v3.25.4
Long-Term Debt and Short-Term Borrowings (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments Long-term debt and short-term borrowings as of December 31 consisted of the following:
Long-Term Debt:
Principal amountWeighted-average interest rateFinal maturity dateCarrying value
(Millions)December 31, 2025December 31, 2024December 31, 2025December 31, 2024December 31, 2025December 31, 2024
USD denominated fixed-rate debt$10,500 $10,400 3.76 %3.33 %
2026-2050
$10,355 $10,317 
USD denominated floating-rate debt200 1,014 3.77 6.94 
2027-2044
199 915 
EUR denominated fixed-rate debt€1,751 €1,751 1.73 1.60 
2026-2031
2,048 1,812 
Total long-term debt12,602 13,044 
Less: current portion of long-term debt1,670 1,919 
Long-term debt (excluding current portion)$10,932 $11,125 
Schedule of Short-Term Debt
Short-Term Borrowings and Current Portion of Long-Term Debt:
Effective interest rateCarrying value
(Millions)December 31, 2025December 31, 2024
Current portion of long-term debt2.16 %$1,670 $1,919 
Schedule of Cash Interest Payments Cash interest payments below include amounts related to both debt and finance lease obligations. They exclude cash paid for early debt extinguishment and imputed interest for amounts due under the PWS Settlement, New Jersey Settlement, and CAE Settlement (discussed in Note 17).
(Millions)202520242023
Cash interest payments$467 $505$520
Schedule of Maturities of Long-Term Debt The maturities of long-term debt for the periods subsequent to December 31, 2025 are as follows (in millions):
20262027202820292030
After 2030
Total
$1,670 $863 $863 $1,793 $1,728 $5,685 $12,602