Short-Term Debt

12 Months Ended

Dec. 31, 2024


	At December 31
	2024		2023
Commercial paper	$	5,386	$	—
Notes payable to banks and others with originating terms of one year or less	131		469
Current maturities of long-term debt*	4,012		1,667
Current maturities of long-term finance leases	58		60
Redeemable long-term obligations	3,069		2,876

Subtotal	12,656		5,072
Reclassified to long-term debt	(8,250)		(4,543)
Total short-term debt	$	4,406	$	529
* Inclusive of unamortized premiums of $0 at December 31, 2024 and $17 at December 31, 2023.

Redeemable long-term obligations consist primarily of tax-exempt variable-rate put bonds that are included as current liabilities because they become redeemable at the option of the bondholders during the year following the balance sheet date.

The company may periodically enter into interest rate swaps on a portion of its short-term debt. At December 31, 2024, the company had no interest rate swaps on short-term debt.

At December 31, 2024, the company had $8,250 in 364-day committed credit facilities with various major banks that enable the refinancing of short-term obligations. The credit facilities allow the company the option to convert outstanding short-term obligations into a term loan for a period of up to one year from the facilities termination date. This supports commercial paper borrowing and can also be used for general corporate purposes. The company’s practice has been to replace expiring commitments with new commitments on substantially the same terms, maintaining levels management believes appropriate. Any borrowings under these facilities would be unsecured indebtedness at interest rates based on the Secured Overnight Financing Rate (SOFR), or an average of base lending rates published by specified banks and on terms reflecting the company’s strong credit rating. No borrowings were outstanding under these facilities at December 31, 2024.

The company classified $8,250 and $4,543 of short-term debt as long-term at December 31, 2024 and 2023, respectively. Settlement of these obligations is not expected to require the use of working capital within one year, as the company had the intent and the ability, as evidenced by committed credit facilities, to continue refinancing them.