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Debt Financing Arrangements
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Financing Arrangements Debt Financing Arrangements
The Company’s long-term debt consisted of the following (in millions, except as noted):
Debt Instrument
Interest RateFace AmountDue DateDecember 31, 2024December 31, 2023
1.000% Notes€650 million2025$672 $717 
2.500% Notes$1 billion2026999 998 
7.500% Debentures$147 million 2027147 147 
6.750% Debentures$103 million 2027103 103 
6.625% Debentures$144 million 2029144 144 
3.250% Notes$1 billion2030993 991 
7.000% Debentures$160 million 2031161 159 
2.900% Notes$750 million2032745 744 
5.935% Debentures$336 million 2032337 334 
4.500% Notes
$500 million2033493 492 
5.375% Debentures$432 million 2035426 426 
6.450% Debentures$103 million 2038103 102 
5.765% Debentures$297 million 2041297 297 
4.535% Debentures$383 million 2042291 288 
4.016% Debentures$371 million 2043266 263 
3.750% Notes$408 million 2047403 403 
4.500% Notes$600 million2049589 589 
2.700% Notes$750 million2051732 732 
6.950% Debentures$157 million 2097154 154 
Other199 177 
Total long-term debt including current maturities8,254 8,260 
Current maturities(674)(1)
Total long-term debt$7,580 $8,259 
 
Discount amortization expense, net of premium amortization, of $13 million, $15 million, and $6 million for the years ended December 31, 2024, 2023, and 2022, respectively, are included in interest expense related to the Company’s long-term debt.

At December 31, 2024, the fair value of the Company’s long-term debt, excluding current portion, was $7.1 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards), compared to a carrying value of $7.6 billion.

The Company’s credit facilities and certain debentures require the Company to comply with specified financial and non-financial covenants including maintenance of minimum tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements. The Company was in compliance with these covenants as of December 31, 2024.
The aggregate future maturities of long-term debt as of December 31, 2024 are as follows (in millions):

Amount
2025$675 
20261,007 
2027265 
20281 
2029145 
Thereafter
6,428 
Total estimated future maturities
$8,521 

At December 31, 2024, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $13.0 billion, of which $9.1 billion was unused. 

The Company had outstanding standby letters of credit and surety bonds at December 31, 2024 and 2023, totaling $1.4 billion and $1.6 billion, respectively.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $2.8 billion in funding resulting from the sale of accounts receivable. As of December 31, 2024, the Company utilized $2.0 billion of its facility under the Programs. See Note 19. Sale of Accounts Receivable for further information on the Programs.

The weighted average interest rates on short-term borrowings outstanding at December 31, 2024 and 2023, were 4.7% and 7.4%, respectively. Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was $1.7 billion of commercial paper outstanding at December 31, 2024.

Credit Ratings

As of December 31, 2024, the three major credit rating agencies maintained the Company’s credit ratings at investment grade levels with a negative outlook.