| Outstanding Amounts of Debt and Finance Leases |
The outstanding amounts of debt (net of issuance costs, discounts or premiums) and finance leases were as follows: | | | | | | | | | | | | | | | | (In millions) | | September 30, 2024 | | December 31, 2023 | | Short-term debt | | | | | | Commercial paper | | $ | 1,635 | | | $ | 1,237 | | | | | | | | | | | | | | | | | | | | | | | | | | | $500 million, 0.613% Notes due March 2024 | | — | | | 500 | | $790 million, 3.500% Notes due June 2024 (1) | | — | | | 996 | | $900 million, 3.250% Notes due April 2025 (2) | | 893 | | | — | | | Other, including finance leases | | 44 | | | 42 | | | Total short-term debt | | $ | 2,572 | | | $ | 2,775 | | | Long-term debt | | | | | $900 million, 3.250% Notes due April 2025 (2) | | — | | | 882 | | $1,216 million, 4.125% Notes due November 2025 (1) | | 1,215 | | | 2,197 | | $1,284 million, 4.500% Notes due February 2026 (1) | | 1,285 | | | 1,502 | | $550 million, 1.250% Notes due March 2026 (1) | | 549 | | | 798 | | $700 million, 5.685% Notes due March 2026 | | 698 | | | 698 | | $1,500 million, 3.400% Notes due March 2027 | | 1,462 | | | 1,450 | | $259 million, 7.875% Debentures due May 2027 | | 259 | | | 259 | | $600 million, 3.050% Notes due October 2027 | | 598 | | | 597 | | $3,800 million, 4.375% Notes due October 2028 | | 3,789 | | | 3,787 | | $1,000 million, 5.000% Notes due May 2029 | | 994 | | | — | | $1,400 million, 2.400% Notes due March 2030 (1) (2) | | 1,405 | | | 1,493 | | $1,500 million, 2.375% Notes due March 2031 (2) | | 1,411 | | | 1,397 | | $750 million, 5.125% Notes due May 2031 | | 745 | | | — | | $45 million, 8.080% Step Down Notes due January 2033 | | 45 | | | 45 | | $800 million, 5.400% Notes due March 2033 | | 795 | | | 794 | | $1,250 million, 5.250% Notes due February 2034 (2) | | 1,256 | | | — | | $190 million, 6.150% Notes due November 2036 | | 190 | | | 190 | | $2,200 million, 4.800% Notes due August 2038 | | 2,193 | | | 2,193 | | $750 million, 3.200% Notes due March 2040 | | 744 | | | 744 | | $121 million, 5.875% Notes due March 2041 | | 119 | | | 119 | | $448 million, 6.125% Notes due November 2041 | | 486 | | | 487 | | $317 million, 5.375% Notes due February 2042 | | 315 | | | 315 | | $1,500 million, 4.800% Notes due July 2046 | | 1,468 | | | 1,467 | | $1,000 million, 3.875% Notes due October 2047 | | 990 | | | 989 | | $3,000 million, 4.900% Notes due December 2048 | | 2,971 | | | 2,970 | | $1,250 million, 3.400% Notes due March 2050 | | 1,237 | | | 1,237 | | $1,500 million, 3.400% Notes due March 2051 | | 1,479 | | | 1,479 | | $1,500 million, 5.600% Notes due February 2054 | | 1,482 | | | — | | | Other, including finance leases | | 50 | | | 66 | | | Total long-term debt | | $ | 30,230 | | | $ | 28,155 | |
(1)Included in the February 2024 debt tender offers discussed below. (2)The Company has entered into interest rate swap contracts hedging a portion of these fixed-rate debt instruments. See Note 11 to the Consolidated Financial Statements for further information about the Company's interest rate risk management and these derivative instruments.
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| Summary of Debt Issuances |
Debt Issuance and Debt Tender Offers. In February 2024, we issued $4.5 billion of new senior notes, as detailed in the table below. The proceeds from this debt were used to pay the consideration for the cash tender offers as described below. We used the remaining net proceeds to fund the repayment of our senior notes that matured in March 2024 and for general corporate purposes, including repayment of indebtedness and repurchases of shares of our common stock. Interest on this debt is paid semi-annually.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Principal | | Maturity Date | | Interest Rate | | Net Proceeds | | Redeemable Date(1) | | "Make whole" premium basis points over U.S. Treasury rate(2) | $1,000 million | | May 15, 2029 | | 5.000% | | $995 million | | April 15, 2029 | | 15 | $750 million | | May 15, 2031 | | 5.125% | | $746 million | | March 15, 2031 | | 15 | $1,250 million | | February 15, 2034 | | 5.250% | | $1,244 million | | November 15, 2033 | | 20 | $1,500 million | | February 15, 2054 | | 5.600% | | $1,485 million | | August 15, 2053 | | 20 |
(1) Redeemable at any time prior to this date at a "make whole" premium, defined below. Redeemable at par on or after this date. (2) "Make whole" premium calculated using the most directly comparable U.S. Treasury rate plus the amount of basis points set forth in this column.
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