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v3.25.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt | Debt A summary of short-term and long-term debt outstanding is as follows:
(in millions) | March 31, 2025 |  | December 31, 2024
4.75% Senior Notes, due 2025 1 | — |  |  | 4 |
4.0% Senior Notes, due 2026 2 | 3 |  |  | 3 |
2.95% Senior Notes, due 2027 3 | 498 |  |  | 498 |
2.45% Senior Notes, due 2027 4 | 1,244 |  |  | 1,243 |
4.75% Senior Notes, due 2028 5 | 794 |  |  | 797 |
4.25% Senior Notes, due 2029 6 | 1,000 |  |  | 1,004 |
2.5% Senior Notes, due 2029 7 | 497 |  |  | 497 |
2.70% Sustainability-Linked Senior Notes, due 2029 8 | 1,239 |  |  | 1,238 |
1.25% Senior Notes, due 2030 9 | 596 |  |  | 595 |
2.90% Senior Notes, due 2032 10 | 1,478 |  |  | 1,477 |
5.25% Senior Notes, due 2033 11 | 744 |  |  | 744 |
6.55% Senior Notes, due 2037 12 | 291 |  |  | 291 |
4.5% Senior Notes, due 2048 13 | 273 |  |  | 273 |
3.25% Senior Notes, due 2049 14 | 590 |  |  | 590 |
3.70% Senior Notes, due 2052 15 | 975 |  |  | 975 |
2.3% Senior Notes, due 2060 16 | 683 |  |  | 683 |
3.9% Senior Notes, due 2062 17 | 486 |  |  | 486 |
Total debt | 11,391 |  |  | 11,398 |
Less: short-term debt including current maturities | 3 |  |  | 4 |
Long-term debt | $ | 11,388 |  |  | $ | 11,394 |
1 We made a $4 million repayment of our 4.75% senior notes in the first quarter of 2025. 2 Interest payments are due semiannually on March 1 and September 1. 3 Interest payments are due semiannually on January 22 and July 22, and as of March 31, 2025, the unamortized debt discount and issuance costs total $2 million. 4 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2025, the unamortized debt discount and issuance costs total $6 million. 5 Interest payments are due semiannually on February 1 and August 1. 6 Interest payments are due semiannually on May 1 and November 1. 7 Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2025, the unamortized debt discount and issuance costs total $3 million. 8 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2025, the unamortized debt discount and issuance costs total $11 million. 9 Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2025, the unamortized debt discount and issuance costs total $4 million. 10 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2025, the unamortized debt discount and issuance costs total $22 million. 11 Interest payments are due semiannually on March 15 and September 15, and as of March 31, 2025, the unamortized debt discount and issuance costs total $6 million. 12 Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2025, the unamortized debt discount and issuance costs total $2 million. 13 Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2025, the unamortized debt discount and issuance costs total $10 million. 14 Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2025, the unamortized debt discount and issuance costs total $10 million. 15 Interest payments are d ue semiannually on March 1 and September 1 and as of March 31, 2025, the unamortized debt discount and issuance costs total $25 million. 16 Interest payments are due semiannually on February 15 and August 1 5, and as of March 31, 2025, the unamortized debt discount and issuance costs total $17 million. 17 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2025, the unamortized debt discount and issuance costs total $14 million. The fair value of our total debt borrowings was $10.1 billion an d $10.0 billion as of March 31, 2025 and December 31, 2024, respectively, and was estimated based on quoted market prices. We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our $2.0 billion five-year credit agreement (our “credit facility”) that will terminate on December 17, 2029. As of March 31, 2025, and December 31, 2024, 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. For the three months ended March 31, 2025, we paid a commitment fee of 7 basis points. There will be no sustainability pricing adjustment to our commitment fees or our margins under the credit facility for the approximately year-long period beginning April 7, 2025 as a result of our emissions performance for the year ended December 31, 2024. 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. T he only financial covenant required 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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