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Debt and Borrowing Arrangements | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Debt and Borrowing Arrangements | Note 7. Debt and Borrowing Arrangements Short-Term Borrowings Our short-term borrowings and related weighted-average interest rates consisted of:
| As of June 30, 2025 |  | As of December 31, 2024
| Amount Outstanding |  | Weighted- Average Rate |  | Amount Outstanding |  | Weighted- Average Rate
| (in millions, except percentages)
Commercial paper | $ | 1,603 |  |  | 4.6 | % |  | $ | — |  |  | — | %
Bank loans | 61 |  |  | 13.4 | % |  | 71 |  |  | 12.1 | %
Total short-term borrowings | $ | 1,664 |  |  |  |  | $ | 71 |  |  |
Our uncommitted and committed credit facilities available include:
| As of June 30, 2025 |  | As of December 31, 2024
| Facility Amount |  | Borrowed Amount |  | Facility Amount |  | Borrowed Amount
| (in millions)
Uncommitted credit facilities | $ | 901 |  |  | $ | 61 |  |  | $ | 784 |  |  | $ | 71 |
Credit facilities (1): |  |  |  |  |  |  |
February 19, 2025 | — |  |  | — |  |  | 1,500 |  |  | — |
February 18, 2026 | 1,500 |  |  | — |  |  | — |  |  | — |
February 23, 2027 | — |  |  | — |  |  | 4,500 |  |  | — |
February 19, 2030 | 4,500 |  |  | — |  |  | — |  |  | — |
(1)On February 19, 2025, our $1.5 billion 364-day senior unsecured revolving credit agreement dated as of February 21, 2024 expired and we entered into a $1.5 billion 364-day senior unsecured revolving credit agreement that will expire on February 18, 2026. Additionally, we early terminated our $4.5 billion five-year senior unsecured revolving credit agreement dated as of February 23, 2022, and entered into a $4.5 billion five-year senior unsecured revolving credit agreement that will expire on February 19, 2030. We maintain senior unsecured revolving credit facilities for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreements include a covenant that we maintain a minimum shareholders' equity of at least $25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with any mark-to-market accounting for pensions and other retirement plans. At June 30, 2025, we complied with this covenant. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security. Debt Repayments During the six months ended June 30, 2025, we repaid the following notes (in millions):
Interest Rate |  | Maturity Date |  | Amount |  | USD Equivalent
3.250% |  | March 2025 |  | C$600 |  | $417
1.500% |  | May 2025 |  | $750 |  | $750
During the six months ended June 30, 2024, we repaid the following notes (in millions):
Interest Rate |  | Maturity Date |  | Amount |  | USD Equivalent
2.125% |  | March 2024 |  | $500 |  | $500
Debt Issuances During the six months ended June 30, 2025, we issued the following notes (in millions):
Issuance Date |  | Interest Rate |  | Maturity Date |  | Principal Amount |  | Principal Amount USD Equivalent
May 2025 |  | 4.250% |  | May 2028 |  | $700 |  | $700
May 2025 |  | 4.500% |  | May 2030 |  | $500 |  | $500
May 2025 |  | 5.125% |  | May 2035 |  | $400 |  | $400
During the six months ended June 30, 2024, we issued the following notes (in millions):
Issuance Date |  | Interest Rate |  | Maturity Date |  | Principal Amount |  | Principal Amount USD Equivalent
February 2024 |  | 4.750% |  | February 2029 |  | $550 |  | $550
Fair Value of Our Debt The fair value of our short-term borrowings reflects current market interest rates and approximates the amounts we have recorded on our condensed consolidated balance sheets. The fair value of substantially all of our long-term debt was determined using quoted prices in active markets (Level 1 valuation data).
| As of June 30, 2025 |  | As of December 31, 2024
| (in millions)
Fair Value | $ | 19,128 |  |  | $ | 15,846 |
Carrying Value | $ | 20,887 |  |  | $ | 17,749 |
Interest and Other Expense, net Interest and other expense, net consisted of:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in millions) |  | (in millions)
Interest expense | $ | 151 |  |  | $ | 130 |  |  | $ | 288 |  |  | $ | 252 |
Other income, net | (98) |  |  | (98) |  |  | (82) |  |  | (152) |
Interest and other expense, net | $ | 53 |  |  | $ | 32 |  |  | $ | 206 |  |  | $ | 100 |
Other income, net includes amortization of amounts excluded from our assessment of hedge effectiveness related to our net investment hedge derivative contracts, foreign currency transaction gains and losses on certain foreign currency denominated assets and liabilities, gains and losses on certain foreign currency derivative contracts, interest income and other non-operating items. Refer to Note 8, Financial Instruments for additional information about our hedging activities.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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