Quarterly report [Sections 13 or 15(d)]

DEBT

v3.26.3
DEBT
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
 
Debt outstanding at September 30, 2026 and December 31, 2025 was as follows:
September 30, 2026 December 31, 2025
(In millions)
Commercial paper ("CP") $ 149.0  $ 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, 5.00%, due August 2029
 500.0  — 
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, 5.65%, due August 2033
 500.0  — 
Notes, 7.00%, due July 2037
 250.0  250.0 
Other 8.7  2.2 
Total debt 5,232.7  5,114.2 
Less short-term debt and current maturities (157.7) (1,038.0)
Less unamortized discounts and debt issuance costs (26.0) (20.9)
Total long-term debt, net $ 5,049.0  $ 4,055.3 
 
5.00% and 5.65% Senior Notes. In July 2026, we issued $500.0 million in aggregate principal amount of 5.00% three-year Senior Notes due 2029 (the "2029 Notes") and $500.0 million in aggregate principal amount of 5.65% seven-year Senior Notes due 2033 (the "2033 Notes") in an underwritten public offering. Interest on the 2029 Notes accrues at a rate of 5.00% per year and interest on the 2033 Notes accrues at a rate of 5.65% per year and is payable semi-annually in arrears on February 15 and August 15 of each year. The net proceeds of the sale of the 2029 and 2033 Notes were ultimately used for the repayment of borrowings under our CP program. We must comply with various non-financial covenants, including certain limitations on mortgages, liens and sale-leaseback transactions, as well as mergers and sales of substantially all of our assets. The 2029 and 2033 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.

Senior Credit Facility.  We have access to a $2.0 billion five year unsecured revolving credit facility (the “Revolver”). The termination date with respect to $1.9 billion of the Revolver commitments is 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 September 30, 2026, there were $149.0 million of outstanding CP notes, $1.3 million of letters of credit outstanding, and no outstanding borrowings under the Revolver. Availability under the Revolver was $1.8 billion at September 30, 2026.

Commercial Paper Program.  We have a $2.0 billion CP program that 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 September 30, 2026, there were $149.0 million of outstanding CP notes. We have disclosed the net short-term borrowing activity for the nine months ended September 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 nine months ended September 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.