XML 37 R24.htm IDEA: XBRL DOCUMENT v3.25.1
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Notes)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Disclosure NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES
Notes PayableMar 31, 2025Dec 31, 2024
In millions
Notes payable to banks and other lenders$136$135
Period-end average interest rates28.93 %36.03 %

Long-Term Debt
2025 Average Rate
Mar 31, 2025
2024 Average Rate
Dec 31, 2024
In millions
Promissory notes and debentures:
Final maturity 20255.63 %$333 5.63 %$333 
Final maturity 20284.80 %600 4.80 %600 
Final maturity 2029 1
7.53 %951 7.58 %1,368 
Final maturity 20302.10 %818 2.10 %818 
Final maturity 2031 and thereafter 1
5.41 %10,209 5.37 %9,192 
Other facilities:
Foreign currency notes and loans, various rates and maturities 1
2.18 %2,094 2.01 %2,540 
InterNotes®, varying maturities through 20534.34 %668 4.31 %661 
Medium-term notes, maturity 20254.75 %1 4.75 %1 
Finance lease obligations 2
985 939 
Unamortized debt discount and issuance costs(225)(244)
Long-term debt due within one year 3
(502)(497)
Long-term debt$15,932 $15,711 
1.Cost includes net fair value hedge adjustment gains of $29 million at March 31, 2025 ($9 million at December 31, 2024). See Note 16 for additional information.
2.See Note 11 for additional information.
3.Presented net of current portion of unamortized debt issuance costs.

Maturities of Long-Term Debt for Next Five Years at Mar 31, 2025
In millions
2025$472 
2026$149 
2027$746 
2028$702 
2029$1,045 
2030$911 

2025 Activity
In the first quarter of 2025, the Company issued $1 billion of senior unsecured notes. The offering included $400 million aggregate principal amount of 5.35 percent notes due 2035 and $600 million aggregate principal amount of 5.95 percent notes due 2055. The Company used the proceeds to complete cash tender offers for certain debt securities. In total, $943 million aggregate principal amount was tendered and retired. As a result, the Company recognized a pretax loss of $60 million on the early extinguishment of debt, included in "Sundry income (expense) - net" in the consolidated statements of income, related to Corporate.

In the first quarter of 2025, the Company issued an aggregate principal amount of $13 million of InterNotes®.
Available Credit Facilities
The following table summarizes the Company's credit facilities:

Committed and Available Credit Facilities at Mar 31, 2025
In millionsCommitted CreditAvailable CreditMaturity DateInterest
Five Year Competitive Advance and Revolving Credit Facility$5,000 $5,000 November 2028Floating rate
Bilateral Revolving Credit Facility200 200 September 2025Floating rate
Bilateral Revolving Credit Facility175 175 September 2025Floating rate
Bilateral Revolving Credit Facility300 300 November 2025Floating rate
Bilateral Revolving Credit Facility300 300 February 2026Floating rate
Bilateral Revolving Credit Facility100 100 March 2026Floating rate
Bilateral Revolving Credit Facility375 375 October 2026Floating rate
Bilateral Revolving Credit Facility150 150 November 2026Floating rate
Bilateral Revolving Credit Facility200 200 November 2026Floating rate
Bilateral Revolving Credit Facility250 250 March 2027Floating rate
Bilateral Revolving Credit Facility100 100 May 2027Floating rate
Bilateral Revolving Credit Facility350 350 June 2027Floating rate
Bilateral Revolving Credit Facility200 200 September 2027Floating rate
Bilateral Revolving Credit Facility100 100 October 2027Floating rate
Bilateral Revolving Credit Facility100 100 November 2027Floating rate
Bilateral Revolving Credit Facility100 100 March 2028Floating rate
Bilateral Revolving Credit Facility100 100 March 2028Floating rate
Bilateral Revolving Credit Facility300 300 May 2028Floating rate
Total committed and available credit facilities$8,400 $8,400 

Debt Covenants and Default Provisions
There were no material changes to the debt covenants and default provisions related to the Company's outstanding long-term debt and primary, private credit agreements in the first three months of 2025. For additional information on the Company's debt covenants and default provisions, see Note 14 to the Consolidated Financial Statements included in the 2024 10-K.