Long-Term Debt and Credit Facilities
Long-term debt consisted of the following at December 31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Weighted Average Interest Rate | | Maturities | | 2025 | | 2024 |
| Notes | | 2.9% | | 2026 | - | 2078 | | $ | 7,767 | | | $ | 6,946 | |
| Commercial paper | | 2.0% | | 2026 | | 147 | | | 936 | |
| Finance Lease Obligations | | | | Various | | 72 | | | 59 | |
| | | | | | | | 7,986 | | | 7,941 | |
| Less: Current portion of long-term debt | | | | | | | | (1,115) | | | (652) | |
| Total | | | | | | | | $ | 6,871 | | | $ | 7,289 | |
Debt payable within one year consisted of the following at December 31:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | 2025 | | 2024 |
| Notes and loans payable | | | | | | $ | 2 | | | $ | 8 | |
| Current portion of long-term debt | | | | | | 1,115 | | | 652 | |
| Debt payable within one year | | | | | | $ | 1,117 | | | $ | 660 | |
The Company classifies commercial paper and certain long-term debt that is subject to a put option as long-term debt when it has the intent and ability to refinance such obligations on a long-term basis, including, if necessary, by utilizing its available lines of credit. Excluding commercial paper, scheduled maturities of long-term debt and finance leases outstanding as of December 31, 2025 were as follows:
| | | | | |
| Years Ended December 31, |
| 2026 | $ | 1,115 | |
| 2027 | 523 | |
| 2028 | 615 | |
| 2029 | 591 | |
| 2030 | 500 | |
| Thereafter | 4,495 | |
| Total | $ | 7,839 | |
The Company’s debt issuances and redemptions support its capital structure strategy objectives of funding its business and growth initiatives while minimizing its risk-adjusted cost of capital. During the year ended December 31, 2024, the Company redeemed at maturity $500 of ten-year Medium-Term Notes with a fixed coupon rate of 3.25%. During the year ended December 31, 2025, the Company redeemed at maturity $130 of 30-year Medium-Term Notes with a fixed coupon rate of 7.60% and $500 of three-year Senior Notes with a fixed coupon of 3.10%. These redemptions were financed with commercial paper borrowings.
In April 2025, the Company issued $500 of five-year Senior Notes at a fixed coupon rate of 4.20%. In November 2025, the Company issued €600 of 10-year Senior Notes at a fixed coupon rate of 3.25%.
At December 31, 2025, the Company had access to unused domestic and foreign lines of credit of $3,641 (including under the facility discussed below) and could also issue long-term debt pursuant to an effective shelf registration statement. In November 2022, the Company entered into an amended and restated $3,000 five-year revolving credit facility with a syndicate of banks for a five-year term expiring November 2027, which replaced, on substantially similar terms, the Company’s $3,000 revolving credit facility that was scheduled to expire in August 2026. The term of the revolving credit facility was subsequently extended by one year in each of November 2023, November 2024 and November 2025. The expiration date of the revolving credit facility is now November 2030. The credit facility serves as a backstop for the Company's commercial paper program. Commitment fees related to the credit facility are not material.
Certain agreements with respect to the Company’s bank borrowings contain financial and other covenants as well as cross-default provisions. Noncompliance with these requirements could ultimately result in the acceleration of amounts owed. The Company is in full compliance with all such requirements.