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DEBT AND FINANCING ARRANGEMENTS | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
DEBT AND FINANCING ARRANGEMENTS | DEBT AND FINANCING ARRANGEMENTS The carrying value of our outstanding debt obligations as of June 30, 2024 and December 31, 2023 consisted of the following (in millions):
| Principal Amount |  |  |  | Carrying Value |  |  |  |  |  |  |  |
|  | Maturity |  | 2024 |  | 2023 |  |  |  |  |  |  |  |
Commercial paper | $ | — |  |  |  |  | $ | — |  |  | $ | 2,172 |  |  |  |  |  |  |  |  |
Fixed-rate senior notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2.800% senior notes | 500 |  |  | 2024 |  | 500 |  |  | 499 |  |  |  |  |  |  |  |  |
2.200% senior notes | 400 |  |  | 2024 |  | 400 |  |  | 400 |  |  |  |  |  |  |  |  |
3.900% senior notes | 1,000 |  |  | 2025 |  | 999 |  |  | 999 |  |  |  |  |  |  |  |  |
2.400% senior notes | 500 |  |  | 2026 |  | 499 |  |  | 499 |  |  |  |  |  |  |  |  |
3.050% senior notes | 1,000 |  |  | 2027 |  | 996 |  |  | 996 |  |  |  |  |  |  |  |  |
3.400% senior notes | 750 |  |  | 2029 |  | 747 |  |  | 747 |  |  |  |  |  |  |  |  |
2.500% senior notes | 400 |  |  | 2029 |  | 398 |  |  | 398 |  |  |  |  |  |  |  |  |
4.450% senior notes | 750 |  |  | 2030 |  | 746 |  |  | 745 |  |  |  |  |  |  |  |  |
4.875% senior notes | 900 |  |  | 2033 |  | 895 |  |  | 894 |  |  |  |  |  |  |  |  |
5.150% senior notes | 900 |  |  | 2034 |  | 893 |  |  | — |  |  |  |  |  |  |  |  |
6.200% senior notes | 1,500 |  |  | 2038 |  | 1,486 |  |  | 1,485 |  |  |  |  |  |  |  |  |
5.200% senior notes | 500 |  |  | 2040 |  | 494 |  |  | 494 |  |  |  |  |  |  |  |  |
4.875% senior notes | 500 |  |  | 2040 |  | 491 |  |  | 491 |  |  |  |  |  |  |  |  |
3.625% senior notes | 375 |  |  | 2042 |  | 369 |  |  | 369 |  |  |  |  |  |  |  |  |
3.400% senior notes | 500 |  |  | 2046 |  | 492 |  |  | 492 |  |  |  |  |  |  |  |  |
3.750% senior notes | 1,150 |  |  | 2047 |  | 1,138 |  |  | 1,138 |  |  |  |  |  |  |  |  |
4.250% senior notes | 750 |  |  | 2049 |  | 743 |  |  | 743 |  |  |  |  |  |  |  |  |
3.400% senior notes | 700 |  |  | 2049 |  | 689 |  |  | 689 |  |  |  |  |  |  |  |  |
5.300% senior notes | 1,250 |  |  | 2050 |  | 1,232 |  |  | 1,232 |  |  |  |  |  |  |  |  |
5.050% senior notes | 1,100 |  |  | 2053 |  | 1,083 |  |  | 1,083 |  |  |  |  |  |  |  |  |
5.500% senior notes | 1,100 |  |  | 2054 |  | 1,087 |  |  | — |  |  |  |  |  |  |  |  |
5.600% senior notes | 600 |  |  | 2064 |  | 590 |  |  | — |  |  |  |  |  |  |  |  |
Floating-rate senior notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating-rate senior notes | 1,775 |  |  | 2049-2074 |  | 1,755 |  |  | 1,545 |  |  |  |  |  |  |  |  |
Debentures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
7.620% debentures | 276 |  |  | 2030 |  | 279 |  |  | 280 |  |  |  |  |  |  |  |  |
Pound Sterling notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
5.500% notes | 84 |  |  | 2031 |  | 83 |  |  | 84 |  |  |  |  |  |  |  |  |
5.125% notes | 575 |  |  | 2050 |  | 547 |  |  | 550 |  |  |  |  |  |  |  |  |
Euro senior notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
1.625% senior notes | 749 |  |  | 2025 |  | 748 |  |  | 774 |  |  |  |  |  |  |  |  |
1.000% senior notes | 535 |  |  | 2028 |  | 533 |  |  | 551 |  |  |  |  |  |  |  |  |
1.500% senior notes | 535 |  |  | 2032 |  | 533 |  |  | 551 |  |  |  |  |  |  |  |  |
Canadian senior notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2.125% senior notes | — |  |  | 2024 |  | — |  |  | 566 |  |  |  |  |  |  |  |  |
Finance lease obligations (see note 10) | 437 |  |  | 2024-2046 |  | 437 |  |  | 472 |  |  |  |  |  |  |  |  |
Facility notes and bonds | 320 |  |  | 2029-2045 |  | 320 |  |  | 320 |  |  |  |  |  |  |  |  |
Other debt | 3 |  |  | 2024-2026 |  | 3 |  |  | 6 |  |  |  |  |  |  |  |  |
Total debt | $ | 22,414 |  |  |  |  | 22,205 |  |  | 22,264 |  |  |  |  |  |  |  |  |
Less: current maturities |  |  |  |  | (2,008) |  |  | (3,348) |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  | $ | 20,197 |  |  | $ | 18,916 |  |  |  |  |  |  |  |  |
Commercial Paper We are authorized to borrow up to $10.0 billion under a U.S. commercial paper program and €5.0 billion (in a variety of currencies) under a European commercial paper program. There was no commercial paper outstanding as of June 30, 2024. The amount of commercial paper outstanding under these programs in 2024 is expected to fluctuate. Debt Classification We have classified certain floating-rate senior notes that are redeemable at the option of the note holder as long-term debt in our consolidated balance sheets, due to our intent and ability to refinance the debt if the put option is exercised. Debt Repayments On May 21, 2024, our 2.125% Canadian Dollar senior notes with a principal balance of C$750 million ($550 million) matured and were repaid in full. Debt Issuances On May 22, 2024 we issued three series of notes in the principal amounts of $900 million, $1.1 billion and $600 million. These notes bear interest at 5.15%, 5.50% and 5.60%, respectively, and mature on May 22, 2034, May 22, 2054 and May 22, 2064, respectively. Interest on the notes is payable semi-annually, beginning November 22, 2024. Each series of notes is callable at our option at a redemption price equal to the greater of 100% of the principal amount, or the sum of the present values of scheduled payments of principal and interest, plus accrued and unpaid interest. On May 28, 2024 we issued floating rate senior notes with a principal balance of $213 million. These notes bear interest at a rate equal to the compounded Secured Overnight Financing Rate ("SOFR") less 0.35% per year and mature on June 1, 2074. These notes are callable at various times after 30 years at a stated percentage of par value and are redeemable at the option of the note holders at various times after one year at a stated percentage of par value. Sources of Credit We maintain two credit agreements with a consortium of banks. The first of these agreements provides revolving credit facilities of $1.0 billion, and expires on December 3, 2024. Amounts outstanding under this agreement bear interest at a periodic fixed rate equal to the term SOFR rate, plus 0.10% per annum and an applicable margin based on our then-current credit rating. The applicable margin from the credit pricing grid as of June 30, 2024 was 0.70%. Alternatively, a fluctuating rate of interest equal to the highest of (1) the rate of interest last quoted by The Wall Street Journal as the prime rate in the United States; (2) the Federal Funds effective rate plus 0.50%; or (3) the Adjusted Term SOFR Rate for a one-month interest period plus 1.00%, may be used at our discretion. The second agreement provides revolving credit facilities of $2.0 billion, and expires on December 7, 2026. Amounts outstanding under this facility bear interest at a periodic fixed rate equal to the term SOFR rate plus 0.10% per annum and an applicable margin based on our then-current credit rating. The applicable margin from the credit pricing grid as of June 30, 2024 was 0.875%. Alternatively, a fluctuating rate of interest equal to the highest of (1) the rate of interest last quoted by The Wall Street Journal as the prime rate in the United States; (2) the Federal Funds effective rate plus 0.50%; or (3) the Adjusted Term SOFR Rate for a one-month interest period plus 1.00%, plus an applicable margin, may be used at our discretion. If the credit ratings established by Standard & Poor's and Moody's differ, the higher rating will be used, except in cases where the lower rating is two or more levels lower. In these circumstances, the rating one step below the higher rating will be used. We are also able to request advances under these facilities based on competitive bids for the applicable interest rate. There were no amounts outstanding under these facilities as of June 30, 2024. Debt Covenants Our existing debt instruments and credit facilities subject us to certain financial covenants. As of June 30, 2024, and for all prior periods presented, we have satisfied these financial covenants. These covenants limit the amount of secured indebtedness that we may incur, and limit the amount of attributable debt in sale-leaseback transactions, to 10% of net tangible assets. As of June 30, 2024, 10% of net tangible assets was equivalent to $4.7 billion and we had no covered sale-leaseback transactions or secured indebtedness outstanding. We do not expect these covenants to have a material impact on our liquidity. Fair Value of Debt Based on the borrowing rates currently available to us for long-term debt with similar terms and maturities, the fair value of long-term debt, including current maturities, was approximately $21.2 and $22.1 billion as of June 30, 2024 and December 31, 2023, respectively. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of all of our debt instruments.

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