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LONG-TERM DEBT | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT We provide detail on our long-term debt balances, net of discounts, premiums, and debt issuance costs, in the following table as of September 30, 2025 and year-end 2024:
($ in millions) | Interest Rate |  | Effective Interest Rate |  | Face Amount |  | Balance as of September 30, 2025 |  | Balance as of December 31, 2024
Senior Notes: |  |  |  |  |  |  |  |  |
Series P Notes, matured October 1, 2025 | 3.8 | % |  | 4.0 | % |  | $ | 350 |  |  | $ | 350 |  |  | $ | 349 |
Series R Notes, maturing June 15, 2026 | 3.1 | % |  | 3.3 | % |  | 750 |  |  | 749 |  |  | 749 |
Series V Notes, matured March 15, 2025 | 3.8 | % |  | 2.8 | % |  | 318 |  |  | — |  |  | 319 |
Series W Notes, maturing October 1, 2034 | 4.5 | % |  | 4.1 | % |  | 278 |  |  | 287 |  |  | 287 |
Series X Notes, maturing April 15, 2028 | 4.0 | % |  | 4.2 | % |  | 450 |  |  | 448 |  |  | 447 |
Series AA Notes, maturing December 1, 2028 | 4.7 | % |  | 4.8 | % |  | 300 |  |  | 299 |  |  | 298 |
Series EE Notes, matured May 1, 2025 | 5.8 | % |  | 6.0 | % |  | 600 |  |  | — |  |  | 599 |
Series FF Notes, maturing June 15, 2030 | 4.6 | % |  | 4.8 | % |  | 1,000 |  |  | 992 |  |  | 991 |
Series GG Notes, maturing October 15, 2032 | 3.5 | % |  | 3.7 | % |  | 1,000 |  |  | 990 |  |  | 989 |
Series HH Notes, maturing April 15, 2031 | 2.9 | % |  | 3.0 | % |  | 1,100 |  |  | 1,093 |  |  | 1,093 |
Series II Notes, maturing October 15, 2033 | 2.8 | % |  | 2.8 | % |  | 700 |  |  | 695 |  |  | 695 |
Series JJ Notes, maturing October 15, 2027 | 5.0 | % |  | 5.4 | % |  | 1,000 |  |  | 993 |  |  | 990 |
Series KK Notes, maturing April 15, 2029 | 4.9 | % |  | 5.3 | % |  | 800 |  |  | 790 |  |  | 788 |
Series LL Notes, maturing September 15, 2026 | 5.5 | % |  | 5.9 | % |  | 450 |  |  | 448 |  |  | 447 |
Series MM Notes, maturing October 15, 2028 | 5.6 | % |  | 5.9 | % |  | 700 |  |  | 694 |  |  | 693 |
Series NN Notes, maturing May 15, 2029 | 4.9 | % |  | 5.3 | % |  | 500 |  |  | 493 |  |  | 491 |
Series OO Notes, maturing May 15, 2034 | 5.3 | % |  | 5.6 | % |  | 1,000 |  |  | 981 |  |  | 980 |
Series PP Notes, maturing March 15, 2030 | 4.8 | % |  | 5.0 | % |  | 500 |  |  | 495 |  |  | 495 |
Series QQ Notes, maturing March 15, 2035 | 5.4 | % |  | 5.5 | % |  | 1,000 |  |  | 987 |  |  | 986 |
Series RR Notes, maturing April 15, 2032 | 5.1 | % |  | 5.4 | % |  | 500 |  |  | 493 |  |  | — |
Series SS Notes, maturing April 15, 2037 | 5.5 | % |  | 5.7 | % |  | 1,500 |  |  | 1,483 |  |  | — |
Series TT Notes, maturing July 15, 2027 | 4.2 | % |  | 4.5 | % |  | 400 |  |  | 398 |  |  | — |
Series UU Notes, maturing October 15, 2031 | 4.5 | % |  | 4.9 | % |  | 500 |  |  | 491 |  |  | — |
Series VV Notes, maturing October 15, 2035 | 5.3 | % |  | 5.5 | % |  | 600 |  |  | 592 |  |  | — |
Commercial paper |  |  |  |  |  |  | 618 |  |  | 1,582 |
Credit Facility |  |  |  |  |  |  | — |  |  | — |
Finance lease obligations |  |  |  |  |  |  | 117 |  |  | 124 |
Other |  |  |  |  |  |  | 23 |  |  | 55 |
|  |  |  |  |  |  | $ | 15,999 |  |  | $ | 14,447 |
Less current portion |  |  |  |  |  |  | (1,557) |  |  | (1,309) |
|  |  |  |  |  |  | $ | 14,442 |  |  | $ | 13,138 |
We paid cash for interest, net of amounts capitalized, of $403 million in the 2025 first three quarters and $350 million in the 2024 first three quarters. We are party to a $4.5 billion multicurrency revolving credit agreement (as amended, the “Credit Facility”). Available borrowings under the Credit Facility support our commercial paper program and general corporate needs. U.S. dollar borrowings under the Credit Facility bear interest at SOFR (the Secured Overnight Financing Rate) plus a spread based on our public debt rating. We also pay quarterly fees on the Credit Facility at a rate based on our public debt rating. We classify outstanding borrowings under the Credit Facility and outstanding commercial paper borrowings (which generally have short-term maturities of 45 days or less) as long-term based on our ability and intent to refinance the outstanding borrowings on a long-term basis. The Credit Facility expires on December 14, 2027. In August 2025, we issued $400 million aggregate principal amount of 4.200 percent Series TT Notes due July 15, 2027 (the “Series TT Notes”), $500 million aggregate principal amount of 4.500 percent Series UU Notes due October 15, 2031 (the “Series UU Notes”), and $600 million aggregate principal amount of 5.250 percent Series VV Notes due October 15, 2035 (the “Series VV Notes”). We will pay interest on the Series TT Notes in January and July of each year, commencing in January 2026. We will pay interest on the Series UU Notes and Series VV Notes in April and October of each year, commencing in April 2026. In connection with the offering, we entered into interest rate swap agreements, which have the economic effect of converting $500 million of the Series VV Notes into floating rate debt with a variable interest rate of SOFR plus approximately 1.44 percent. Net proceeds from the offering of the Series TT Notes, Series UU Notes, and Series VV Notes were approximately $1.477 billion, after deducting the underwriting discount and expenses, and were made available for general corporate purposes, including working capital, capital expenditures, acquisitions, stock repurchases, or repayment of outstanding indebtedness. In February 2025, we issued $500 million aggregate principal amount of 5.100 percent Series RR Notes due April 15, 2032 (the “Series RR Notes”) and $1.5 billion aggregate principal amount of 5.500 percent Series SS Notes due April 15, 2037 (the “Series SS Notes”). We pay interest on the Series RR Notes and Series SS Notes in April and October of each year. In connection with the offering, we entered into interest rate swap agreements, which have the economic effect of converting $700 million of the Series SS Notes into floating rate debt with a variable interest rate of SOFR plus approximately 1.49 percent. Net proceeds from the offering of the Series RR Notes and Series SS Notes were approximately $1.960 billion, after deducting the underwriting discount and expenses, and were made available for general corporate purposes, including working capital, capital expenditures, acquisitions, stock repurchases, or repayment of outstanding indebtedness.

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