LONG-TERM DEBT

9 Months Ended

Sep. 30, 2025

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.