Debt (Tables)

3 Months Ended

Mar. 31, 2026

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


	March 31, 2026		December 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 debt	27		27
Total current portion of debt	2,186		1,226

Long-term debt (excluding current portion)
Senior notes	29,170		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
Other	176		154
Total long-term debt	29,719		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.

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:


	March 31, 2026				December 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.