v3.25.2
Debt and Borrowing Arrangements
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt and Borrowing Arrangements
Note 7. Debt and Borrowing Arrangements

Short-Term Borrowings
Our short-term borrowings and related weighted-average interest rates consisted of:
 As of June 30, 2025As of December 31, 2024
Amount
Outstanding		Weighted-
Average Rate		Amount
Outstanding		Weighted-
Average Rate
(in millions, except percentages)
Commercial paper$1,603 4.6 %$— — %
Bank loans61 13.4 %71 12.1 %
Total short-term borrowings$1,664 $71 

Our uncommitted and committed credit facilities available include:
 As of June 30, 2025As of December 31, 2024
Facility AmountBorrowed AmountFacility AmountBorrowed Amount
(in millions)
Uncommitted credit facilities
$901 $61 $784 $71 
Credit facilities (1):
February 19, 2025— — 1,500 — 
February 18, 20261,500 — — — 
February 23, 2027— — 4,500 — 
February 19, 20304,500 — — — 

(1)On February 19, 2025, our $1.5 billion 364-day senior unsecured revolving credit agreement dated as of February 21, 2024 expired and we entered into a $1.5 billion 364-day senior unsecured revolving credit agreement that will expire on February 18, 2026. Additionally, we early terminated our $4.5 billion five-year senior unsecured revolving credit agreement dated as of February 23, 2022, and entered into a $4.5 billion five-year senior unsecured revolving credit agreement that will expire on February 19, 2030.

We maintain senior unsecured revolving credit facilities for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreements include a covenant that we maintain a minimum shareholders' equity of at least $25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with any mark-to-market accounting for pensions and other retirement plans. At June 30, 2025, we complied with this covenant. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security.
Debt Repayments
During the six months ended June 30, 2025, we repaid the following notes (in millions):

Interest RateMaturity DateAmountUSD Equivalent
3.250%March 2025C$600$417
1.500%May 2025$750$750

During the six months ended June 30, 2024, we repaid the following notes (in millions):

Interest RateMaturity DateAmountUSD Equivalent
2.125%March 2024$500$500

Debt Issuances
During the six months ended June 30, 2025, we issued the following notes (in millions):

Issuance Date
Interest RateMaturity Date
Principal Amount
Principal Amount
USD Equivalent
May 20254.250%May 2028$700$700
May 20254.500%May 2030$500$500
May 20255.125%May 2035$400$400

During the six months ended June 30, 2024, we issued the following notes (in millions):

Issuance Date
Interest RateMaturity Date
Principal Amount
Principal Amount
USD Equivalent
February 20244.750%February 2029$550$550

Fair Value of Our Debt
The fair value of our short-term borrowings reflects current market interest rates and approximates the amounts we have recorded on our condensed consolidated balance sheets. The fair value of substantially all of our long-term debt was determined using quoted prices in active markets (Level 1 valuation data).

 As of June 30, 2025As of December 31, 2024
(in millions)
Fair Value$19,128 $15,846 
Carrying Value$20,887 $17,749 

Interest and Other Expense, net
Interest and other expense, net consisted of:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2025202420252024
 (in millions)(in millions)
Interest expense
$151 $130 $288 $252 
Other income, net
(98)(98)(82)(152)
Interest and other expense, net$53 $32 $206 $100 

Other income, net includes amortization of amounts excluded from our assessment of hedge effectiveness related to our net investment hedge derivative contracts, foreign currency transaction gains and losses on certain foreign currency denominated assets and liabilities, gains and losses on certain foreign currency derivative contracts, interest income and other non-operating items. Refer to Note 8, Financial Instruments for additional information about our hedging activities.