| Schedule of debt |
The following table summarizes our long-term obligations: | | | | | | | | | | | | | (in millions) | June 30, 2026 | | December 31, 2025 | | Notes | $ | 24,817 | | | $ | 13,931 | | | | | | | | | | | Less: current portion of long-term obligations | (3,231) | | | (895) | | | Long-term obligations | $ | 21,586 | | | $ | 13,036 | |
The following table summarizes our short-term borrowings and current portion of long-term obligations: | | | | | | | | | | | | | (in millions) | June 30, 2026 | | December 31, 2025 | | Commercial paper notes | $ | 1,978 | | | $ | 2,210 | | | Delayed draw term loan | 3,185 | | | — | | | | | | | Current portion of long-term obligations: | | | | | Notes | 3,231 | | | 895 | | | Short-term borrowings and current portion of long-term obligations | $ | 8,394 | | | $ | 3,105 | |
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| Schedule of long-term debt instruments |
| | | | | | | | | | | | | | | | | | | | | | | | | (in millions, except %) | Maturity Date | | Rate | | June 30, 2026 | | December 31, 2025 | | USD Notes | | | | | | | | | 2026 Notes | September 15, 2026 | | 2.550% | | $ | 400 | | | $ | 400 | | | 2026-B Notes | November 15, 2026 | | Floating(1) | | 500 | | | 500 | | 2027 JDE Peet's Notes(2) | January 15, 2027 | | 1.375% | | 750 | | | — | | | 2027-B Notes | March 15, 2027 | | Floating(1) | | 350 | | | 350 | | | 2027-C Notes | March 15, 2027 | | 5.100% | | 750 | | | 750 | | | 2027 Notes | June 15, 2027 | | 3.430% | | 500 | | | 500 | | | 2028 Notes | May 15, 2028 | | 4.350% | | 500 | | | 500 | | | 2028 DPS Merger Notes | May 25, 2028 | | 4.597% | | 1,112 | | | 1,112 | | | 2029-B Notes | March 15, 2029 | | 5.050% | | 750 | | | 750 | | 2029 Maple Notes(3) | March 26, 2029 | | 4.750% | | 550 | | | — | | | 2029 Notes | April 15, 2029 | | 3.950% | | 1,000 | | | 1,000 | | | 2030 Notes | May 1, 2030 | | 3.200% | | 750 | | | 750 | | | 2030-B Notes | May 15, 2030 | | 4.600% | | 500 | | | 500 | | | 2031 Notes | March 15, 2031 | | 2.250% | | 500 | | | 500 | | | 2031-B Notes | March 15, 2031 | | 5.200% | | 500 | | | 500 | | 2031 Maple Notes(3) | March 26, 2031 | | 5.050% | | 600 | | | — | | 2031 JDE Peet's Notes(2) | September 24, 2031 | | 2.250% | | 500 | | | — | | | 2032 Notes | April 15, 2032 | | 4.050% | | 850 | | | 850 | | | 2034 Notes | March 15, 2034 | | 5.300% | | 650 | | | 650 | | | 2035 Notes | May 15, 2035 | | 5.150% | | 500 | | | 500 | | 2036 Maple Notes(3) | March 26, 2036 | | 5.700% | | 700 | | | — | | | 2038 DPS Merger Notes | May 25, 2038 | | 4.985% | | 211 | | | 211 | | | 2045 Notes | November 15, 2045 | | 4.500% | | 550 | | | 550 | | | 2046 Notes | December 15, 2046 | | 4.420% | | 400 | | | 400 | | | 2048 DPS Merger Notes | May 25, 2048 | | 5.085% | | 391 | | | 391 | | | 2050 Notes | May 1, 2050 | | 3.800% | | 750 | | | 750 | | | 2051 Notes | March 15, 2051 | | 3.350% | | 500 | | | 500 | | | 2052 Notes | April 15, 2052 | | 4.500% | | 1,150 | | | 1,150 | | 2056 Maple Notes(3) | March 26, 2056 | | 6.625% | | 700 | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | (in millions, except %) | Maturity Date | | Rate | | June 30, 2026 | | December 31, 2025 | | EUR Notes | | | | | | | | 2027 Euro JDE Peet's Notes (€600 million)(2) | December 11, 2027 | | Floating(1) | | $ | 686 | | | $ | — | | 2028 Euro JDE Peet's Notes (€600 million)(2) | February 9, 2028 | | 0.625% | | 686 | | | — | | 2028 Euro Maple Notes (€600 million)(3) | March 26, 2028 | | 3.495% | | 683 | | | — | | 2029 Euro JDE Peet's Notes (€750 million)(2) | January 16, 2029 | | 0.500% | | 857 | | | — | | 2030 Euro JDE Peet's Notes (€500 million)(2) | January 23, 2030 | | 4.125% | | 571 | | | — | | 2030 Euro Maple Notes (€800 million)(3) | March 26, 2030 | | 3.881% | | 911 | | | — | | 2032 Euro Maple Notes (€800 million)(3) | March 26, 2032 | | 4.224% | | 911 | | | — | | 2033 Euro JDE Peet's Notes (€500 million)(2) | June 16, 2033 | | 1.125% | | 571 | | | — | | 2034 Euro JDE Peet's Notes (€500 million)(2) | January 23, 2034 | | 4.500% | | 571 | | | — | | 2035 Euro Maple Notes (€800 million)(3) | March 26, 2035 | | 4.728% | | 911 | | | — | | | | | | | | | | | Total | | | | | | | | | Principal amount | | | | | 25,222 | | | 14,064 | | Adjustment from principal amount to carrying amount(4) | | (405) | | | (133) | | | Carrying amount | | | | | $ | 24,817 | | | $ | 13,931 | |
(1)Our USD floating rate notes bear interest at a rate equal to Compounded SOFR (as defined in the respective supplemental indenture) plus a spread of 0.580% and 0.880% for the 2026-B Notes and the 2027-B Notes, respectively. Our EUR floating rate note bears interest at a rate equal to the EURIBOR 3-month rate plus a spread of 0.700%. (2)These notes (together, the JDE Peet's Notes) were issued by JDE Peet's, assumed as part of the JDE Peet's Acquisition, and are guaranteed by Maple, Keurig Dr Pepper Inc., and certain of our subsidiaries that guarantee our other senior indebtedness. The guarantees from Keurig Dr Pepper Inc. and our subsidiaries (other than Maple) will terminate upon the Separation. (3)These notes (together, the Maple Notes) were issued by Maple and are guaranteed by JDE Peet’s, Keurig Dr Pepper Inc., and certain of our subsidiaries that guarantee our other senior indebtedness. The guarantees from Keurig Dr Pepper Inc. and our subsidiaries (other than JDE Peet’s) will terminate upon the Separation. (4)The carrying amount includes unamortized discounts, debt issuance costs, and fair value adjustments related to the DPS Merger and the JDE Peet's Acquisition.
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