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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Our total debt consisted of the following (in millions):
20242023
Notes
4.95% due 2025
$500 $500 
3.55% due 2026
1,000 1,000 
5.10% due 2027
750 750 
4.45% due 2028
500 500 
4.50% due 2029
650 — 
1.85% due 2030
400 400 
4.70% due 2031
600 — 
3.90% due 2032
800 800 
5.25% due 2033
1,000 1,000 
4.75% and 4.80% due 2034
1,450 850 
3.60% due 2035
500 500 
4.50% and 6.15% due 2036
1,054 1,054 
4.07% due 2042
1,336 1,336 
3.80% due 2045
1,000 1,000 
4.70% due 2046
1,326 1,326 
2.80% due 2050
750 750 
4.09% due 2052
1,578 1,578 
4.15% due 2053
850 850 
5.70% due 2054
1,000 1,000 
5.20% due 2055
1,050 650 
4.30% due 2062
650 650 
5.90% due 2063
750 750 
5.20% due 2064
750 — 
Other notes with rates from 4.85% to 8.50%, due 2025 to 2041
1,313 1,479 
Total debt21,557 18,723 
Less: unamortized discounts and issuance costs(1,287)(1,264)
Total debt, net20,270 17,459 
Less: current portion(643)(168)
Long-term debt, net$19,627 $17,291 
Revolving Credit Facility
On August 24, 2022, we entered into a new Revolving Credit Agreement (the Revolving Credit Agreement) with various banks. The Revolving Credit Agreement consists of a $3.0 billion five-year unsecured revolving credit facility, with the option to increase the credit facility by an additional amount of up to $500 million (for an aggregate amount of up to $3.5 billion), subject to the existing lender approval per the terms and conditions of the agreement. Effective August 23, 2024, we amended the Revolving Credit Agreement to extend the expiration date of the Revolving Credit Agreement from August 24, 2028 to August 24, 2029 and removed the existing financial maintenance covenant. The Revolving Credit Agreement is available for any of our lawful corporate purposes, including supporting commercial paper borrowings. Borrowings under the Revolving Credit Agreement are unsecured and bear interest at rates set forth in the Revolving Credit Agreement. The Revolving Credit Agreement contains customary representations, warranties and covenants, including covenants restricting ours and certain of our subsidiaries’ ability to encumber assets and our ability to merge or consolidate with another entity. There were no borrowings under the Revolving Credit Agreement at December 31, 2024 and 2023. As of December 31, 2024 and 2023, we were in compliance with all covenants contained in the Revolving Credit Agreement as well as in our debt agreements.
Commercial Paper
We have agreements in place with financial institutions to provide for the issuance of commercial paper. The outstanding balance of commercial paper can fluctuate daily and the amount outstanding during the period may be greater or less than the amount reported at the end of the period. There were no commercial paper borrowings outstanding as of December 31, 2024. We may, as conditions warrant, issue commercial paper backed by our revolving credit agreement to manage the timing of cash flows.
Long Term Debt
On December 11, 2024, we issued a total of $1.0 billion of senior unsecured notes, consisting of $600 million aggregate principal amount of 4.70% Notes due December 15, 2031 (the 2031 Notes) and $400 million aggregate principal amount of 5.20% Notes due February 15, 2055 (the 2055 Notes together with 2031 Notes, the Notes). The 2055 Notes were issued as additional notes under the indenture pursuant to the initial 2055 Notes and have the same terms as the initial 2055 Notes other than the date of issuance and the issue price. With the issuance of the 2055 Notes, the aggregate principal amount of outstanding 5.20% Notes due February 15, 2055 is $1,050 million. Net proceeds of $990 million were received from the offering after deducting pricing discounts and debt issuance costs, excluding accrued interest on the 2055 Notes. The pricing discounts and debt issuance costs are being amortized and recorded as interest expense over the term of the Notes. We will pay interest on the 2031 Notes semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2025. We will pay interest on the 2055 notes semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2025. We may, at our option, redeem the Notes of any series in whole or in part at any time and from time to time at a redemption price equal to the greater of 100% of the principal amount of the Notes to be redeemed or an applicable make-whole amount, plus accrued and unpaid interest to the date of redemption. The Notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness.
On January 29, 2024, we issued a total of $2.0 billion of senior unsecured notes, consisting of $650 million aggregate principal amount of 4.50% Notes due 2029 (the 2029 Notes), $600 million aggregate principal amount of 4.80% Notes due 2034 (the 2034 Notes) and $750 million aggregate principal amount of 5.20% Notes due 2064 (the 2064 Notes and, together with the 2029 Notes and 2034 Notes, the Recent Notes). Net proceeds of $1.98 billion were received from the offering after deducting pricing discounts and debt issuance costs, which are being amortized and recorded as interest expense over the term of the Recent Notes. We pay interest on the Notes semi-annually in arrears on February 15 and August 15 of each year with the first payment made on August 15, 2024. We may, at our option, redeem the Recent Notes of any series in whole or in part at any time and from time to time at a redemption price equal to the greater of 100% of the principal amount of the Recent Notes to be redeemed or an applicable make-whole amount, plus accrued and unpaid interest to the date of redemption. The Recent Notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness.
On May 25, 2023, we issued a total of $2.0 billion of senior unsecured notes, consisting of $500 million aggregate principal amount of 4.45% Notes due May 15, 2028 (the 2028 Notes), $850 million aggregate principal amount of 4.75% Notes due February 15, 2034 (the 2034 Notes) and $650 million aggregate principal amount of 5.20% Notes due February 15, 2055 (the initial 2055 Notes and, together with the 2028 Notes and 2034 Notes, the Earlier Notes) in a registered public offering. Net proceeds of $1,975 million were received from the offering after deducting pricing discounts and debt issuance costs, which are being amortized and recorded as interest expense over the term of the Earlier Notes. We paid interest on the 2028 Notes semi-annually in arrears on May 15 and November 15 with the first payment made on November 15, 2023. Additionally, we pay interest on the 2034 Notes and the initial 2055 Notes on February 15 and August 15 of each year with the first payment made on August 15, 2023. We may, at our option, redeem the Earlier Notes of any series in whole or in part at any time and from time to time at a redemption price equal to the greater of 100% of the principal amount of the Earlier Notes to be redeemed or an applicable make-whole amount, plus accrued and unpaid interest to the date of redemption. The Earlier Notes rank equally in right of payment with all of our existing unsecured and unsubordinated indebtedness.
We made interest payments of approximately $950 million, $832 million and $573 million during the years ended December 31, 2024, 2023 and 2022.