v3.25.4
Debt and Lines of Credit
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt and lines of credit Debt and lines of credit
Short-term borrowings
We maintain a line of credit to provide additional liquidity through bank loans and, if necessary, to support commercial paper borrowings. As of December 31, 2025, the aforementioned line of credit was a variable-rate, revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $1 billion until March 2026. The interest rate on borrowings under this credit facility, if drawn, is indexed to the applicable Term Secured Overnight Financing Rate (Term SOFR). As of December 31, 2025, our credit facility was undrawn, and we had no commercial paper outstanding.
Long-term debt
In March 2025, we retired $750 million of maturing debt.
In May 2025, we issued two series of senior unsecured notes for an aggregate principal amount of $1.20 billion, consisting of $550 million of 4.50% notes due in 2030 and $650 million of 5.10% notes due in 2035. We incurred $6 million of issuance and other related costs. The proceeds of the offering were $1.20 billion, net of the original issuance discounts, which will be used for general corporate purposes.
In February 2024, we issued five series of senior unsecured notes for an aggregate principal amount of $3.00 billion, consisting of $650 million of 4.60% notes due in 2027, $650 million of 4.60% notes due in 2029, $600 million of 4.85% notes due in 2034, $750 million of 5.15% notes due in 2054 and $350 million of 5.05% notes due in 2063. We incurred $16 million of issuance and other related costs. The proceeds of the offering were $2.98 billion, net of the original issuance discounts, which will be used for general corporate purposes.
We retired $300 million of maturing debt in May 2024 and an additional $300 million in November 2024.
In March 2023, we issued two series of senior unsecured notes for an aggregate principal amount of $1.40 billion, consisting of $750 million of 4.90% notes due in 2033 and $650 million of 5.00% notes due in 2053. We incurred $11 million of issuance and other related costs. The proceeds of the offering were $1.40 billion, net of the original issuance discounts, which will be used for general corporate purposes.
In May 2023, we issued three series of senior unsecured notes for an aggregate principal amount of $1.60 billion, consisting of $200 million of 4.60% notes due in 2028, $200 million of 4.90% notes due in 2033 and $1.20 billion of 5.05% notes due in 2063. We incurred $7 million of issuance and other related costs. The proceeds of the offering were $1.60 billion, net of the original issuance discounts and premiums, which will be used for general corporate purposes.
In May 2023, we retired $500 million of maturing debt.
Long-term debt outstanding is as follows:
December 31,
20252024
Notes due 2025 at 1.375%
— 750 
Notes due 2026 at 1.125%
500 500 
Notes due 2027 at 4.60%
650 650 
Notes due 2027 at 2.90%
500 500 
Notes due 2028 at 4.60%
700 700 
Notes due 2029 at 4.60%
650 650 
Notes due 2029 at 2.25%
750 750 
Notes due 2030 at 1.75%
750 750 
Notes due 2030 at 4.50%
550 — 
Notes due 2031 at 1.90%
500 500 
Notes due 2032 at 3.65%
400 400 
Notes due 2033 at 4.90%
950 950 
Notes due 2034 at 4.85%
600 600 
Notes due 2035 at 5.10%
650 — 
Notes due 2039 at 3.875%
750 750 
Notes due 2048 at 4.15%
1,500 1,500 
Notes due 2051 at 2.70%
500 500 
Notes due 2052 at 4.10%
300 300 
Notes due 2053 at 5.00%
650 650 
Notes due 2054 at 5.15%
750 750 
Notes due 2063 at 5.05%
1,550 1,550 
Total debt14,150 13,700 
Net unamortized discounts, premiums and issuance costs(102)(104)
Total debt, including net unamortized discounts, premiums and issuance costs14,048 13,596 
Current portion of long-term debt(500)(750)
Long-term debt$13,548 $12,846 
Interest and debt expense was $543 million, $508 million and $353 million in 2025, 2024 and 2023, respectively. This was net of the amortized discounts, premiums and issuance and other related costs. Cash payments for interest on long-term debt were $542 million, $473 million and $321 million in 2025, 2024 and 2023, respectively. Capitalized interest was $12 million, $20 million and $11 million in 2025, 2024 and 2023, respectively.