v3.25.4
Short-Term Borrowings and Long-Term Debt (Notes)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Short-Term Borrowings and Long-Term Debt [Text Block] Short-Term Borrowings and Long-Term Debt
Short-term borrowings and senior unsecured long-term debt consisted of commercial paper and notes as follows:
 Carrying Value as of December 31,Carrying Value as of December 31,
(in millions, except percentages)20252024(continued)20252024
Commercial paper$2,249 $1,300 
$850 5.8%, Mar 2036
839 838 
$2,000 3.75%, Jul 2025
—1,999
$500 6.5%, Jun 2037
492 492 
$750 5.15% Oct 2025
—749
$650 6.625%, Nov 2037
641 641 
$300 3.7%, Dec 2025
—300
$1,100 6.875%, Feb 2038
1,080 1,079 
$500 1.25%, Jan 2026
500499
$1,250 3.5%, Aug 2039
1,243 1,243 
$1,000 3.1%, Mar 2026
1,000999
$1,000 2.75%, May 2040
972 970 
$1,000 1.15%, May 2026
989953
$300 5.7%, Oct 2040
297 296 
$650 4.75%, Jul 2026
649648
$350 5.95%, Feb 2041
346 346 
$500 floating rate, Jul 2026
500499
$1,500 3.05%, May 2041
1,485 1,485 
$750 3.45%, Jan 2027
749749
$600 4.625%, Nov 2041
591 590 
$500 4.6%, Apr 2027
498496
$502 4.375%, Mar 2042
487 487 
$625 3.375%, Apr 2027
624623
$625 3.95%, Oct 2042
611 610 
$600 3.7%, May 2027
599598
$750 4.25%, Mar 2043
737 737 
$950 2.95%, Oct 2027
947946
$1,500 5.5%, Jul 2044
1,476 1,475 
$1,000 5.25%, Feb 2028
1,010998
$2,000 4.75%, Jul 2045
1,977 1,976 
$1,150 3.85%, Jun 2028
1,1481,147
$750 4.2%, Jan 2047
740 739 
$500 4.40% Jun 2028
498— 
$725 4.25%, Apr 2047
718 718 
$850 3.875%, Dec 2028
847847
$950 3.75%, Oct 2047
936 935 
$1,250 4.25%, Jan 2029
1,2501,221
$1,350 4.25%, Jun 2048
1,332 1,332 
$400 4.7%, Apr 2029
406398
$1,100 4.45%, Dec 2048
1,088 1,087 
$900 4%, May 2029
882854
$1,250 3.7%, Aug 2049
1,237 1,237 
$1,000 2.875%, Aug 2029
943902
$1,250 2.9%, May 2050
1,213 1,212 
$1,250 4.8%, Jan 2030
1,2571,225
$2,000 3.25%, May 2051
1,973 1,972 
$1,250 5.3%, Feb 2030
1,2721,243
$2,000 4.75%, May 2052
1,967 1,966 
$1,250 2%, May 2030
1,242 1,240 
$2,000 5.875%, Feb 2053
1,968 1,968 
$750 4.65% Jan 2031
745 — 
$2,000 5.05%, Apr 2053
1,970 1,969 
$1,000 4.9%, Apr 2031
1,010 982 
$1,750 5.375%, Apr 2054
1,730 1,729 
$1,500 2.3%, May 2031
1,340 1,271 
$2,750 5.625%, Jul 2054
2,724 2,724 
$1,500 4.95%, Jan 2032
1,490 1,489 
$750 5.95%, June 2055
735 — 
$1,500 4.2%, May 2032
1,428 1,372 
$1,250 3.875%, Aug 2059
1,229 1,229 
$2,000 5.35%, Feb 2033
2,024 1,966 
$1,000 3.125%, May 2060
967 967 
$1,500 4.5%, Apr 2033
1,460 1,410 
$1,000 4.95%, May 2062
982 981 
$1,250 5%, Apr 2034
1,250 1,214 
$1,500 6.05%, Feb 2063
1,466 1,466 
$2,000 5.15%, Jul 2034
2,015 1,959 
$1,750 5.2%, Apr 2063
1,710 1,710 
$1,000 5.3%, June 2035
992 — 
$1,100 5.5%, Apr 2064
1,086 1,085 
$1,000 4.625%, Jul 2035
1,001 971 
$1,850 5.75%, Jul 2064
1,822 1,822 
Total short-term borrowings and long-term debt$77,681 $76,180 
The Company’s long-term debt obligations also included $708 million and $724 million of other financing obligations, of which $182 million and $197 million were current as of December 31, 2025 and 2024, respectively.
Maturities of short-term borrowings and long-term debt for the years ending December 31 are as follows:
(in millions)
2026$6,082 
20273,530 
20283,605 
20293,655 
20303,855 
Thereafter58,657 
Short-Term Borrowings
Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers. As of December 31, 2025, the Company’s outstanding commercial paper had a weighted-average annual interest rate of 3.8%.
The Company has $7.0 billion five-year, $7.0 billion three-year and $7.0 billion 364-day revolving bank credit facilities with 26 banks, which mature in November 2030, November 2028 and November 2026, respectively. These facilities provide full liquidity support for the Company’s commercial paper program and are available for general corporate purposes. As of December 31, 2025, no amounts had been drawn on any of the bank credit facilities. The annual interest rates, which are variable based on term, are calculated based on one-month term Secured Overnight Financing Rate (SOFR) plus a credit spread based on the Company’s senior unsecured credit ratings. If amounts had been drawn on the bank credit facilities as of December 31, 2025, annual interest rates would have ranged from 4.2% to 6.8%.
Debt Covenants
As of December 31, 2025, the Company was in compliance with the various covenants under its bank credit facilities.