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Debt and lines of credit
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt and lines of credit Debt and lines of credit
Short-term borrowings
We maintain a line of credit to provide additional liquidity through bank loans and, if necessary, to support commercial paper borrowings. As of March 31, 2025, the aforementioned line of credit was a variable-rate, revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $1 billion until March 2026. The interest rate on borrowings under this credit facility, if drawn, is indexed to the applicable Term Secured Overnight Financing Rate (Term SOFR). As of March 31, 2025, our credit facility was undrawn, and we had no commercial paper outstanding.
Long-term debt
In March 2025, we retired $750 million of maturing debt.
Long-term debt outstanding is as follows:
March 31,December 31,
20252024
Notes due 2025 at 1.375%
$— $750 
Notes due 2026 at 1.125%
500 500 
Notes due 2027 at 4.60%
650 650 
Notes due 2027 at 2.90%
500 500 
Notes due 2028 at 4.60%
700 700 
Notes due 2029 at 4.60%
650 650 
Notes due 2029 at 2.25%
750 750 
Notes due 2030 at 1.75%
750 750 
Notes due 2031 at 1.90%
500 500 
Notes due 2032 at 3.65%
400 400 
Notes due 2033 at 4.90%
950 950 
Notes due 2034 at 4.85%
600 600 
Notes due 2039 at 3.875%
750 750 
Notes due 2048 at 4.15%
1,500 1,500 
Notes due 2051 at 2.70%
500 500 
Notes due 2052 at 4.10%
300 300 
Notes due 2053 at 5.00%
650 650 
Notes due 2054 at 5.15%
750 750 
Notes due 2063 at 5.05%
1,550 1,550 
Total debt12,950 13,700 
Net unamortized discounts, premiums and issuance costs(102)(104)
Total debt, including net unamortized discounts, premiums and issuance costs12,848 13,596 
Current portion of long-term debt— (750)
Long-term debt$12,848 $12,846 
Interest and debt expense was $128 million and $116 million for the first quarters of 2025 and 2024, respectively. This was net of the amortized discounts, premiums and issuance and other related costs. Capitalized interest was $4 million and $6 million for the first quarters of 2025 and 2024, respectively.