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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
 
Debt maturities are presented below:
 December 31,
 20242023
 ($ in millions)
Notes and debentures, with weighted-average interest rates as of December 31, 2024:  
4.08% maturing to 2029
$2,981 $2,981 
4.33% maturing 2030 to 2034
2,883 2,883 
4.28% maturing 2037 to 2064
10,847 10,847 
5.22% maturing 2097 to 2121
1,384 1,384 
Finance leases13 17 
Discounts, premiums, and debt issuance costs(902)(933)
Total debt17,206 17,179 
Less current maturities and short-term debt(555)(4)
Long-term debt excluding current maturities and short-term debt$16,651 $17,175 
Long-term debt maturities subsequent to 2025 are as follows: 
2026$602 
2027621 
2028602 
2029610 
2030 and subsequent years14,216 
  
Total$16,651 

In June 2024, we entered into an agreement that provides us the ability to issue up to $800 million of unsecured commercial paper and is backed by our credit agreement. The unsecured short-term commercial paper program provides for borrowing at prevailing rates and includes covenants. At December 31, 2024, we had no outstanding commercial paper.

In May 2024, 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 2025. Amounts received under this facility are accounted for as borrowings. We had no amounts outstanding under this program and our available borrowing capacity was $400 million at both December 31, 2024, and December 31, 2023. Our accounts receivable securitization program was supported by $790 million and $903 million in receivables at December 31, 2024 and December 31, 2023, respectively, which are included in “Accounts receivable – net.”

Credit Agreement and Debt Covenants

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. We had no amounts outstanding under this facility at either December 31, 2024 or December 31, 2023, and we are in compliance with all of its covenants.
In January 2024, we entered into a term loan credit agreement that established a 364-day, $1.0 billion, unsecured delayed draw term loan facility under which we could borrow for general corporate purposes. The term loan credit agreement provided for borrowing at prevailing rates and included covenants that align with the $800 million credit agreement. The term loan expired undrawn in October 2024.