v3.26.1
Debt (Notes)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt
3. Debt

The following table provides information on the principal amount of our outstanding debt balances:
March 31, 2026December 31, 2025
(In millions, unless otherwise stated)
Current portion of debt
$3.5 billion credit facility due August 20, 2027
$— $— 
Commercial paper notes(a)88 13 
Current portion of senior notes
4.15%, due August 2026
375 375 
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)
578 — 
7.00%, due March 2027
300 — 
Trust I preferred securities, 4.75%, due March 2028(c)
111 111 
Current portion of other debt27 27 
Total current portion of debt2,186 1,226 
Long-term debt (excluding current portion)
Senior notes29,170 30,065 
EPC Building, LLC, promissory note, 3.967%, due 2026 through 2035
263 268 
Trust I preferred securities, 4.75%, due March 2028
110 110 
Other176 154 
Total long-term debt29,719 30,597 
Total debt(d)$31,905 $31,823 
(a)Weighted average interest rate on borrowings at March 31, 2026 and December 31, 2025 was 3.95% and 3.85%, respectively.
(b)Consists of senior notes denominated in Euros that have been converted to U.S. dollars and are respectively reported above at the March 31, 2026 exchange rate of $1.1553 U.S. dollars per Euro and at the December 31, 2025 exchange rate of $1.1746 U.S. dollars per Euro. As of March 31, 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 $35 million and $44 million, respectively. As of March 31, 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, as of March 31, 2026 and December 31, 2025, increased our total debt balances by $151 million and $180 million, respectively.

We and substantially all of our wholly owned domestic subsidiaries are parties to a cross guarantee agreement whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of specified indebtedness of each other party to the agreement.

Credit Facilities and Restrictive Covenants

As of March 31, 2026, we had no borrowings outstanding under our credit facility, $88 million borrowings outstanding under our commercial paper program, and $10 million in letters of credit. Our availability under our credit facility as of March 31, 2026 was approximately $3.4 billion. For the periods ended March 31, 2026 and 2025, we were in compliance with all required covenants.
Fair Value of Financial Instruments

The carrying value and estimated fair value of our outstanding debt balances are disclosed below:
March 31, 2026December 31, 2025
Carrying
value		Estimated
fair value(a)		Carrying
value		Estimated
fair value(a)
(In millions)
Total debt$32,056 $31,694 $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 March 31, 2026 and December 31, 2025.

We used Level 2 input values to measure the estimated fair value of our outstanding debt balance as of both March 31, 2026 and December 31, 2025.