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Debt Financing Arrangements | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt Financing Arrangements | Debt Financing Arrangements The Company’s long-term debt consisted of the following (in millions, except as noted):
Debt Instrument |  |  |
Interest Rate | Face Amount |  | Due Date | December 31, 2024 |  | December 31, 2023
1.000% Notes | €650 million |  | 2025 | $ | 672 |  |  | $ | 717 |
2.500% Notes | $1 billion |  | 2026 | 999 |  |  | 998 |
7.500% Debentures | $147 million |  | 2027 | 147 |  |  | 147 |
6.750% Debentures | $103 million |  | 2027 | 103 |  |  | 103 |
6.625% Debentures | $144 million |  | 2029 | 144 |  |  | 144 |
3.250% Notes | $1 billion |  | 2030 | 993 |  |  | 991 |
7.000% Debentures | $160 million |  | 2031 | 161 |  |  | 159 |
2.900% Notes | $750 million |  | 2032 | 745 |  |  | 744 |
5.935% Debentures | $336 million |  | 2032 | 337 |  |  | 334 |
4.500% Notes | $500 million |  | 2033 | 493 |  |  | 492 |
5.375% Debentures | $432 million |  | 2035 | 426 |  |  | 426 |
6.450% Debentures | $103 million |  | 2038 | 103 |  |  | 102 |
5.765% Debentures | $297 million |  | 2041 | 297 |  |  | 297 |
4.535% Debentures | $383 million |  | 2042 | 291 |  |  | 288 |
4.016% Debentures | $371 million |  | 2043 | 266 |  |  | 263 |
3.750% Notes | $408 million |  | 2047 | 403 |  |  | 403 |
4.500% Notes | $600 million |  | 2049 | 589 |  |  | 589 |
2.700% Notes | $750 million |  | 2051 | 732 |  |  | 732 |
6.950% Debentures | $157 million |  | 2097 | 154 |  |  | 154 |
Other |  |  |  | 199 |  |  | 177 |
Total long-term debt including current maturities |  |  | 8,254 |  |  | 8,260 |
Current maturities |  |  |  | (674) |  |  | (1) |
Total long-term debt |  |  |  | $ | 7,580 |  |  | $ | 8,259 |
Discount amortization expense, net of premium amortization, of $13 million, $15 million, and $6 million for the years ended December 31, 2024, 2023, and 2022, respectively, are included in interest expense related to the Company’s long-term debt. At December 31, 2024, the fair value of the Company’s long-term debt, excluding current portion, was $7.1 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards), compared to a carrying value of $7.6 billion. The Company’s credit facilities and certain debentures require the Company to comply with specified financial and non-financial covenants including maintenance of minimum tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements. The Company was in compliance with these covenants as of December 31, 2024. The aggregate future maturities of long-term debt as of December 31, 2024 are as follows (in millions):
| Amount
2025 | $ | 675 |
2026 | 1,007 |
2027 | 265 |
2028 | 1 |
2029 | 145 |
Thereafter | 6,428 |
Total estimated future maturities | $ | 8,521 |
At December 31, 2024, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $13.0 billion, of which $9.1 billion was unused. The Company had outstanding standby letters of credit and surety bonds at December 31, 2024 and 2023, totaling $1.4 billion and $1.6 billion, respectively. The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $2.8 billion in funding resulting from the sale of accounts receivable. As of December 31, 2024, the Company utilized $2.0 billion of its facility under the Programs. See Note 19. Sale of Accounts Receivable for further information on the Programs. The weighted average interest rates on short-term borrowings outstanding at December 31, 2024 and 2023, were 4.7% and 7.4%, respectively. Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was $1.7 billion of commercial paper outstanding at December 31, 2024. Credit Ratings As of December 31, 2024, the three major credit rating agencies maintained the Company’s credit ratings at investment grade levels with a negative outlook.

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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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