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LONG-TERM DEBT | 6 Months Ended
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Jun. 30, 2026
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 June 30, 2026 and December 31, 2025:
($ in millions) | Interest Rate |  | Effective Interest Rate |  | Face Amount |  | Balance as of June 30, 2026 |  | Balance as of December 31, 2025
Senior Notes (in order of maturity): |  |  |  |  |  |  |  |  |
Series R Notes, matured June 15, 2026 | 3.1 | % |  | 3.3 | % |  | $ | 750 |  |  | $ | — |  |  | $ | 749 |
Series LL Notes, maturing September 15, 2026 | 5.5 | % |  | 5.9 | % |  | 450 |  |  | 450 |  |  | 449 |
Series TT Notes, maturing July 15, 2027 | 4.2 | % |  | 4.5 | % |  | 400 |  |  | 399 |  |  | 398 |
Series JJ Notes, maturing October 15, 2027 | 5.0 | % |  | 5.4 | % |  | 1,000 |  |  | 995 |  |  | 994 |
Series X Notes, maturing April 15, 2028 | 4.0 | % |  | 4.2 | % |  | 450 |  |  | 449 |  |  | 448 |
Series MM Notes, maturing October 15, 2028 | 5.6 | % |  | 5.9 | % |  | 700 |  |  | 695 |  |  | 694 |
Series AA Notes, maturing December 1, 2028 | 4.7 | % |  | 4.8 | % |  | 300 |  |  | 299 |  |  | 299 |
Series KK Notes, maturing April 15, 2029 | 4.9 | % |  | 5.3 | % |  | 800 |  |  | 792 |  |  | 790 |
Series NN Notes, maturing May 15, 2029 | 4.9 | % |  | 5.3 | % |  | 500 |  |  | 494 |  |  | 493 |
Series PP Notes, maturing March 15, 2030 | 4.8 | % |  | 5.0 | % |  | 500 |  |  | 496 |  |  | 496 |
Series FF Notes, maturing June 15, 2030 | 4.6 | % |  | 4.8 | % |  | 1,000 |  |  | 993 |  |  | 992 |
Series HH Notes, maturing April 15, 2031 | 2.9 | % |  | 3.0 | % |  | 1,100 |  |  | 1,094 |  |  | 1,094 |
Series UU Notes, maturing October 15, 2031 | 4.5 | % |  | 4.9 | % |  | 500 |  |  | 492 |  |  | 491 |
Series RR Notes, maturing April 15, 2032 | 5.1 | % |  | 5.4 | % |  | 500 |  |  | 494 |  |  | 493 |
Series GG Notes, maturing October 15, 2032 | 3.5 | % |  | 3.7 | % |  | 1,000 |  |  | 991 |  |  | 990 |
Series WW Notes, maturing May 1, 2033 | 4.5 | % |  | 4.8 | % |  | 600 |  |  | 590 |  |  | — |
Series II Notes, maturing October 15, 2033 | 2.8 | % |  | 2.8 | % |  | 700 |  |  | 696 |  |  | 695 |
Series OO Notes, maturing May 15, 2034 | 5.3 | % |  | 5.6 | % |  | 1,000 |  |  | 982 |  |  | 982 |
Series W Notes, maturing October 1, 2034 | 4.5 | % |  | 4.1 | % |  | 278 |  |  | 286 |  |  | 287 |
Series QQ Notes, maturing March 15, 2035 | 5.4 | % |  | 5.5 | % |  | 1,000 |  |  | 987 |  |  | 987 |
Series VV Notes, maturing October 15, 2035 | 5.3 | % |  | 5.5 | % |  | 600 |  |  | 580 |  |  | 588 |
Series SS Notes, maturing April 15, 2037 | 5.5 | % |  | 5.7 | % |  | 1,500 |  |  | 1,466 |  |  | 1,475 |
Series XX Notes, maturing May 1, 2038 | 5.1 | % |  | 5.3 | % |  | 850 |  |  | 820 |  |  | — |
Commercial paper |  |  |  |  |  |  | 1,242 |  |  | 1,177 |
Credit Facility |  |  |  |  |  |  | — |  |  | — |
Finance lease obligations |  |  |  |  |  |  | 110 |  |  | 120 |
Other |  |  |  |  |  |  | 23 |  |  | 23 |
|  |  |  |  |  |  | $ | 16,915 |  |  | $ | 16,204 |
Less current portion |  |  |  |  |  |  | (460) |  |  | (1,209) |
|  |  |  |  |  |  | $ | 16,455 |  |  | $ | 14,995 |
We paid cash for interest, net of amounts capitalized, of $381 million in the 2026 first half and $328 million in the 2025 first half. 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 February 2026, we issued $600 million aggregate principal amount of 4.500 percent Series WW Notes due May 1, 2033 (the “Series WW Notes”) and $850 million aggregate principal amount of 5.100 percent Series XX Notes due May 1, 2038 (the “Series XX Notes”). We will pay interest on the Series WW Notes and Series XX Notes in May and November of each year, commencing in November 2026. Net proceeds from the offering of the Series WW Notes and Series XX Notes were approximately $1.425 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. We determine the fair value of our Senior Notes using quoted market prices, which are directly observable Level 1 inputs. As of June 30, 2026 and December 31, 2025, the fair value of our noncurrent Senior Notes was $15,039 million (carrying amount of $15,090 million) and $13,836 million (carrying amount of $13,686 million), respectively. The carrying amount of our commercial paper borrowings approximates fair value due to their short maturity and because they bear interest at a market rate. See the “Fair Value Measurements” caption of Note 2 and Note 12 of our 2025 Form 10-K for more information on the input levels we use in determining fair value.

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