Borrowings and Credit Agreements (Tables)

The following table is a summary of the Company’s borrowings as of December 31, 2024 and 2023:


In millions	2024		2023
Short-term debt
Commercial paper	$	2,119	$	200

Long-term debt














3.375% senior notes due August 2024	—		650
2.625% senior notes due August 2024	—		1,000
3.5% senior notes due November 2024	—		750
5% senior notes due December 2024	—		299
4.1% senior notes due March 2025	724		950
3.875% senior notes due July 2025	2,828		2,828
5% senior notes due February 2026	1,500		1,500

2.875% senior notes due June 2026	1,750		1,750
3% senior notes due August 2026	750		750
3.625% senior notes due April 2027	750		750
6.25% senior notes due June 2027	372		372
1.3% senior notes due August 2027	2,250		2,250
4.3% senior notes due March 2028	5,000		5,000
5% senior notes due January 2029	1,000		1,000
5.4% senior notes due June 2029	1,000		—
3.25% senior notes due August 2029	1,750		1,750
5.125% senior notes due February 2030	1,500		1,500
3.75% senior notes due April 2030	1,500		1,500
1.75% senior notes due August 2030	1,250		1,250
5.25% senior notes due January 2031	750		750
1.875% senior notes due February 2031	1,250		1,250
5.55% senior notes due June 2031	1,000		—
2.125% senior notes due September 2031	1,000		1,000
5.25% senior notes due February 2033	1,750		1,750
5.3% senior notes due June 2033	1,250		1,250
5.7% senior notes due June 2034	1,250		—
4.875% senior notes due July 2035	652		652
6.625% senior notes due June 2036	771		771
6.75% senior notes due December 2037	533		533
4.78% senior notes due March 2038	5,000		5,000
6.125% senior notes due September 2039	447		447
4.125% senior notes due April 2040	602		1,000
2.7% senior notes due August 2040	367		1,250
5.75% senior notes due May 2041	133		133
4.5% senior notes due May 2042	500		500
4.125% senior notes due November 2042	226		500
5.3% senior notes due December 2043	750		750
4.75% senior notes due March 2044	375		375
6% senior notes due June 2044	750		—
5.125% senior notes due July 2045	3,500		3,500
3.875% senior notes due August 2047	537		1,000
5.05% senior notes due March 2048	8,000		8,000
4.25% senior notes due April 2050	399		750


5.625% senior notes due February 2053	1,250		1,250
5.875% senior notes due June 2053	1,250		1,250
6.05% senior notes due June 2054	1,000		—
6% senior notes due June 2063	750		750
6.75% series B junior subordinated notes due December 2054	750		—
7% series A junior subordinated notes due March 2055	2,250		—
Finance lease liabilities	1,360		1,391
Other	302		309
Total debt principal	66,747		62,160
Debt premiums	170		186
Debt discounts and deferred financing costs	(647)		(736)
	66,270		61,610
Less:
Short-term debt (commercial paper)	(2,119)		(200)
Current portion of long-term debt	(3,624)		(2,772)
Long-term debt	$	60,527	$	58,638

The following is a summary of the Company’s required repayments of long-term debt principal due during each of the next five years and thereafter, as of December 31, 2024:


In millions
2025	$	3,559
2026	4,007
2027	3,379
2028	5,007
2029	3,758
Thereafter	43,558
Subtotal	63,268
Commercial paper	2,119
Finance lease liabilities (1)	1,360
Total debt principal	$	66,747

_____________________________________________

(1)See Note 7 ‘‘Leases’’ for a summary of maturities of the Company’s finance lease liabilities.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details