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Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
 
Debt maturities are presented below:
 December 31,
 20232022
 ($ in millions)
Notes and debentures, with weighted-average interest rates as of December 31, 2023:  
4.20% maturing to 2028
$2,370 $3,370 
4.03% maturing 2029 to 2033
3,094 1,995 
4.32% maturing 2034 to 2064
11,247 9,247 
5.22% maturing 2097 to 2121
1,384 1,384 
Securitization borrowings and finance leases17 116 
Discounts, premiums, and debt issuance costs(933)(930)
Total debt17,179 15,182 
Less current maturities and short-term debt(4)(703)
Long-term debt excluding current maturities and short-term debt$17,175 $14,479 
Long-term debt maturities subsequent to 2024 are as follows: 
2025$556 
2026602 
2027621 
2028602 
2029 and subsequent years14,794 
  
Total$17,175 

In November 2023, we issued $400 million of 5.55% senior notes due 2034 and $600 million of 5.95% senior notes due 2064.

In August 2023, we issued $600 million of 5.05% senior notes due 2030 and $1.0 billion of 5.35% senior notes due 2054.

In February 2023, we issued $500 million of 4.45% senior notes due 2033.

In May 2023, we renewed our accounts receivable securitization program with a maximum borrowing capacity of $400 million. Amounts under our accounts receivable securitization program are borrowed and repaid from time to time in the ordinary course for general corporate and cash management purposes. The term of our accounts receivable securitization program expires in May 2024. Amounts received under this facility are accounted for as borrowings. We had no amounts outstanding at December 31, 2023 and $100 million (at an average variable interest rate of 5.05%) outstanding under this program at December 31, 2022, which is included within “Short-term debt”. Our available borrowing capacity was $400 million and $300 million at December 31, 2023 and December 31, 2022, respectively. Our accounts receivable securitization program was supported by $903 million and $883 million in receivables at December 31, 2023 and December 31, 2022, respectively, which are included in “Accounts receivable – net”.

Credit Agreement and Debt Covenants

We also have in place and available an $800 million credit agreement expiring in March 2025, which provides for borrowings at prevailing rates and includes covenants. We had no amounts outstanding under this facility at either December 31, 2023 or December 31, 2022, and we are in compliance with all of its covenants.

Subsequent Events

In January 2024, we renewed and amended our $800 million credit agreement. The amended agreement expires in January 2029, and provides for borrowings at prevailing rates and includes covenants.

In January 2024, we also entered into a term loan credit agreement that established a 364-day, $1.0 billion, unsecured delayed draw term loan facility under which we can borrow for general corporate purposes. The term loan credit agreement provides for borrowing at prevailing rates and includes covenants that align with the $800 million credit agreement.