v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt 
A summary of short-term and long-term debt outstanding is as follows:
(in millions)March 31,
2026		December 31,
2025
4.0% Senior Notes, due 2026 1
— 3 
2.95% Senior Notes, due 2027 2
499 499 
2.45% Senior Notes, due 2027 3
1,247 1,246 
4.75% Senior Notes, due 2028 4
781 784 
4.25% Senior Notes, due 2029 5
988 991 
2.5% Senior Notes, due 2029 6
498 498 
2.95% Sustainability-Linked Senior Notes, due 2029 7
1,241 1,241 
1.25% Senior Notes, due 2030 8
596 596 
4.25% Senior Notes, due 2031 9
596 595 
2.90% Senior Notes, due 2032 10
1,480 1,480 
5.25% Senior Notes, due 2033 11
744 744 
4.80% Senior Notes, due 2035 12
396 396 
6.55% Senior Notes, due 2037 13
291 291 
4.5% Senior Notes, due 2048 14
273 273 
3.25% Senior Notes, due 2049 15
591 591 
3.70% Senior Notes, due 2052 16
976 976 
2.3% Senior Notes, due 2060 17
683 683 
3.9% Senior Notes, due 2062 18
487 486 
Commercial paper951 715 
Total debt13,318 13,088 
Less: short-term debt including current maturities2,697 718 
Long-term debt$10,621 $12,370 
1     We made a $3 million repayment of our 4.0% Senior Notes in the first quarter of 2026.
2    Interest payments are due semiannually on January 22 and July 22, and as of March 31, 2026, the unamortized debt discount and issuance costs total $1 million.
3    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2026, the unamortized debt discount and issuance costs total $3 million.
4     Interest payments are due semiannually on February 1 and August 1.
5 Interest payments are due semiannually on May 1 and November 1.
6    Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2026, the unamortized debt discount and issuance costs total $2 million.
7    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2026, the unamortized debt discount and issuance costs total $9 million. From and including March 1, 2026, the interest rate payable on Sustainability-Linked Senior Notes due 2029 was increased by 25 basis points (0.25%) per annum, in accordance with the terms of the governing indenture.
8    Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2026, the unamortized debt discount and issuance costs total $4 million.
9    Interest payments are due semiannually on January 15 and July 15, beginning on July 15, 2026, and as of March 31, 2026, the unamortized debt discount and issuance costs total $4 million.
10 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2026, the unamortized debt discount and issuance costs total $20 million.
11 Interest payments are due semiannually on March 15 and September 15, and as of March 31, 2026, the unamortized debt discount and issuance costs total $6 million.
12    Interest payments are due semiannually on June 4 and December 4, beginning on June 4, 2026, and as of March 31, 2026, the unamortized debt discount and issuance costs total $4 million.
13    Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2026, the unamortized debt discount and issuance costs total $2 million.
14    Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2026, the unamortized debt discount and issuance costs total $10 million.
15 Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2026, the unamortized debt discount and issuance costs total $9 million.
16    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2026, the unamortized debt discount and issuance costs total $24 million.
17    Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2026, the unamortized debt discount and issuance costs total $17 million.
18    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2026, the unamortized debt discount and issuance costs total $13 million.
The fair value of our total debt borrowings was $11.1 billion and $11.3 billion as of March 31, 2026 and December 31, 2025, respectively, and was estimated based on quoted market prices.

We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our $2.0 billion five-year credit agreement (our “credit facility”) that will terminate on December 17, 2029. As of March 31, 2026, and December 31, 2025, we had $951 million and $715 million of outstanding commercial paper, respectively.

Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually. For the three months ended March 31, 2026, we paid a commitment fee of 8 basis points. Our commitment fee and our drawn margin under the credit facility will be reduced by 1 basis point and 5 basis points, respectively, for the approximately year-long period beginning April 6, 2026 as a result of our emissions performance for the year ended December 31, 2025. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility.

The only financial covenant in our credit facility is a requirement that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this ratio has never been exceeded.