Debt (Tables)

6 Months Ended

Jun. 30, 2025

Debt

Components of debt

The following table summarizes the major components of debt at principal amounts as of each balance sheet date (in millions) and provides the maturities and interest rate ranges of each major category as of June 30, 2025:

	June 30,		December 31,
	2025		2024
Commercial paper program (weighted average interest rate of 4.6% as of June 30, 2025 and 4.7% as of December 31, 2024)	$	1,545	$	1,250
Senior notes, maturing through 2054, interest rates ranging from 0.75% to 7.75% (weighted average interest rate of 4.2% as of June 30, 2025 and December 31, 2024)		17,998		18,419
Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6%		367		348
Tax-exempt bonds, maturing through 2055, fixed and variable interest rates ranging from 0.70% to 4.60% (weighted average interest rate of 3.7% as of June 30, 2025 and December 31, 2024)		3,003		2,873
Financing leases and other, maturing through 2082 (weighted average interest rate of 4.9% as of June 30, 2025 and December 31, 2024) (a)		1,277		1,189
Debt issuance costs, discounts and other		(170)		(179)
		24,020		23,900
Current portion of long-term debt		964		1,359
Long-term debt, less current portion	$	23,056	$	22,541

(a) Excluding our landfill financing leases, the maturities of our financing leases and other debt obligations extend through 2059.