v3.26.1
LONG-TERM DEBT (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
The Company's debt consisted of the following as of:

millions
June 30, 2026
December 31, 2025
Two-year term loan due 2026 (5.475% as of December 31, 2025)
— 1,280 
3.200% senior notes due 2026
— 182 
7.500% debentures due 2026
— 112 
8.500% senior notes due 2027
— 489 
3.000% senior notes due 2027
— 216 
7.125% debentures due 2027
— 150 
7.000% debentures due 2027
48 48 
5.000% senior notes due 2027
— 600 
6.625% debentures due 2028
14 14 
7.150% debentures due 2028
— 232 
7.200% senior debentures due 2028
— 82 
6.375% senior notes due 2028
— 578 
7.200% debentures due 2029
135 135 
7.950% debentures due 2029
102 116 
8.450% senior notes due 2029
116 116 
3.500% senior notes due 2029
— 286 
5.200% senior notes due 2029
— 1,200 
Variable rate bonds due 203068 68 
8.875% senior notes due 2030
1,000 1,000 
6.625% senior notes due 2030
856 1,449 
6.125% senior notes due 2031
293 1,143 
7.500% senior notes due 2031
900 900 
7.875% senior notes due 2031
500 500 
5.375% senior notes due 2032
748 1,000 
5.550% senior notes due 2034
808 1,200 
6.450% senior notes due 2036
1,727 1,727 
Zero Coupon senior notes due 203633 285 
0.000% loan due 2039 (CAD denominated)
15 17 
4.300% senior notes due 2039
247 247 
7.950% senior notes due 2039
325 325 
6.200% senior notes due 2040
716 737 
4.500% senior notes due 2044
184 191 
4.625% senior notes due 2045
258 296 
6.600% senior notes due 2046
986 1,117 
4.400% senior notes due 2046
291 424 
4.100% senior notes due 2047
224 258 
4.200% senior notes due 2048
222 304 
4.400% senior notes due 2049
245 280 
6.050% senior notes due 2054
634 1,000 
7.730% debentures due 2096
58 58 
7.500% debentures due 2096
60 60 
7.250% debentures due 2096
5 5 
Total borrowings at face value$11,818 $20,427 
The following table summarizes the Company's outstanding debt, including finance lease liabilities, as of:

millionsJune 30, 2026December 31, 2025
Total borrowings at face value$11,818 $20,427 
Adjustments to book value:
Unamortized premium, net1,030 1,054 
Debt issuance costs(48)(84)
Net book value of debt$12,800 $21,397 
Long-term finance leases741 801 
Current finance leases202 198 
Total debt and finance leases$13,743 $22,396 
Less: current finance leases(202)(198)
Less: current maturities of long-term debt(1)(1,575)
Long-term debt, net$13,540 $20,623 
Schedule of Maturities of Long-Term Debt The following table summarizes the Company's debt extinguishment in the six months ended June 30, 2026:
millionsBorrowings at face value
Total borrowings at face value as of December 31, 2025$20,427 
Repayments
Two-year term loan due 2026
(1,280)
3.200% senior notes due 2026
(182)
7.500% debentures due 2026
(112)
3.000% senior notes due 2027
(216)
5.000% senior notes due 2027
(600)
7.125% debentures due 2027
(150)
8.500% senior notes due 2027
(489)
6.375% senior notes due 2028
(578)
7.150% debentures due 2028
(232)
7.200% senior debentures due 2028
(82)
3.500% senior notes due 2029
(286)
5.200% senior notes due 2029
(1,200)
7.950% debentures due 2029
(14)
6.625% senior notes due 2030
(594)
6.125% senior notes due 2031
(850)
5.375% senior notes due 2032
(252)
5.550% senior notes due 2034
(391)
Zero Coupon senior notes due 2036(252)
0.000% loan due 2039 (CAD denominated)
(1)
4.300% senior notes due 2039
(1)
6.200% senior notes due 2040
(22)
4.500% senior notes due 2044
(7)
4.625% senior notes due 2045
(38)
6.600% senior notes due 2046
(130)
4.400% senior notes due 2046
(133)
4.100% senior notes due 2047
(33)
4.200% senior notes due 2048
(82)
4.400% senior notes due 2049
(36)
6.050% senior notes due 2054
(366)
Total repayments$(8,609)
Total borrowings at face value as of June 30, 2026$11,818