Borrowings

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Borrowings

Borrowings

The following table is a summary of the Company’s borrowings at September 30, 2024 and December 31, 2023:

In millions	September 30, 2024		December 31, 2023
Short-term debt
Commercial paper	$	800	$	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		750
5% senior notes due December 2024	299		299
4.1% senior notes due March 2025	950		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	1,000		1,000
2.7% senior notes due August 2040	1,250		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	500		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	1,000		1,000
5.05% senior notes due March 2048	8,000		8,000

4.25% senior notes due April 2050	750		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
Finance lease liabilities	1,373		1,391
Other	304		309
Total debt principal	66,087		62,160
Debt premiums	174		186
Debt discounts and deferred financing costs	(727)		(736)
	65,534		61,610
Less:
Short-term debt (commercial paper)	(800)		(200)
Current portion of long-term debt	(4,910)		(2,772)
Long-term debt	$	59,824	$	58,638

Short-term Borrowings

Commercial Paper

The Company had $800 million of commercial paper outstanding at a weighted average interest rate of 5.00% as of September 30, 2024. The Company had $200 million of commercial paper outstanding at a weighted average interest rate of 4.31% as of December 31, 2023.

Term Loan Credit Agreement

On March 25, 2024, the Company entered into a 364-day $3.0 billion term loan credit agreement. The term loan credit agreement allowed for borrowings at various rates that were dependent, in part, on the Company’s public debt ratings. On May 9, 2024, following the issuance of the $5.0 billion in senior notes described under “Long-term Borrowings” below, the term loan credit agreement terminated. There were no borrowings under the term loan credit agreement through the date of termination.

Long-term Borrowings

2024 Notes

On May 9, 2024, the Company issued $1.0 billion aggregate principal amount of 5.4% senior notes due June 2029, $1.0 billion aggregate principal amount of 5.55% senior notes due June 2031, $1.25 billion aggregate principal amount of 5.7% senior notes due June 2034, $750 million aggregate principal amount of 6.0% senior notes due June 2044 and $1.0 billion aggregate principal amount of 6.05% senior notes due June 2054 for total proceeds of approximately $5.0 billion, net of discounts and underwriting fees. The net proceeds of these offerings were used for general corporate purposes.