2032 Senior Notes(2)
February 2024March 20321,424 1,469 3.500%
March 2034 Senior Notes(2)
March 2022March 2034570 588 1.875%
March 2034 Senior Notes(2)
February 2025March 2034741 764 3.250%
November 2035 Senior NotesNovember 2005November 2035350 350 6.250%
March 2039 Senior NotesFebruary 2019March 2039450 450 4.550%
January 2040 Senior NotesDecember 2009January 2040300 300 7.375%
March 2049 Senior NotesFebruary 2019March 2049650 650 4.700%
Unamortized Debt Issuance Discount and Deferred Financing Costs2026 - 2049(68)(76)
Finance Lease ObligationVarious124 125 
Long-term debt$10,915 $11,137 
(1) Coupon rates are semi-annual, except for the euro-denominated notes, which bear an annual coupon.
(2) These notes are euro-denominated and presented in U.S. dollars based on the exchange rate in effect as of June 30, 2026 and December 31, 2025, respectively.
Summary Of Term Loan And Revolving Credit Facility Agreement Compliance With Debt Covenants
As of June 30, 2026, we were in compliance with the financial covenant required by our credit agreements described above.

Covenant RequirementActual
as of June 30, 2026as of June 30, 2026
Maximum permitted leverage ratio(1)
4.00 times2.02 times
(1) Ratio of total debt to deemed consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), as defined by each of the 2026 Revolving Credit Agreement, the 364-Day Revolving Credit Agreement and the Term Loan Credit Agreement.
Transfer of Financial Assets Accounted for as Sales Amounts de-recognized for accounts and notes receivable, which are excluded from Trade accounts receivable, net within our accompanying unaudited consolidated balance sheets, are aggregated by contract denominated currency below:
(in millions, except interest rates)As of June 30, 2026As of December 31, 2025
Amount
De-recognized		Weighted Average
Interest Rate		Amount
De-recognized		Weighted Average
Interest Rate
Euro denominated$159 4.7 %$193 3.6 %
Yen denominated226 1.9 %230 1.4 %
Schedule of Short-Term Debt
As of
(in millions, except maturity and yield)June 30, 2026December 31, 2025
Commercial paper outstanding (at par)$1,689 $— 
Maximum borrowing capacity2,750 2,750 
Borrowing capacity available 1,061 2,750 
Weighted average maturity41 days0 days
Weighted average yield4.06 %— %