Annual report [Section 13 and 15(d), not S-K Item 405]

DEBT AND FINANCING ARRANGEMENTS (Tables)

v3.25.4
DEBT AND FINANCING ARRANGEMENTS (Tables)
12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Carrying Value of Debt Obligations
The carrying value of our outstanding debt obligations, as of December 31, 2025 and 2024 consists of the following (in millions):
Principal Carrying Value
Amount Maturity 2025 2024
Fixed-Rate senior notes:
3.900% senior notes
$ —  2025 $ —  $ 1,000 
2.400% senior notes
500  2026 500  499 
3.050% senior notes
1,000  2027 998  997 
3.400% senior notes
750  2029 748  748 
2.500% senior notes
400  2029 399  398 
4.450% senior notes
750  2030 747  746 
4.650% senior notes
500  2030 498  — 
   4.875% senior notes
900  2033 896  895 
   5.150% senior notes
900  2034 894  894 
5.250% senior notes
1,250  2035 1,240  — 
6.200% senior notes
1,500  2038 1,487  1,486 
5.200% senior notes
500  2040 495  495 
4.875% senior notes
500  2040 492  492 
3.625% senior notes
375  2042 369  369 
3.400% senior notes
500  2046 493  492 
3.750% senior notes
1,150  2047 1,138  1,138 
4.250% senior notes
750  2049 744  743 
3.400% senior notes
700  2049 689  689 
5.300% senior notes
1,250  2050 1,232  1,232 
   5.050% senior notes
1,100  2053 1,083  1,083 
   5.500% senior notes
1,100  2054 1,087  1,087 
5.950% senior notes
1,250  2055 1,232  — 
   5.600% senior notes
600  2064 590  590 
6.050% senior notes
1,000  2065 985  — 
Floating-rate senior notes:
Floating-rate senior notes 1,884  2049-2075 1,863  1,755 
Debentures:
7.620% debentures
276  2030 279  279 
Pound Sterling notes:
5.500% notes
90  2031 89  83 
5.125% notes
614  2050 585  544 
Euro Senior Notes:
1.625% notes
—  2025 —  731 
1.000% notes
588  2028 587  521 
1.500% notes
588  2032 586  521 
Finance lease obligations (see note 11) 781  2026-2118 781  455 
Facility notes, bonds & other 321  2026-2045 321  322 
Total debt $ 24,367  $ 24,127  $ 21,284 
Less: current maturities of long-term debt and finance leases (608) (1,838)
Long-term debt and finance leases $ 23,519  $ 19,446 
Schedule of Maturities of Long-Term Debt
The following table sets forth the aggregate annual principal payments on our long-term debt (in millions):
Year
Debt Principal(1)
2026 $ 500 
2027 1,000 
2028 588 
2029 1,299 
2030 1,526 
After 2030
18,672 
Total $ 23,585 
(1)     The above table excludes finance leases of $781 million and other debt of $1 million.