XML 36 R17.htm IDEA: XBRL DOCUMENT v3.25.0.1
Short-Term Borrowings and Long-Term Debt (Notes)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Short-Term Borrowings and Long-Term Debt [Text Block] Short-Term Borrowings and Long-Term Debt
Short-term borrowings and senior unsecured long-term debt consisted of commercial paper and notes as follows:
 Carrying Value as of December 31,Carrying Value as of December 31,
(in millions, except percentages)20242023(continued)20242023
Commercial paper$1,300 $1,088 
$1,000 4.625%, Jul 2035
971 1,014 
$750 3.5%, Feb 2024
— 750 
$850 5.8%, Mar 2036
838 838 
$1,000 0.55%, May 2024
— 999 
$500 6.5%, Jun 2037
492 491 
$750 2.375%, Aug 2024
— 750 
$650 6.625%, Nov 2037
641 640 
$500 5%, Oct 2024
— 499 
$1,100 6.875%, Feb 2038
1,079 1,078 
$2,000 3.75%, Jul 2025
1,999 1,997 
$1,250 3.5%, Aug 2039
1,243 1,242 
$750 5.15%, Oct 2025
749 748 
$1,000 2.75%, May 2040
970 968 
$300 3.7%, Dec 2025
300 299 
$300 5.7%, Oct 2040
296 296 
$500 1.25%, Jan 2026
499 498 
$350 5.95%, Feb 2041
346 346 
$1,000 3.1%, Mar 2026
999 998 
$1,500 3.05%, May 2041
1,485 1,484 
$1,000 1.15%, May 2026
953 924 
$600 4.625%, Nov 2041
590 590 
$500 floating rate, Jul 2026
499 — 
$502 4.375%, Mar 2042
487 486 
$650 4.75%, Jul 2026
648 — 
$625 3.95%, Oct 2042
610 609 
$750 3.45%, Jan 2027
749 748 
$750 4.25%, Mar 2043
737 736 
$500 4.6%, Apr 2027
496 — 
$1,500 5.5%, Jul 2044
1,475 — 
$625 3.375%, Apr 2027
623 622 
$2,000 4.75%, Jul 2045
1,976 1,975 
$600 3.7%, May 2027
598 598 
$750 4.2%, Jan 2047
739 739 
$950 2.95%, Oct 2027
946 944 
$725 4.25%, Apr 2047
718 718 
$1,000 5.25%, Feb 2028
998 1,011 
$950 3.75%, Oct 2047
935 935 
$1,150 3.85%, Jun 2028
1,147 1,146 
$1,350 4.25%, Jun 2048
1,332 1,331 
$850 3.875%, Dec 2028
847 846 
$1,100 4.45%, Dec 2048
1,087 1,087 
$1,250 4.25%, Jan 2029
1,221 1,238 
$1,250 3.7%, Aug 2049
1,237 1,236 
$400 4.7%, Apr 2029
398 — 
$1,250 2.9%, May 2050
1,212 1,211 
$900 4%, May 2029
854 862 
$2,000 3.25%, May 2051
1,972 1,972 
$1,000 2.875%, Aug 2029
902 908 
$2,000 4.75%, May 2052
1,966 1,966 
$1,250 4.8%, Jan 2030
1,225 — 
$2,000 5.875%, Feb 2053
1,968 1,968 
$1,250 5.3%, Feb 2030
1,243 1,275 
$2,000 5.05%, Apr 2053
1,969 1,969 
$1,250 2%, May 2030
1,240 1,238 
$1,750 5.375%, Apr 2054
1,729 — 
$1,000 4.9%, Apr 2031
982 — 
$2,750 5.625%, Jul 2054
2,724 — 
$1,500 2.3%, May 2031
1,271 1,290 
$1,250 3.875%, Aug 2059
1,229 1,229 
$1,500 4.95%, Jan 2032
1,489 — 
$1,000 3.125%, May 2060
967 966 
$1,500 4.2%, May 2032
1,372 1,412 
$1,000 4.95%, May 2062
981 981 
$2,000 5.35%, Feb 2033
1,966 2,046 
$1,500 6.05%, Feb 2063
1,466 1,466 
$1,500 4.5%, Apr 2033
1,410 1,463 
$1,750 5.2%, Apr 2063
1,710 1,709 
$1,250 5%, Apr 2034
1,214 — 
$1,100 5.5%, Apr 2064
1,085 — 
$2,000 5.15%, Jul 2034
1,959 — 
$1,850 5.75%, Jul 2064
1,822 — 
Total short-term borrowings and long-term debt$76,180 $61,473 
The Company’s long-term debt obligations also included $0.7 billion and $1.1 billion of other financing obligations, of which $197 million and $188 million were current as of December 31, 2024 and 2023, respectively.
Maturities of short-term borrowings and long-term debt for the years ending December 31 are as follows:
(in millions)
2025$4,548 
20263,756 
20273,531 
20283,106 
20293,656 
Thereafter59,908 
Short-Term Borrowings
Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers. As of December 31, 2024, the Company’s outstanding commercial paper had a weighted-average annual interest rate of 4.4%.
The Company has $7.0 billion five-year, $7.0 billion three-year and $7.0 billion 364-day revolving bank credit facilities with 26 banks, which mature in December 2029, December 2027 and December 2025, respectively. These facilities provide full liquidity support for the Company’s commercial paper program and are available for general corporate purposes. As of December 31, 2024, no amounts had been drawn on any of the bank credit facilities. The annual interest rates, which are variable based on term, are calculated based on one-month term Secured Overnight Financing Rate (SOFR) plus a SOFR Adjustment of 10 basis points plus a credit spread based on the Company’s senior unsecured credit ratings. If amounts had been drawn on the bank credit facilities as of December 31, 2024, annual interest rates would have ranged from 4.9% to 7.5%.
Debt Covenants
As of December 31, 2024, the Company was in compliance with the various covenants under its bank credit facilities.