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Long-Term Debt and Short-Term Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | Long-term debt and short-term borrowings as of December 31 consisted of the following: Long-Term Debt:
(Millions) |  | Currency/ Fixed vs. Floating |  | Effective Interest Rate |  | Final Maturity Date |  | Carrying Value
Description / 2024 Principal Amount |  |  |  |  | 2024 |  | 2023
Medium-term note (repaid in 2024) |  | USD Fixed |  | — | % |  | 2024 |  | — |  |  | 300 |
Medium-term note (repaid in 2024) |  | USD Fixed |  | — | % |  | 2024 |  | — |  |  | 500 |
Medium-term note (repaid in 2024) |  | USD Floating |  | — | % |  | 2024 |  | — |  |  | 300 |
Registered note ($750 million) |  | USD Fixed |  | 2.02 | % |  | 2025 |  | 750 |  |  | 748 |
Registered note ($500 million) |  | USD Fixed |  | 2.66 | % |  | 2025 |  | 500 |  |  | 499 |
Medium-term note ($550 million) |  | USD Fixed |  | 3.03 | % |  | 2025 |  | 550 |  |  | 549 |
Medium-term note ($650 million) |  | USD Fixed |  | 2.29 | % |  | 2026 |  | 648 |  |  | 647 |
Medium-term note (€750 million) |  | EUR Fixed |  | 1.53 | % |  | 2026 |  | 778 |  |  | 821 |
Floating rate note ($19 million) |  | USD Floating |  | 5.15 | % |  | 2027 |  | 18 |  |  | 18 |
Medium-term note ($850 million) |  | USD Fixed |  | 2.91 | % |  | 2027 |  | 847 |  |  | 846 |
30-year debenture ($220 million) |  | USD Fixed |  | 6.38 | % |  | 2028 |  | 222 |  |  | 223 |
Floating rate note ($150 million) |  | USD Floating |  | 7.93 | % |  | 2028 |  | 133 |  |  | 131 |
Floating rate note ($150 million) |  | USD Floating |  | 7.88 | % |  | 2028 |  | 133 |  |  | 132 |
Floating rate note ($250 million) |  | USD Floating |  | 7.22 | % |  | 2028 |  | 218 |  |  | 216 |
Floating rate note ($150 million) |  | USD Floating |  | 7.16 | % |  | 2028 |  | 131 |  |  | 130 |
Floating rate note ($100 million) |  | USD Floating |  | 7.25 | % |  | 2028 |  | 87 |  |  | 86 |
Medium-term note ($600 million) |  | USD Fixed |  | 3.65 | % |  | 2028 |  | 599 |  |  | 598 |
Medium-term note ($800 million) |  | USD Fixed |  | 3.39 | % |  | 2029 |  | 798 |  |  | 798 |
Registered note ($1,000 million) |  | USD Fixed |  | 2.41 | % |  | 2029 |  | 992 |  |  | 991 |
Registered note ($600 million) |  | USD Fixed |  | 3.08 | % |  | 2030 |  | 597 |  |  | 597 |
Medium-term note (€500 million) |  | EUR Fixed |  | 1.79 | % |  | 2030 |  | 515 |  |  | 546 |
Medium-term note (€500 million) |  | EUR Fixed |  | 1.52 | % |  | 2031 |  | 518 |  |  | 549 |
30-year bond ($555 million) |  | USD Fixed |  | 5.70 | % |  | 2037 |  | 552 |  |  | 552 |
Floating rate note ($52 million) |  | USD Floating |  | 5.20 | % |  | 2040 |  | 52 |  |  | 52 |
Floating rate note ($95 million) |  | USD Floating |  | 5.20 | % |  | 2041 |  | 94 |  |  | 94 |
Medium-term note ($325 million) |  | USD Fixed |  | 4.04 | % |  | 2044 |  | 315 |  |  | 316 |
Floating rate note ($49 million) |  | USD Floating |  | 5.25 | % |  | 2044 |  | 49 |  |  | 53 |
Medium-term note ($500 million) |  | USD Fixed |  | 3.31 | % |  | 2046 |  | 478 |  |  | 479 |
Medium-term note ($500 million) |  | USD Fixed |  | 3.69 | % |  | 2047 |  | 493 |  |  | 493 |
Medium-term note ($650 million) |  | USD Fixed |  | 4.09 | % |  | 2048 |  | 638 |  |  | 639 |
Medium-term note ($500 million) |  | USD Fixed |  | 3.95 | % |  | 2048 |  | 506 |  |  | 504 |
Registered note ($500 million) |  | USD Fixed |  | 3.36 | % |  | 2049 |  | 486 |  |  | 486 |
Registered note ($350 million) |  | USD Fixed |  | 3.75 | % |  | 2050 |  | 346 |  |  | 346 |
Other borrowings |  | Various |  | 0.06 | % |  | 2025-2029 |  | 1 |  |  | 1 |
Total long-term debt |  |  |  |  |  |  |  | 13,044 |  |  | 14,240 |
Less: current portion of long-term debt |  |  |  |  |  |  |  | 1,919 |  |  | 1,152 |
Long-term debt (excluding current portion) |  |  |  |  |  |  |  | $ | 11,125 |  |  | $ | 13,088 |
Schedule of Post Swap Borrowing Total Long Term Debt by Fixed or Floating Rate | Post-Swap Borrowing (Long-Term Debt, Including Current Portion):
|  | 2024 |  | 2023
(Millions) |  | Carrying Value |  | Effective Interest Rate |  | Carrying Value |  | Effective Interest Rate
Fixed-rate debt |  | $ | 12,128 |  |  | 3.07 | % |  | $ | 13,027 |  |  | 3.09 | %
Floating-rate debt |  | 916 |  |  | 6.94 | % |  | 1,213 |  |  | 6.88 | %
Total long-term debt, including current portion |  | $ | 13,044 |  |  |  |  | $ | 14,240 |  |  |
Schedule of Short-Term Debt | Short-Term Borrowings and Current Portion of Long-Term Debt:
|  | Effective Interest Rate |  | Carrying Value
(Millions) |  |  | 2024 |  | 2023
Current portion of long-term debt |  | 2.67 | % |  | $ | 1,919 |  |  | $ | 1,152 |
U.S. dollar commercial paper |  | — | % |  | — |  |  | 1,795 |
Total short-term borrowings and current portion of long-term debt |  |  |  | $ | 1,919 |  |  | $ | 2,947 |
Schedule of Maturities of Long-Term Debt | The maturities of long-term debt for the periods subsequent to December 31, 2024 are as follows (in millions):
|  |  |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | After 2029 |  | Total
|  |  |  | $ | 1,919 |  |  | $ | 1,520 |  |  | $ | 847 |  |  | $ | 740 |  |  | $ | 1,791 |  |  | $ | 6,227 |  |  | $ | 13,044 |

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