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Debt and lines of credit | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt and lines of credit | Debt and lines of credit Short-term borrowings We maintain a line of credit to provide additional liquidity through bank loans and, if necessary, to support commercial paper borrowings. As of June 30, 2024, the aforementioned line of credit was a variable-rate, revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $1 billion until March 2025. The interest rate on borrowings under this credit facility, if drawn, is indexed to the applicable Term Secured Overnight Financing Rate (Term SOFR). As of June 30, 2024, our credit facility was undrawn, and we had no commercial paper outstanding. Long-term debt In May 2024, we retired $300 million of maturing debt. In February 2024, we issued five series of senior unsecured notes for an aggregate principal amount of $3.00 billion, consisting of: •$650 million of 4.60% notes due in 2027; •$650 million of 4.60% notes due in 2029; •$600 million of 4.85% notes due in 2034; •$750 million of 5.15% notes due in 2054; and •$350 million further issuance of existing 5.05% notes due in 2063. We incurred $16 million of issuance and other related costs. The proceeds of the offering were $2.98 billion, net of the original issuance discounts, which will be used for general corporate purposes. Long-term debt outstanding is as follows:
| June 30, |  | December 31,
| 2024 |  | 2023
Notes due 2024 at 2.625% | $ | — |  |  | $ | 300 |
Notes due 2024 at 4.70% | 300 |  |  | 300 |
Notes due 2025 at 1.375% | 750 |  |  | 750 |
Notes due 2026 at 1.125% | 500 |  |  | 500 |
Notes due 2027 at 4.60% | 650 |  |  | — |
Notes due 2027 at 2.90% | 500 |  |  | 500 |
Notes due 2028 at 4.60% | 700 |  |  | 700 |
Notes due 2029 at 4.60% | 650 |  |  | — |
Notes due 2029 at 2.25% | 750 |  |  | 750 |
Notes due 2030 at 1.75% | 750 |  |  | 750 |
Notes due 2031 at 1.90% | 500 |  |  | 500 |
Notes due 2032 at 3.65% | 400 |  |  | 400 |
Notes due 2033 at 4.90% | 950 |  |  | 950 |
Notes due 2034 at 4.85% | 600 |  |  | — |
Notes due 2039 at 3.875% | 750 |  |  | 750 |
Notes due 2048 at 4.15% | 1,500 |  |  | 1,500 |
Notes due 2051 at 2.70% | 500 |  |  | 500 |
Notes due 2052 at 4.10% | 300 |  |  | 300 |
Notes due 2053 at 5.00% | 650 |  |  | 650 |
Notes due 2054 at 5.15% | 750 |  |  | — |
Notes due 2063 at 5.05% | 1,550 |  |  | 1,200 |
Total debt | 14,000 |  |  | 11,300 |
Net unamortized discounts, premiums and issuance costs | (109) |  |  | (77) |
Total debt, including net unamortized discounts, premiums and issuance costs | 13,891 |  |  | 11,223 |
Current portion of long-term debt | (1,049) |  |  | (599) |
Long-term debt | $ | 12,842 |  |  | $ | 10,624 |
Interest and debt expense was $131 million and $89 million for the second quarters of 2024 and 2023, respectively, and $247 million and $157 million for the first six months of 2024 and 2023, respectively. This was net of the amortized discounts, premiums, issuance and other related costs. Capitalized interest was $5 million and $3 million for the second quarters of 2024 and 2023, respectively, and $11 million and $5 million for the first six months of 2024 and 2023, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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