Quarterly report [Sections 13 or 15(d)]

DEBT (Tables)

v3.26.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Short-Term Debt
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.
Summary of 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.
Summary of Principal Payments on Long-Term Debt
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 
Summary of Fair Value and Carrying Value of Long-Term 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.