v3.25.4
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-term debt, Pre-swap borrowing
($ in millions) 
At December 31:Maturities20252024
U.S. dollar debt (weighted-average interest rate at December 31, 2025): (1)
  
5.1%2025— 1,601 
3.7%20265,800 5,800 
3.3%20274,119 4,119 
4.8%20282,319 1,313 
3.6%20293,757 3,750 
3.2%20302,355 1,350 
4.8%2031500 500 
4.6%20322,700 1,850 
4.8%2033750 750 
4.9%20341,000 1,000 
5.2%2035900 — 
8.0%203883 83 
4.5%20392,745 2,745 
2.9%2040650 650 
4.0%20421,107 1,107 
5.3%20441,000 1,000 
7.0%204527 27 
4.7%2046650 650 
4.3%20493,000 3,000 
3.0%2050750 750 
4.2%20521,400 1,400 
5.1%2053650 650 
5.3%20541,400 1,400 
5.7%20551,000 — 
7.1%2096316 316 
$38,979 $35,813 
Euro debt (weighted-average interest rate at December 31, 2025): (1)
1.6%2025— 3,106 
2.3%20272,349 2,071 
0.7%20282,114 1,863 
1.5%20291,174 1,035 
1.7%20302,055 1,035 
2.7%20312,936 2,588 
0.7%20321,879 1,656 
3.2%20331,292 — 
1.3%20341,174 1,035 
3.8%20351,174 1,035 
3.5%20371,057 — 
1.2%2040998 880 
4.0%20431,174 1,035 
3.8%2045881 — 
$20,258 $17,340 
Other currencies (weighted-average interest rate at December 31, 2025): (1)
Pound sterling (4.9%)
20381,009 939 
Japanese yen (1.0%)
2026–2028811 808 
Other (13.8%)
2026–202778 212 
$61,134 $55,111 
Finance lease obligations (5.1% weighted-average interest rate at December 31, 2025)
2026–20351,153 1,000 
$62,286 $56,112 
Less: net unamortized discount 806 824 
Less: net unamortized debt issuance costs 185 168 
Add: fair value adjustment (2)
 (36)(176)
$61,259 $54,943 
Less: current maturities 6,424 5,059 
Total $54,836 $49,884 
(1)Includes notes, debentures, bank loans and secured borrowings.
(2)The portion of the company’s fixed-rate debt obligations that is hedged is reflected in the Consolidated Balance Sheet as an amount equal to the sum of the debt’s carrying value and a fair value adjustment representing changes in the fair value of the hedged debt obligations attributable to movements in benchmark interest rates.
Post-swap borrowing (Long-term debt, including current portion)
($ in millions)
20252024
At December 31:AmountWeighted-Average
Interest Rate		AmountWeighted-Average
Interest Rate
Fixed-rate debt$54,004 3.5 %$47,712 3.3 %
Floating-rate debt (1)
7,255 5.0 %7,231 5.6 %
Total$61,259 $54,943 
(1)Includes $6,725 million in both 2025 and 2024, of notional interest-rate swaps that effectively convert fixed-rate long-term debt into floating-rate debt. Refer to note S, “Derivative Financial Instruments,” for additional information.
Pre-swap annual contractual obligations of long-term debt outstanding
Pre-swap annual contractual obligations of long-term debt outstanding at December 31, 2025, are as follows:
($ in millions)
Total
2026$6,425 
20276,753 
20285,172 
20295,095 
20304,492 
Thereafter34,348 
Total$62,286 
Interest on debt
($ in millions)
For the year ended December 31:202520242023
Cost of financing$365 $336 $334 
Interest expense1,935 1,712 1,607 
Interest capitalized4 12 9 
Total interest paid and accrued$2,305 $2,060 $1,949