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Debt and Credit Facilities
 6 Months Ended
Jun. 30, 2025
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
June 30, 2025.
In February 2025 we entered into a new revolving credit
agreement that replaces our previous agreement dated October
2021. The primary changes included increasing the aggregate
principal amount of the facility by $750 to $3,000 and extending
the maturity date to February 25, 2030. On June 30, 2025 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 February 2025 we issued $500 of 4.550% senior unsecured
notes due February 10, 2027, $700 of 4.700% senior unsecured
notes due February 10, 2028, $800 of 4.850% senior unsecured
notes due February 10, 2030 and $1,000 of 5.200% senior
unsecured notes due February 10, 2035. In June 2025 we repaid
$650M of 1.150% senior unsecured notes.
Summary of Total Debt
June 30
December 31
Rate
Due
2025
2024
Senior unsecured notes:
1.150%
June 15, 2025
—
649
3.375%
November 1, 2025
750
750
3.500%
March 15, 2026
999
998
4.550%
February 10, 2027
497
—
2.125%
November 30, 2027
877
777
4.700%
February 10, 2028
696
—
3.650%
March 7, 2028
599
598
4.850%
December 8, 2028
596
596
3.375%
December 11, 2028
701
621
0.750%
March 1, 2029
935
828
4.250%
September 11, 2029
744
743
4.850%
February 10, 2030
793
—
1.950%
June 15, 2030
994
993
2.625%
November 30, 2030
756
669
1.000%
December 3, 2031
873
772
3.375%
September 11, 2032
930
824
4.625%
September 11, 2034
740
740
5.200%
February 10, 2035
989
—
3.625%
September 11, 2036
693
613
4.100%
April 1, 2043
393
393
4.375%
May 15, 2044
396
396
4.625%
March 15, 2046
984
984
2.900%
June 15, 2050
643
643
Other
2
10
Total debt
$16,580
$13,597
Less current maturities
1,751
1,409
Total long-term debt
$14,829
$12,188
June 30
December 31
2025
2024
Unamortized debt issuance costs
$78
$63
Borrowing capacity on existing facilities
$2,913
$2,160
Fair value of senior unsecured notes
$15,973
$12,780
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 $159 and $96 for the three
months 2025 and 2024 and $296 and $194 for the six months
2025 and 2024.