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Long-Term Debt and Credit Facilities | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Long-Term Debt and Credit Facilities | Long-Term Debt and Credit Facilities Long-term debt consisted of the following at December 31:
|  | Weighted Average Interest Rate |  | Maturities |  | 2024 |  | 2023
Notes |  | 3.0% |  | 2025 | - | 2078 |  | $ | 6,946 |  |  | $ | 7,580 |
Commercial paper |  | 3.0% |  | 2025 |  | 936 |  |  | 606 |
Finance Lease Obligations |  |  |  | Various |  | 59 |  |  | 53 |
|  |  |  |  |  |  |  | 7,941 |  |  | 8,239 |
Less: Current portion of long-term debt |  |  |  |  |  |  |  | (652) |  |  | (20) |
Total |  |  |  |  |  |  |  | $ | 7,289 |  |  | $ | 8,219 |
Debt payable within one year consisted of the following at December 31:
|  |  |  |  |  | 2024 |  | 2023
Notes and loans payable |  |  |  |  |  | $ | 8 |  |  | $ | 310 |
Current portion of long-term debt |  |  |  |  |  | 652 |  |  | 20 |
Debt payable within one year |  |  |  |  |  | $ | 660 |  |  | $ | 330 |
The Company classifies commercial paper as long-term debt when it has the intent and ability to refinance such obligations on a long-term basis. Excluding commercial paper, scheduled maturities of long-term debt and finance leases outstanding as of December 31, 2024, were as follows:
Years Ended December 31,
2025 | $ | 652 |
2026 | 1,035 |
2027 | 509 |
2028 | 612 |
2029 | 519 |
Thereafter | 3,678 |
Total | $ | 7,005 |
The Company’s debt issuances and redemptions support its capital structure strategy objectives of funding its business and growth initiatives while minimizing its risk-adjusted cost of capital. During the year ended December 31, 2024, the Company redeemed at maturity $500 of ten-year Medium-Term Notes with a fixed coupon of 3.25%. The redemption was financed with commercial paper borrowings. In March 2023, the Company issued $500 of three-year Senior Notes at a fixed coupon rate of 4.800%, $500 of five-year Senior Notes at a fixed coupon rate of 4.600% and $500 of ten-year Senior Notes at a fixed coupon rate of 4.600%. At December 31, 2024, the Company had access to unused domestic and foreign lines of credit of $3,725 (including under the facility discussed below) and could also issue long-term debt pursuant to an effective shelf registration statement. In November 2022, the Company entered into an amended and restated $3,000 five-year revolving credit facility with a syndicate of banks for a five-year term expiring November 2027, which replaced, on substantially similar terms, the Company’s $3,000 revolving credit facility that was scheduled to expire in August 2026. In November 2023, the Company extended the term of the credit facility for an additional year, expiring in November 2028. In November 2024, the Company further extended the term of the credit facility for an additional year, expiring in November 2029. Commitment fees related to the credit facility are not material. Certain agreements with respect to the Company’s bank borrowings contain financial and other covenants as well as cross-default provisions. Noncompliance with these requirements could ultimately result in the acceleration of amounts owed. The Company is in full compliance with all such requirements.

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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 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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