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Debt and Credit Facilities
 12 Months Ended
Dec. 31, 2024
Long-Term Debt, Unclassified [Abstract]  
Debt And Credit Facilities DEBT AND CREDIT FACILITIES
We have lines of credit issued by various financial institutions that are available to fund our day-to-day operating needs. Certain of our credit facilities require us to comply with financial and other covenants. We were in compliance with all covenants on December 31, 2024.
On December 31, 2024 there were no borrowings outstanding under our revolving credit facility or our commercial paper program which allows for maturities up to 397 days from the date of issuance. The maximum amount of our commercial paper that can be outstanding at any time is $2,250.
In May 2024 we repaid the outstanding $600 principal amount of the 3.375% senior unsecured notes due May 15, 2024. In September 2024 we issued $750 of 4.250% senior unsecured notes due September 11, 2029, €800 of 3.375% senior unsecured notes due September 11, 2032, $750 of 4.625% senior unsecured notes due September 11, 2034 and €600 of 3.625% senior unsecured notes due September 11, 2036. In November 2024 we repaid the outstanding €500 of floating rate senior notes and in December 2024 we repaid €850 of 0.250% senior unsecured notes. The following table summarizes our total debt at December 31:
Summary of Total Debt
RateDue20242023
Senior unsecured notes:
3.375%May 15, 2024$— $600 
VariousNovember 16, 2024— 554 
0.250%December 3, 2024— 940 
1.150%June 15, 2025649 648 
3.375%November 1, 2025750 749 
3.500%March 15, 2026998 997 
2.125%November 30, 2027777 828 
3.650%March 7, 2028598 598 
4.850%December 8, 2028596 596 
3.375%December 11, 2028621 661 
0.750%March 1, 2029828 883 
4.250%September 11, 2029743 — 
1.950%June 15, 2030993 991 
2.625%November 30, 2030669 713 
1.000%December 3, 2031772 823 
3.375%September 11, 2032824 — 
4.625%September 11, 2034740 — 
3.625%September 11, 2036613 — 
4.100%April 1, 2043393 393 
4.375%May 15, 2044396 396 
4.625%March 15, 2046984 983 
2.900%June 15, 2050643 642 
Other10 — 
Total debt$13,597 $12,995 
Less current maturities1,409 2,094 
Total long-term debt$12,188 $10,901 
Unamortized debt issuance costs$63 $50 
Borrowing capacity on existing facilities$2,160 $2,160 
Fair value of senior unsecured notes$12,780 $12,252 
The fair value of the senior unsecured notes was estimated using quoted interest rates, maturities and amounts of borrowings based on quoted active market prices and yields that took into account the underlying terms of the debt instruments. Substantially all of our debt is classified within Level 2 of the fair value hierarchy.
Interest expense on outstanding debt and credit facilities, including required fees incurred, that were included in other income (expense), net, totaled $396, $356, and $337 in 2024, 2023 and 2022.