Quarterly report [Sections 13 or 15(d)]

DEBT

v3.26.1
DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
 
Debt outstanding at June 30, 2026 and December 31, 2025 was as follows:
June 30, 2026 December 31, 2025
  (In millions)
Commercial paper ("CP") $ 1,397.0  $ 762.0 
Notes, 3.25%, due June 2026
 —  275.0 
Notes, 5.10%, due December 2027
 750.0  750.0 
Notes, 5.10%, due June 2028
 700.0  700.0 
Debentures, 6.90%, due July 2028
 125.0  125.0 
Notes, 4.80%, due September 2029
 650.0  650.0 
Notes, 3.10%, due May 2030
 600.0  600.0 
Notes, 2.35%, due September 2031
 1,000.0  1,000.0 
Notes, 7.00%, due July 2037
 250.0  250.0 
Other 13.3  2.2 
Total debt 5,485.3  5,114.2 
Less short-term debt and current maturities (1,410.3) (1,038.0)
Less unamortized discounts and debt issuance costs (18.2) (20.9)
Total long-term debt, net $ 4,056.8  $ 4,055.3 
 
Senior Credit Facility.  We have access to a $2.0 billion five year unsecured revolving credit facility (the “Revolver”). During the second quarter of 2026, we increased the commitments of the Revolver from an aggregate principal amount of $1.5 billion to an aggregate principal amount of $2.0 billion and, with respect to $1.9 billion of the aggregate Revolver commitments, the termination date was extended by one year from August 25, 2028 to August 25, 2029. The termination date with respect to the remaining $100 million of the Revolver commitments is August 25, 2028. Availability of the Revolver is reduced by the outstanding principal balance of our CP notes and by any letters of credit issued under the Revolver. As of June 30, 2026, there were $1.4 billion of outstanding CP notes, $1.3 million of letters of credit outstanding, and no outstanding borrowings under the Revolver. Availability under the Revolver was $0.6 billion at June 30, 2026.

Commercial Paper Program.  During the second quarter of 2026, we increased the size of our CP program from $1.5 billion to $2.0 billion, consistent with the increase in our Revolver. Our $2.0 billion CP program has been established through the private placement of CP notes from time-to-time, in which borrowings may bear interest at either a variable or a fixed rate, plus the applicable margin. Maturities of CP can range from overnight to 397 days. Because the CP program is backstopped by our Revolver, the amount of CP which may be issued under the program is reduced by the outstanding face amount of any letters of credit issued and by the outstanding borrowings under our Revolver. At June 30, 2026, there were $1.4 billion of outstanding CP notes. We have disclosed the net short-term borrowing activity for the six months ended June 30, 2026 in the Consolidated Statements of Cash Flows. There were no CP borrowings or payments with a maturity date greater than 90 days and less than 365 days for the six months ended June 30, 2026 and 2025.
In June 2026, we repaid the $275.0 million outstanding principal on our 3.25% Senior Notes that were issued in May 2016 with CP outstanding.

For additional information about our debt agreements, see Note 5 of the Notes to Consolidated Financial Statements in our 2025 Form 10-K.