Annual report [Section 13 and 15(d), not S-K Item 405]

DEBT (Tables)

v3.25.4
DEBT (Tables)
12 Months Ended
Dec. 31, 2025
Short-term Debt [Line Items]  
Summary of long-term debt
A summary of long-term debt was as follows:
December 31,
In millions Interest Rate 2025 2024
Long-term debt
Hydrogenics promissory notes, due 2025 —% $   $ 110 
Senior notes, due 2025 (1)
0.75%   500 
Debentures, due 2027 6.75% 58  58 
Debentures, due 2028 7.125% 250  250 
Senior notes, due 2028 4.25% 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  — 
Senior notes, due 2034 5.15% 750  750 
Senior notes, due 2035 5.30% 1,000  — 
Senior notes, due 2043 4.875% 500  500 
Senior notes, due 2050 2.60% 650  650 
Senior notes, due 2054 5.45% 1,000  1,000 
Debentures, due 2098 (2)
5.65% 165  165 
Other debt 175  160 
Unamortized discount and deferred issuance costs (91) (89)
Fair value adjustments due to hedge on indebtedness (57) (85)
Finance leases 136  125 
Total long-term debt 6,886  5,444 
Less: Current maturities of long-term debt (3)
94  660 
Long-term debt $ 6,792  $ 4,784 
(1) In 2021, we entered into a series of interest rate swaps to effectively convert debt from a fixed rate to floating rate. In March of 2025, we settled the remainder of the interest rate swaps on our debt due in 2025. See "Interest Rate Risk" in NOTE 20, "DERIVATIVES," for additional information. During the third quarter of 2025, we repaid the outstanding balance of the senior notes due in 2025.
(2) The effective interest rate is 7.48 percent.
(3) The weighted-average interest rates for the years ended December 31, 2025 and 2024, were 5.19 percent and 1.01 percent, respectively.
Principal repayments 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 $ 94  $ 130  $ 608  $ 539  $ 863 
Fair value and carrying value of total 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:
December 31,
In millions 2025 2024
Fair values of total debt (1)
$ 7,337  $ 6,651 
Carrying value of total debt 7,552  7,059 
(1) The fair value of debt is derived from Level 2 input measures.
Loans Payable  
Short-term Debt [Line Items]  
Weighted-average interest rate The weighted-average interest rate of loans payable at December 31 was as follows:
2025 2024
Weighted-average interest rate 2.55  % 2.85  %
Commercial Paper  
Short-term Debt [Line Items]  
Weighted-average interest rate The weighted-average interest rate for commercial paper at December 31 was as follows:
2025 2024
Weighted-average interest rate 3.20  % 4.49  %