Quarterly report [Sections 13 or 15(d)]

DEBT

v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT
NOTE 9. DEBT
Loans Payable and Commercial Paper
Loans payable, commercial paper and the related weighted-average interest rates were as follows:
In millions March 31,
2026		 December 31,
2025
Loans payable (1)
$ 451  $ 313 
Commercial paper (2)
349  353 
(1) Loans payable consist primarily of loans payable to various international and domestic financial institutions. It is not practicable to aggregate these notes and calculate a quarterly weighted-average interest rate.
(2) The weighted-average interest rate, inclusive of all brokerage fees, was 3.12 percent and 3.20 percent at March 31, 2026 and December 31, 2025, respectively.
We can issue up to $4.0 billion of unsecured, short-term promissory notes (commercial paper) pursuant to the Board authorized commercial paper programs. These programs facilitate the private placement of unsecured short-term debt through third-party brokers. We intend to use the net proceeds from the commercial paper borrowings for general corporate purposes.
Revolving Credit Facilities
Our committed credit facilities provide access up to $4.0 billion from our $2.0 billion 3-year credit facility and our $2.0 billion 5-year facility. We intend to maintain credit facilities at the current or higher aggregate amounts by renewing or replacing these facilities at or before expiration. These revolving credit facilities are maintained primarily to provide backup liquidity for our commercial paper borrowings and general corporate purposes. There were no outstanding borrowings under these facilities at March 31, 2026 and December 31, 2025. At March 31, 2026, the $349 million of outstanding commercial paper effectively reduced the $4.0 billion of revolving credit capacity to $3.7 billion.
At March 31, 2026, we also had an additional $777 million available for borrowings under our uncommitted international and other domestic credit facilities.
Long-term Debt
A summary of long-term debt was as follows:
In millions Interest Rate March 31,
2026		 December 31,
2025
Long-term debt    
Debentures, due 2027 6.75% $ 58  $ 58 
Debentures, due 2028 7.125% 250  250 
Senior notes, due 2028 4.25% 300  300 
Senior notes, due 2029 4.90% 500  500 
Senior notes, due 2030 (1)
1.50% 850  850 
Senior notes, due 2031 4.70% 700  700 
Senior notes, due 2034 5.15% 750  750 
Senior notes, due 2035 5.30% 1,000  1,000 
Senior notes, due 2043 4.875% 500  500 
Senior notes, due 2050 2.60% 650  650 
Senior notes, due 2054 (1)
5.45% 1,000  1,000 
Debentures, due 2098 (2)
5.65% 165  165 
Other debt 182  175 
Unamortized discount and deferred issuance costs (89) (91)
Fair value adjustments due to hedge on indebtedness (64) (57)
Finance leases 134  136 
Total long-term debt 6,886  6,886 
Less: Current maturities of long-term debt 157  94 
Long-term debt $ 6,729  $ 6,792 
(1) We entered into interest rate swaps on the noted debt instruments to effectively convert from a fixed rate to a floating rate. See "Interest Rate Risk" in NOTE 13, “DERIVATIVES,” for additional information.
(2) The effective interest rate is 7.48 percent.
Principal payments required on long-term debt during the next five years are as follows:
In millions 2026 2027 2028 2029 2030
Principal payments $ 83 

$ 139  $ 617  $ 540  $ 863 
Shelf Registration
As a well-known seasoned issuer, we filed an automatic shelf registration for an undetermined amount of debt and equity securities with the SEC on February 13, 2025. Under this shelf registration we may offer, from time-to-time, debt securities, common stock, preferred and preference stock, depositary shares, warrants, stock purchase contracts and stock purchase units.
Interest Rate Risk
In January 2026, we entered into a series of interest rates swaps to convert $150 million of our senior notes, due in 2054, from a fixed rate of 5.45 percent to a floating rate equal to the daily Secured Overnight Financing Rate (SOFR) plus a spread. See NOTE 13, “DERIVATIVES,” for additional information.
Fair Value of Debt
Based on borrowing rates currently available to us for bank loans with similar terms and average maturities, considering our risk premium, the fair values and carrying values of total debt, including current maturities, were as follows:
 
In millions March 31,
2026		 December 31,
2025
Fair value of total debt (1)
$ 7,371  $ 7,337 
Carrying value of total debt 7,686  7,552 
(1) The fair value of debt is derived from Level 2 input measures.