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Debt | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt | Debt In the second quarter of 2024, we issued $10.0 billion of fixed-rate senior notes consisting of $1.0 billion due May 2027 that bear an annual interest rate of 6.259%, $1.5 billion due May 2029 that bear an annual interest rate of 6.298%, $1.0 billion due May 2031 that bear an annual interest rate of 6.388%, $2.5 billion due May 2034 that bear an annual interest rate of 6.528%, $2.5 billion due May 2054 that bear an annual interest rate of 6.858%, and $1.5 billion due May 2064 that bear an annual interest rate of 7.008%. The notes are unsecured senior obligations and rank equally in right of payment with our existing and future unsecured and unsubordinated indebtedness. The net proceeds of the issuance totaled $9.9 billion, after deducting underwriting discounts, commissions, and offering expenses. In the second quarter of 2024, we entered into a $4.0 billion five-year revolving credit agreement expiring in May 2029. Effective as of the second quarter of 2024, we terminated the $0.8 billion 364-day revolving credit agreement expiring in August 2024, and the $3.2 billion five-year revolving credit agreement, as amended, expiring in October 2024. Our $3.0 billion three-year revolving credit agreement expiring in August 2025 and $3.0 billion five-year revolving credit agreement expiring in August 2028 each remain in effect. As of December 31, 2024, we had $10.0 billion available under credit line agreements. We continue to be in full compliance with all covenants contained in our debt and credit facility agreements. Interest incurred, including amounts capitalized, was $2,874, $2,560 and $2,650 for the years ended December 31, 2024, 2023 and 2022, respectively. Total Company interest payments, net of amounts capitalized, were $2,440, $2,408 and $2,572 for the years ended December 31, 2024, 2023 and 2022, respectively. Interest capitalized was $149, $101, and $89 for the years ended December 31, 2024, 2023 and 2022, respectively. Short-term debt and current portion of long-term debt at December 31 consisted of the following:
| 2024 |  | 2023
Unsecured debt | $850 |  |  | $5,072 |
Finance lease obligations | 86 |  |  | 77 |
Other notes | 342 |  |  | 55 |
Total | $1,278 |  |  | $5,204 |
Debt at December 31 consisted of the following:
| 2024 |  | 2023
Unsecured debt |  |  |
1.43% - 2.50% due through 2032 | $6,159 |  |  | $10,135 |
2.60% - 3.20% due through 2030 | 5,389 |  |  | 6,071 |
3.25% - 3.90% due through 2059 | 9,637 |  |  | 9,584 |
3.95% - 5.15% due through 2059 | 7,462 |  |  | 11,024 |
5.71% - 6.63% due through 2060 | 18,987 |  |  | 13,015 |
6.86% - 8.75% due through 2064 | 5,577 |  |  | 1,855 |
Other debt and notes |  |  |
Finance lease obligations due through 2044 | 239 |  |  | 253 |
Other notes | 414 |  |  | 370 |
Total debt | $53,864 |  |  | $52,307 |
Scheduled principal payments for debt for the next five years are as follows:
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029
Debt and other notes | $1,173 |  |  | $8,022 |  |  | $4,364 |  |  | $1,800 |  |  | $2,500 |
Scheduled payments for finance lease obligations are as follows:
|  | Finance lease obligations
2025 |  | $95 |
2026 |  | 75 |
2027 |  | 43 |
2028 |  | 14 |
2029 |  | 4 |
Thereafter |  | 37 |
Total finance lease payments |  | 268 |
Less imputed interest |  | (29) |
Total |  | $239 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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