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Borrowings | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Borrowings | Borrowings The following table is a summary of the Company’s borrowings at September 30, 2025 and December 31, 2024:
In millions | September 30, 2025 |  | December 31, 2024
Short-term debt |  |  |
Commercial paper | $ | 1,247 |  |  | $ | 2,119 |
Long-term debt |  |  |
4.1% senior notes due March 2025 | — |  |  | 724 |
3.875% senior notes due July 2025 | — |  |  | 2,828 |
5% senior notes due February 2026 | 1,500 |  |  | 1,500 |
2.875% senior notes due June 2026 | 1,750 |  |  | 1,750 |
3% senior notes due August 2026 | 750 |  |  | 750 |
3.625% senior notes due April 2027 | 750 |  |  | 750 |
6.25% senior notes due June 2027 | 372 |  |  | 372 |
1.3% senior notes due August 2027 | 2,250 |  |  | 2,250 |
4.3% senior notes due March 2028 | 5,000 |  |  | 5,000 |
5% senior notes due January 2029 | 1,000 |  |  | 1,000 |
5.4% senior notes due June 2029 | 1,000 |  |  | 1,000 |
3.25% senior notes due August 2029 | 1,750 |  |  | 1,750 |
5.125% senior notes due February 2030 | 1,500 |  |  | 1,500 |
3.75% senior notes due April 2030 | 1,500 |  |  | 1,500 |
1.75% senior notes due August 2030 | 1,250 |  |  | 1,250 |
5.25% senior notes due January 2031 | 750 |  |  | 750 |
1.875% senior notes due February 2031 | 1,250 |  |  | 1,250 |
5.55% senior notes due June 2031 | 1,000 |  |  | 1,000 |
2.125% senior notes due September 2031 | 1,000 |  |  | 1,000 |
5% senior notes due September 2032 | 750 |  |  | — |
5.25% senior notes due February 2033 | 1,750 |  |  | 1,750 |
5.3% senior notes due June 2033 | 1,250 |  |  | 1,250 |
5.7% senior notes due June 2034 | 1,250 |  |  | 1,250 |
4.875% senior notes due July 2035 | 652 |  |  | 652 |
5.45% senior notes due September 2035 | 1,500 |  |  | — |
6.625% senior notes due June 2036 | 771 |  |  | 771 |
6.75% senior notes due December 2037 | 533 |  |  | 533 |
4.78% senior notes due March 2038 | 5,000 |  |  | 5,000 |
6.125% senior notes due September 2039 | 447 |  |  | 447 |
4.125% senior notes due April 2040 | 602 |  |  | 602 |
2.7% senior notes due August 2040 | 367 |  |  | 367 |
5.75% senior notes due May 2041 | 133 |  |  | 133 |
4.5% senior notes due May 2042 | 500 |  |  | 500 |
4.125% senior notes due November 2042 | 226 |  |  | 226 |
5.3% senior notes due December 2043 | 750 |  |  | 750 |
4.75% senior notes due March 2044 | 375 |  |  | 375 |
6% senior notes due June 2044 | 750 |  |  | 750 |
5.125% senior notes due July 2045 | 3,500 |  |  | 3,500 |
3.875% senior notes due August 2047 | 537 |  |  | 537 |
5.05% senior notes due March 2048 | 8,000 |  |  | 8,000 |
4.25% senior notes due April 2050 | 399 |  |  | 399 |
5.625% senior notes due February 2053 | 1,250 |  |  | 1,250 |
5.875% senior notes due June 2053 | 1,250 |  |  | 1,250 |
6.05% senior notes due June 2054 | 1,000 |  |  | 1,000 |
6.2% senior notes due September 2055 | 1,250 |  |  | — |
6% senior notes due June 2063 | 750 |  |  | 750 |
6.25% senior notes due September 2065 | 500 |  |  | — |
6.75% series B junior subordinated notes due December 2054 | 750 |  |  | 750 |
7% series A junior subordinated notes due March 2055 | 2,250 |  |  | 2,250 |
Finance lease liabilities | 1,357 |  |  | 1,360 |
Other | 296 |  |  | 302 |
Total debt principal | 66,314 |  |  | 66,747 |
Debt premiums | 160 |  |  | 170 |
Debt discounts and deferred financing costs | (638) |  |  | (647) |
| 65,836 |  |  | 66,270 |
Less: |  |  |
Short-term debt (commercial paper) | (1,247) |  |  | (2,119) |
Current portion of long-term debt | (4,081) |  |  | (3,624) |
Long-term debt | $ | 60,508 |  |  | $ | 60,527 |
Short-term Borrowings Commercial Paper The Company had $1.2 billion of commercial paper outstanding at a weighted average interest rate of 4.64% as of September 30, 2025. The Company had $2.1 billion of commercial paper outstanding at a weighted average interest rate of 4.98% as of December 31, 2024. Long-term Borrowings 2025 Notes On August 15, 2025, the Company issued $750 million aggregate principal amount of 5.0% senior notes due September 2032, $1.5 billion aggregate principal amount of 5.45% senior notes due September 2035, $1.25 billion aggregate principal amount of 6.2% senior notes due September 2055 and $500 million aggregate principal amount of 6.25% senior notes due September 2065 for total proceeds of approximately $4.0 billion, net of discounts and underwriting fees. The net proceeds of these offerings were used to repay existing indebtedness, including borrowings under the Company’s commercial paper program, as well as for general corporate purposes.

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