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Debt | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt | Debt A summary of short-term and long-term debt outstanding is as follows:
(in millions) | December 31,
| 2024 |  | 2023
3.625% Senior Notes, due 2024 1 | — |  |  | 47 |
4.75% Senior Notes, due 2025 2 | 4 |  |  | 4 |
4.0% Senior Notes, due 2026 3 | 3 |  |  | 3 |
2.95% Senior Notes, due 2027 4 | 498 |  |  | 497 |
2.45% Senior Notes, due 2027 5 | 1,243 |  |  | 1,240 |
4.75% Senior Notes, due 2028 6 | 797 |  |  | 810 |
4.25% Senior Notes, due 2029 7 | 1,004 |  |  | 1,016 |
2.5% Senior Notes, due 2029 8 | 497 |  |  | 497 |
2.70% Sustainability-Linked Senior Notes, due 2029 9 | 1,238 |  |  | 1,236 |
1.25% Senior Notes, due 2030 10 | 595 |  |  | 595 |
2.90% Senior Notes, due 2032 11 | 1,477 |  |  | 1,474 |
5.25% Senior Notes due 2033 12 | 744 |  |  | 743 |
6.55% Senior Notes, due 2037 13 | 291 |  |  | 291 |
4.5% Senior Notes, due 2048 14 | 273 |  |  | 272 |
3.25% Senior Notes, due 2049 15 | 590 |  |  | 590 |
3.70% Senior Notes, due 2052 16 | 975 |  |  | 975 |
2.3% Senior Notes, due 2060 17 | 683 |  |  | 683 |
3.9% Senior Notes, due 2062 18 | 486 |  |  | 486 |
Commercial paper | — |  |  | — |
Total debt | 11,398 |  |  | 11,459 |
Less: short-term debt including current maturities | 4 |  |  | 47 |
Long-term debt | $ | 11,394 |  |  | $ | 11,412 |
1 We made a $47 million repayment of our 3.625% senior note in the second quarter of 2024. 2 Interest payments are due semiannually on February 15 and August 15. 3 Interest payments are due semiannually on March 1 and September 1. 4 Interest payments are due semiannually on January 22 and July 22, and as of December 31, 2024, the unamortized debt discount and issuance costs total $2 million. 5 Interest payments are due semiannually on March 1 and September 1, and as of December 31, 2024, the unamortized debt discount and issuance costs total $7 million. 6 Interest payments are due semiannually on February 1 and August 1. 7 Interest payments are due semiannually on May 1 and November 1. 8 Interest payments are due semiannually on June 1 and December 1, and as of December 31, 2024, the unamortized debt discount and issuance costs total $3 million. 9 Interest payments are due semiannually on March 1 and September 1, and as of December 31, 2024, the unamortized debt discount and issuance costs total $12 million. 10 Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2024, the unamortized debt discount and issuance costs total $5 million. 11 Interest payments are due semiannually on March 1 and September 1, and as of December 31, 2024, the unamortized debt discount and issuance costs total $23 million. 12 Interest payments are due semiannually on March 15 and September 15, beginning on March 15, 2024, and as of December 31, 2024, the unamortized debt discount and issuance costs total $6 million. 13 Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2024, the unamortized debt discount and issuance costs total $2 million. 14 Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2024, the unamortized debt discount and issuance costs total $10 million. 15 Interest payments are due semiannually on June 1 and December 1, and as of December 31, 2024, the unamortized debt discount and issuance costs total $10 million. 16 Interest payments are due semiannually on March 1 and September 1, and as of December 31, 2024, the unamortized debt discount and issuance costs total $25 million. 17 Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2024, the unamortized debt discount and issuance costs total $17 million. 18 Interest payments are due semiannually on March 1 and September 1, and as of December 31, 2024, the unamortized debt discount and issuance costs total $14 million. Annual long-term debt maturities are scheduled as follows based on book values as of December 31, 2024: $4 million due in 2025, $3 million due in 2026, $1.7 billion due in 2027; $797 million due in 2028; $2.7 billion due in 2029; and $6.1 billion due thereafter. The fair value of our total debt borrowings was $10.0 billion and $10.3 billion as of December 31, 2024 and December 31, 2023, respectively, and was estimated based on quoted market prices. On September 12, 2023, we issued $750 million of 5.25% senior notes due in 2033. The notes are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor’s Financial Services LLC. In the third quarter of 2023, the Company used the net proceeds to repay its outstanding commercial paper borrowings. During the year ended December 31, 2022, we recognized a n $8 million lo ss on extinguishment of debt. The year ended December 31, 2022 includes a $142 million tender premium paid to tendering note holders in accordance with the terms of the tender offer, partially offset by a $134 million non-cash write-off related to the fair market value step up premium on extinguished debt. On December 17, 2024, we entered into a revolving $2.0 billion five-year credit agreement that will terminate on December 17, 2029 (our “credit facility”). This credit facility replaced our revolving $2.0 billion five-year credit facility that was scheduled to terminate on April 26, 2026 (our “previous credit facility”). The previous credit facility was canceled immediately after the new credit facility became effective. There were no outstanding borrowings under the previous credit facility when it was replaced. We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our credit facility. As of December 31, 2024 and 2023, we had no outstanding commercial paper. Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually. We currently pay a commitment fee of 7 basis points. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility. The only financial covenant required under our credit facility is that our indebtedness to cash flow ratio, as defined in our credit facility, was not greater than 4 to 1, and this covenant level has never been exceeded.

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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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