Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt

In the third quarter of 2023, we entered into a $3,000 five-year revolving credit agreement expiring in August 2028 and a $800 364-day revolving credit agreement expiring in August 2024. The 364-day credit facility has a one-year term out option which allows us to extend the maturity of any borrowings until August 2025. The legacy three-year revolving credit agreement expiring in August 2025, which consists of $3,000 of total commitments, and the legacy five-year revolving credit agreement expiring in October 2024, as amended, which consists of $3,200 of total commitments, each remain in effect. As of December 31, 2023, we had $10,000 currently available under credit line agreements. We continue to be in full compliance with all covenants contained in our debt or credit facility agreements.

Interest incurred, including amounts capitalized, was $2,560, $2,650 and $2,790 for the years ended December 31, 2023, 2022 and 2021, respectively. Total Company interest payments, net of amounts capitalized, were $2,408, $2,572 and $2,583 for the years ended December 31, 2023, 2022 and 2021, respectively.

Short-term debt and current portion of long-term debt at December 31 consisted of the following:

	2023	2022
Unsecured debt	$5,072	$5,103
Finance lease obligations	77	65
Other notes	55	22
Total	$5,204	$5,190

Debt at December 31 consisted of the following:

	2023	2022
Unsecured debt
1.17% - 2.50% due through 2026	$10,135	11,846
2.60% - 3.20% due through 2030	6,071	6,412
3.25% - 3.90% due through 2059	9,584	9,576
3.95% - 5.15% due through 2059	11,024	14,035
5.71% - 6.63% due through 2060	13,015	13,011
6.88% - 8.75% due through 2043	1,855	1,854
Other debt and notes
Finance lease obligations due through 2044	253	206
Other notes	370	61
Total debt	$52,307	$57,001

Scheduled principal payments for debt and minimum finance lease obligations for the next five years are as follows:

	2024	2025	2026	2027	2028
Debt and other notes	$5,128	$4,581	$7,983	$3,300	$1,800
Minimum finance lease obligations	$84	$76	$55	$24	$3