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FINANCING ARRANGEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes our long-term debt at December 31, 2024 and 2023:
Millions of dollars | 2024 | 2023
Senior Note - 4.00%, maturing 2024 | $ | — |  | $ | 300 |
Term Loan - SOFR + 85bps, maturing 2024 | — |  | 500 |
Term Loan - SOFR +125bps, maturing 2025 | 1,500 |  | 1,500 |
Senior Note - 3.70%, maturing 2025 | 350 |  | 350 |
Senior Note - 1.25%, maturing 2026(1) | 516 |  | 549 |
Senior Note - 1.10%, maturing 2027(1) | 619 |  | 659 |
Senior Note - 0.50%, maturing 2028(1) | 516 |  | 550 |
Senior Note - 4.75%, maturing 2029 | 696 | 695 |
Senior Note - 2.40%, maturing 2031 | 300 |  | 300 |
Senior Note - 4.70%, maturing 2032 | 298 |  | 298 |
Senior Note - 5.50%, maturing 2033 | 300 |  | 300 |
Senior Note - 5.75%, maturing 2034 | 299 |  |
Senior Note - 5.15%, maturing 2043 | 249 |  | 249 |
Senior Note - 4.50%, maturing 2046 | 497 |  | 497 |
Senior Note - 4.60%, maturing 2050 | 493 |  | 493 |
Other, net | (25) |  | (26) |
| $ | 6,608 |  | $ | 7,214 |
Less current maturities | 1,850 |  | 800 |
Total long-term debt | $ | 4,758 |  | $ | 6,414 |
(1)Euro denominated debt reflects impact of currency
Schedule of Maturities of Long-term Debt | The following table summarizes the contractual maturities of our long-term debt (net of discounts or premiums) , including current maturities, at December 31, 2024:
Millions of dollars |
2025 | $ | 1,850 |
2026 | 516 |
2027 | 618 |
2028 | 515 |
2029 | 694 |
Thereafter | 2,415 |
Long-term debt, including current maturities | $ | 6,608 |
Schedule of Notes Payable | The following table summarizes the carrying value of notes payable at December 31, 2024 and 2023:
Millions of dollars |  | 2024 |  | 2023
Short-term borrowings due to banks |  | $ | 18 |  |  | $ | 17 |
Total notes payable |  | $ | 18 |  |  | $ | 17 |

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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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