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Short-Term Borrowings and Long-Term Debt (Notes)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Short-Term Borrowings and Long-Term Debt [Text Block] Short-Term Borrowings and Long-Term Debt
Short-term borrowings and senior unsecured long-term debt consisted of the following:
 Carrying Value as of December 31,
(in millions, except percentages)20232022
Commercial paper$1,088 $800 
$625 million 2.750% notes due February 2023
— 622 
$750 million 2.875% notes due March 2023
— 746 
$750 million 3.500% notes due June 2023
— 750 
$750 million 3.500% notes due February 2024
750 749 
$1,000 million 0.550% notes due May 2024
999 998 
$750 million 2.375% notes due August 2024
750 749 
$500 million 5.000% notes due October 2024
499 499 
$2,000 million 3.750% notes due July 2025
1,997 1,995 
$750 million 5.150% notes due October 2025
748 747 
$300 million 3.700% notes due December 2025
299 299 
$500 million 1.250% notes due January 2026
498 498 
$1,000 million 3.100% notes due March 2026
998 998 
$1,000 million 1.150% notes due May 2026
924 893 
$750 million 3.450% notes due January 2027
748 748 
$625 million 3.375% notes due April 2027
622 622 
$600 million 3.700% notes due May 2027
598 597 
$950 million 2.950% notes due October 2027
944 943 
$1,000 million 5.250% notes due February 2028
1,011 1,008 
$1,150 million 3.850% notes due June 2028
1,146 1,145 
$850 million 3.875% notes due December 2028
846 845 
$1,250 million 4.250% notes due January 2029
1,238 — 
$900 million 4.000% notes due May 2029
862 849 
$1,000 million 2.875% notes due August 2029
908 886 
$1,250 million 5.300% notes due February 2030
1,275 1,269 
$1,250 million 2.000% notes due May 2030
1,238 1,237 
$1,500 million 2.300% notes due May 2031
1,290 1,256 
$1,500 million 4.200% notes due May 2032
1,412 1,393 
$2,000 million 5.350% notes due February 2033
2,046 2,037 
$1,500 million 4.500% notes due April 2033
1,463 — 
$1,000 million 4.625% notes due July 2035
1,014 993 
$850 million 5.800% notes due March 2036
838 840 
$500 million 6.500% notes due June 2037
491 493 
$650 million 6.625% notes due November 2037
640 642 
$1,100 million 6.875% notes due February 2038
1,078 1,079 
$1,250 million 3.500% notes due August 2039
1,242 1,242 
$1,000 million 2.750% notes due May 2040
968 967 
$300 million 5.700% notes due October 2040
296 296 
$350 million 5.950% notes due February 2041
346 346 
$1,500 million 3.050% notes due May 2041
1,484 1,483 
$600 million 4.625% notes due November 2041
590 590 
$502 million 4.375% notes due March 2042
486 486 
 Carrying Value as of December 31,
(in millions, except percentages)20232022
$625 million 3.950% notes due October 2042
609 609 
$750 million 4.250% notes due March 2043
736 736 
$2,000 million 4.750% notes due July 2045
1,975 1,975 
$750 million 4.200% notes due January 2047
739 739 
$725 million 4.250% notes due April 2047
718 718 
$950 million 3.750% notes due October 2047
935 935 
$1,350 million 4.250% notes due June 2048
1,331 1,331 
$1,100 million 4.450% notes due December 2048
1,087 1,087 
$1,250 million 3.700% notes due August 2049
1,236 1,236 
$1,250 million 2.900% notes due May 2050
1,211 1,210 
$2,000 million 3.250% notes due May 2051
1,972 1,971 
$2,000 million 4.750% notes due May 2052
1,966 1,965 
$2,000 million 5.875% notes due February 2053
1,968 1,968 
$2,000 million 5.050% notes due April 2053
1,969 — 
$1,250 million 3.875% notes due August 2059
1,229 1,228 
$1,000 million 3.125% notes due May 2060
966 966 
$1,000 million 4.950% notes due May 2062
981 981 
$1,500 million 6.050% notes due February 2063
1,466 1,466 
$1,750 million 5.200% notes due April 2063
1,709 — 
Total short-term borrowings and long-term debt$61,473 $56,756 
The Company’s long-term debt obligations also included $1.1 billion and $0.9 billion of other financing obligations, of which $188 million and $192 million were current as of December 31, 2023 and 2022, respectively.
Maturities of short-term borrowings and long-term debt for the years ending December 31 are as follows:
(in millions)
2024$4,276 
20253,224 
20262,674 
20273,099 
20283,174 
Thereafter47,176 
Short-Term Borrowings
Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers. As of December 31, 2023, the Company’s outstanding commercial paper had a weighted-average annual interest rate of 5.4%.
The Company has $6.0 billion five-year, $6.0 billion three-year and $6.0 billion 364-day revolving bank credit facilities with 25 banks, which mature in December 2028, December 2026 and December 2024, respectively. These facilities provide full liquidity support for the Company’s commercial paper program and are available for general corporate purposes. As of December 31, 2023, no amounts had been drawn on any of the bank credit facilities. The annual interest rates, which are variable based on term, are calculated based on one-month term Secured Overnight Financing Rate (SOFR) plus a SOFR Adjustment of 10 basis points plus a credit spread based on the Company’s senior unsecured credit ratings. If amounts had been drawn on the bank credit facilities as of December 31, 2023, annual interest rates would have ranged from 5.8% to 8.5%.
Debt Covenants
The Company’s bank credit facilities contain various covenants, including requiring the Company to maintain a debt to debt-plus-shareholders’ equity ratio of not more than 60%. The Company was in compliance with its debt covenants as of December 31, 2023.