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Long-Term Debt and Short-Term Borrowings (Tables)

12 Months Ended

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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