v3.26.1
Long-Term Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following:
June 30,
2026		December 31,
2025
3.60% senior notes due August 2026 (the "3.60% 2026 Senior Notes") (1)
$— $496 
Loan related to tax-exempt waste disposal revenue bonds due December 2027 (2)
11 11 
1.625% €700 million senior notes due July 2029 (the "1.625% 2029 Senior Notes") (1)
799 822 
3.375% senior notes due June 2030 (the "3.375% 2030 Senior Notes") (1)
300 300 
3.50% senior notes due November 2032 (the "3.50% 2032 tax-exempt GO Zone Refunding Senior Notes") (1)
250 250 
5.550% senior notes due November 2035 (the "5.550% 2035 Senior Notes") (1)
600 600 
2.875% senior notes due August 2041 (the "2.875% 2041 Senior Notes") (1)
350 350 
5.00% senior notes due August 2046 (the "5.00% 2046 Senior Notes") (1)
700 700 
4.375% senior notes due November 2047 (the "4.375% 2047 Senior Notes") (1)
500 500 
3.125% senior notes due August 2051 (the "3.125% 2051 Senior Notes") (1)
600 600 
6.375% senior notes due November 2055 (the "6.375% 2055 Senior Notes") (1)
600 600 
3.375% senior notes due August 2061 (the "3.375% 2061 Senior Notes") (1)
450 450 
Term loans due March 2026— 1 
Total long-term debt, principal amount5,160 5,680 
Less:
Unamortized discount and debt issuance costs
93 96 
Long-term debt, carrying value5,067 5,584 
Less current portion:
3.60% 2026 Senior Notes (3)
— 496 
Current portion of term loans
— 1 
Total current portion
— 497 
Long-term debt, carrying value, net of current portion$5,067 $5,087 
______________________________
(1)    The par call dates for these Senior Notes are between three to six months prior to the respective maturity dates, except for the 3.50% 2032 tax-exempt GO Zone Refunding Senior Notes for which the par call date is November 2027.
(2)    Interest on the waste disposal revenue bonds accrues at a rate determined by a remarketing agent. The interest rate on the waste disposal revenue bonds at June 30, 2026 was 2.80%.
(3)    On May 29, 2026, the Company redeemed all of its outstanding 3.60% 2026 Senior Notes at a redemption price equal to 100% of the principal amount of the notes redeemed, plus accrued and unpaid interest through the redemption date.
Unamortized debt issuance costs on long-term debt were $42 and $42 at June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026, the Company was in compliance with all of its long-term debt covenants.
Notes Redemption
On May 29, 2026, the Company redeemed all $496 aggregate principal amount of its outstanding 3.60% 2026 Senior Notes at a redemption price equal to 100% of the principal amount of the notes redeemed, plus accrued and unpaid interest through the redemption date.
Credit Agreement
On June 9, 2022, the Company entered into a $1,500 revolving credit facility that was scheduled to mature on June 9, 2027 (the "Credit Agreement"). The Credit Agreement bore interest at either (a) Adjusted Term Secured Overnight Financing Rate (as defined in the Credit Agreement) plus a margin ranging from 1.00% to 1.625% per annum or (b) Alternate Base Rate (as defined in the Credit Agreement) plus a margin ranging from 0.00% to 0.625% per annum, in each case depending on the credit rating of the Company. The Credit Agreement contained certain affirmative and negative covenants, including a quarterly total leverage ratio financial maintenance covenant.
On April 2, 2026, the Company entered into a credit agreement (the "New Credit Agreement"), by and among the Company, the lenders from time-to-time party thereto (collectively, the "Lenders"), the issuing banks thereto and JPMorgan Chase Bank, National Association, as administrative agent. Under the New Credit Agreement, the Lenders have committed to provide an unsecured revolving credit facility in an aggregate principal amount of up to $1,500. The new revolving credit facility replaced the Company's previous $1,500 revolving credit facility pursuant to the Credit Agreement, which was terminated on April 2, 2026. The New Credit Agreement became effective on April 2, 2026 and borrowings thereunder will mature on April 2, 2031. The New Credit Agreement bears interest at either (a) Term SOFR Rate (as defined in the New Credit Agreement) plus a margin ranging from 1.00% to 1.625% per annum or (b) Alternate Base Rate (as defined in the New Credit Agreement) plus a margin ranging from 0.00% to 0.625% per annum, in each case depending on the credit rating of the Company. The New Credit Agreement also requires an undrawn commitment fee ranging from 0.090% to 0.200% that will vary depending on the credit rating of the Company. The New Credit Agreement includes a $150 sub-limit for letters of credit, and any outstanding letters of credit will be deducted from availability under the facility and provides for a discretionary $50 commitment for swingline loans to be provided on a same-day basis. The Company may also increase the size of the facility, in increments of at least $25, up to a maximum of $500, subject to certain conditions. The New Credit Agreement contains customary affirmative and negative covenants, including a quarterly total leverage ratio financial maintenance covenant.
As of June 30, 2026, the Company had no borrowings or letters of credit outstanding, had borrowing availability of $1,500, under the New Credit Agreement, and was in compliance with the total leverage ratio financial maintenance covenant.
As of June 30, 2026, the Company had $51 standby letters of credit, made in the ordinary course of business.