Debt (Tables)

9 Months Ended

Sep. 30, 2026

The following table provides information on the principal amount of our outstanding debt balances:


	September 30, 2026		December 31, 2025
	(In millions, unless otherwise stated)
Current portion of debt
$3.5 billion credit facility due May 21, 2031	$	—	$	—
Commercial paper notes(a)	—		13
Current portion of senior notes
4.15%, due August 2026	—		375
1.75%, due November 2026	500		500
7.50%, due November 2026	200		200
6.70%, due February 2027	7		—
2.25%, due March 2027(b)	567		—
7.00%, due March 2027	300		—
Trust I preferred securities, 4.75%, due March 2028(c)	111		111
Current portion of other debt	41		27
Total current portion of debt	1,726		1,226

Long-term debt (excluding current portion)
Senior notes	30,921		30,065
EPC Building, LLC, promissory note, 3.967%, due 2026 through 2035	251		268

Trust I preferred securities, 4.75%, due March 2028	109		110
Other	164		154
Total long-term debt	31,445		30,597
Total debt(d)	$	33,171	$	31,823

(a)The weighted average interest rate on borrowings at December 31, 2025 was 3.85%.

(b)Consists of senior notes denominated in Euros that have been converted to U.S. dollars and are respectively reported above at the September 30, 2026 exchange rate of $1.1330 U.S. dollars per Euro and at the December 31, 2025 exchange rate of $1.1746 U.S. dollars per Euro. As of September 30, 2026 and December 31, 2025, the cumulative changes in the exchange rate of U.S. dollars per Euro since issuance had resulted in an increase of $24 million and $44 million, respectively. As of September 30, 2026, we had outstanding associated cross-currency swap agreements which are designated as cash flow hedges.

(c)Reflects the portion of cash consideration payable if all the outstanding securities as of the end of the reporting period were converted by the holders.

(d)Excludes our “Debt fair value adjustments” which decreased our total debt balance by $98 million as of September 30, 2026 and increased our total debt balance by $180 million as of December 31, 2025.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying value and estimated fair value of our outstanding debt balances are disclosed below:


	September 30, 2026				December 31, 2025
	Carrying value		Estimated fair value(a)		Carrying value		Estimated fair value(a)
	(In millions)
Total debt	$	33,073	$	31,273	$	32,003	$	31,966

(a)Included in the estimated fair value are amounts for our Trust I Preferred Securities of $217 million as of both September 30, 2026 and December 31, 2025.