v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consisted of the following (in millions):
 December 31,
20252024
Current portion of long-term debt
$795 $326 
Short-term borrowings, average rate 3.25%
9 
Current portion of long-term debt and short-term borrowings$804 $326 
Long-term debt
Debentures, 6.85%, due 2029
$150 $156 
Debentures, 7.25%, due 2036
249 249 
Debentures, 4.70%, due 2037
297 297 
Debentures, 5.75%, due 2040
401 397 
Debentures, 4.75%, due 2042
497 497 
Debentures, 5.35%, due 2048
545 545 
Debentures, 3.90%, due 2049
396 396 
Debentures, 4.375%, due 2057
744 743 
Debentures, 5.85%, due 2068
297 297 
Debentures, 5.45%, due 2079
1,087 1,087 
Yen-denominated debentures, 0.722%, due 2025
64 
Yen-denominated debentures, 0.992%, due 2027
237 236 
Yen-denominated debentures, 1.043%, due 2028
163 163 
Yen-denominated debentures, 1.219%, due 2030
159 159 
Yen-denominated debentures, 1.153%, due 2031
199 198 
Yen-denominated debentures, 1.583%, due 2037
63 63 
Yen-denominated debentures, 1.513%, due 2039
38 37 
Euro-denominated notes, 3.875%, due 2026
352 311 
Euro-denominated notes, 4.125%, due 2031
642 568 
Financing Leases, average discount rate 5.86%, due through 2045 (Note 8)
1,232 174 
Other, average rate 3.86%, due through 2042
677 574 
Total long-term debt, including current portion8,425 7,211 
Less current portion of long-term debt795 326 
Long-term debt$7,630 $6,885 
Schedule of Debt Maturities
The following table presents debt maturities by year as of December 31, 2025 (in millions) (1):
20262027202820292030Thereafter
$804 $401 $296 $302 $298 $6,379 
(1)Excludes impact of bond discounts and deferred expenses and includes obligations relating to finance leases that have commenced. For the estimated undiscounted lease payments associated with leases entered into but not yet commenced, refer to Note 8 (Leases) for additional information.