
	At December 31
	2025		2024
Commercial paper	$	4,642	$	5,386
Notes payable to banks and others with originating terms of one year or less	96		131
Current maturities of long-term debt	2,345		4,012
Current maturities of long-term finance leases	786		58
Redeemable long-term obligations	3,049		3,069

Subtotal	10,918		12,656
Reclassified to long-term debt	(9,941)		(8,250)
Total short-term debt	$	977	$	4,406

Redeemable long-term obligations consist primarily of tax-exempt variable-rate put bonds that are included as current liabilities because they become redeemable at the option of the bondholders during the year following the balance sheet date.

At December 31, 2025, the company had $11,400 in 364-day committed credit facilities with various major banks that enable the refinancing of short-term obligations. The credit facilities allow the company the option to convert outstanding short-term obligations into a term loan for a period of up to one year from the facilities termination date. This supports commercial paper borrowing and can also be used for general corporate purposes. The company’s practice has been to replace expiring commitments with new commitments on substantially the same terms, maintaining levels management believes appropriate. Any borrowings under these facilities would be unsecured indebtedness at interest rates based on the Secured Overnight Financing Rate (SOFR), or an average of base lending rates published by specified banks and on terms reflecting the company’s strong credit rating. No borrowings were outstanding under these facilities at December 31, 2025.