v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt

NOTE 7 — DEBT

A summary of our debt at September 30, 2026 and December 31, 2025, including related interest rates at September 30, 2026, follows (dollars in millions):

 

 

 

September 30,
2026

 

 

December 31,
2025

 

Short-term borrowings:

 

 

 

 

 

Commercial paper (average life of 26 days, weighted average rate of 4.2%)

$

5,727

 

 

$

2,207

 

Long-term debt:

 

 

 

 

 

Other debt (effective interest rate of 5.0%)

 

1,005

 

 

 

1,021

 

Senior unsecured credit facility

 

—

 

 

 

—

 

Senior unsecured notes payable through 2095 (effective interest rate of 5.1%)

 

44,200

 

 

 

43,700

 

Debt issuance costs and discounts

 

(439

)

 

 

(436

)

Total long-term debt (average life of 11.6 years, rates averaging 5.1%)

 

44,766

 

 

 

44,285

 

Total debt

 

50,493

 

 

 

46,492

 

Less amounts due within one year

 

(8,093

)

 

 

(4,889

)

 

$

42,400

 

 

$

41,603

 

During April 2026, we issued $3.000 billion aggregate principal amount of senior notes comprised of (i) $1.000 billion aggregate principal amount of 4.700% senior notes due 2031, (ii) $750 million aggregate principal amount of 5.000% senior notes due 2033 and (iii) $1.250 billion aggregate principal amount of 5.300% senior notes due 2036. We used the net proceeds to repay borrowings under our commercial paper program (“CPP”) and for general corporate purposes.

During May 2026, we redeemed all $1.500 billion aggregate principal amount of 5.250% senior notes due 2026 and all $1.000 billion aggregate principal amount of 5.375% senior notes due 2026.

During July 2026, we increased the size of our CPP, under which we may issue unsecured commercial paper notes from time to time, from a maximum aggregate face or principal amount of $4.000 billion to $8.000 billion outstanding at any time. In connection with our CPP, we intend to maintain a minimum available borrowing capacity under our $8.000 billion senior unsecured credit facility equal to the aggregate amount outstanding under our CPP.