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BORROWINGS
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
The Company’s borrowings include the following senior unsecured notes and credit agreements:

Senior Unsecured Notes
The Company’s borrowings include $8,250 million aggregate principal amount of senior unsecured notes in six series with maturity dates ranging from 2025 through 2052 (collectively, the “Notes”).

Credit Facilities
In the first quarter of 2025, the Company terminated its existing five-year and 364-day senior unsecured revolving credit facilities. These were replaced with new five-year and 364-day senior unsecured revolving credit facilities in aggregate committed amounts of $3,000 million and $500 million, respectively. The terms of the new facilities are substantially similar to those of the terminated facilities.
The Company has credit agreements providing for:
•a five-year senior unsecured revolving credit facility in an aggregate committed amount of $3,000 million, maturing on March 27, 2030;
•a 364-day senior unsecured revolving credit facility in an aggregate committed amount of $500 million, maturing on March 26, 2026; and
•a three-year senior unsecured term loan credit facility in an aggregate principal amount of $2,000 million, maturing on January 2, 2026 (the “Term Loan Facility” and, together with the five-year revolving credit facility and the 364-day revolving credit facility, the “Credit Facilities”).

There were no outstanding amounts under the five-year revolving credit facility and 364-day revolving credit facility, and there was $500 million and $750 million outstanding on the Term Loan Facility as of March 31, 2025 and December 31, 2024, respectively. In the first quarter of 2025, we repaid $250 million of the Term Loan Facility.

Borrowings CompositionAs of
March 31, 2025December 31, 2024
5.600% senior notes due November 15, 2025
$1,500 $1,500 
5.650% senior notes due November 15, 2027
1,750 1,750 
4.800% senior notes due August 14, 2029
1,000 1,000 
5.857% senior notes due March 15, 2030
1,250 1,250 
5.905% senior notes due November 22, 2032
1,750 1,750 
6.377% senior notes due November 22, 2052
1,000 1,000 
Floating rate Term Loan Facility due January 2, 2026
500 750 
Other30 36 
Total principal debt issued8,780 9,036 
Less: Unamortized debt issuance costs and discounts30 33 
Add: Cumulative basis adjustment for fair value hedges
9 (51)
Total borrowings8,759 8,951 
Less: Short-term borrowings(1)
2,002 1,502 
Long-term borrowings
$6,757 $7,449 
(1) Short-term borrowings as of March 31, 2025 and December 31, 2024 includes $2,000 million and $1,500 million, respectively, related to the current portion of our long-term borrowings, net of unamortized debt issuance costs and discounts.

See Note 12, “Financial Instruments and Fair Value Measurements” for further information about borrowings and associated derivatives contracts.

LETTERS OF CREDIT, GUARANTEES, AND OTHER COMMITMENTS.

As of March 31, 2025 and December 31, 2024, the Company had bank guarantees and surety bonds of approximately $786 million and $784 million, respectively, related to certain commercial contracts. Additionally, we have issued approximately $24 million and $25 million of guarantees as of March 31, 2025 and December 31, 2024, respectively, primarily related to residual value and credit guarantees on equipment sold to third-party finance companies. Our Condensed Consolidated Statements of Financial Position reflect a liability of $2 million and $3 million as of March 31, 2025 and December 31, 2024, respectively, related to these guarantees. For credit-related guarantees, we estimate our expected credit losses related to off-balance sheet credit exposure consistent with the method used to estimate the allowance for credit losses on financial assets held at amortized cost.