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Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt 
A summary of short-term and long-term debt outstanding is as follows:
(in millions)March 31,
2024		December 31,
2023
3.625% Senior Notes, due 2024 1
47 47 
4.75% Senior Notes, due 2025 2
4 4 
4.0% Senior Notes, due 2026 3
3 3 
2.95% Senior Notes, due 2027 4
497 497 
2.45% Senior Notes, due 2027 5
1,240 1,240 
4.75% Senior Notes, due 2028 6
807 810 
4.25% Senior Notes, due 2029 7
1,014 1,016 
2.5% Senior Notes, due 2029 8
497 497 
2.70% Sustainability-Linked Senior Notes, due 2029 9
1,236 1,236 
1.25% Senior Notes, due 2030 10
595 595 
2.90% Senior Notes, due 2032 11
1,475 1,474 
5.25% Senior Notes, due 2033 12
743 743 
6.55% Senior Notes, due 2037 13
291 291 
4.5% Senior Notes, due 2048 14
272 272 
3.25% Senior Notes, due 2049 15
590 590 
3.70% Senior Notes, due 2052 16
975 975 
2.3% Senior Notes, due 2060 17
683 683 
3.9% Senior Notes, due 2062 18
486 486 
Commercial paper250 — 
Total debt11,705 11,459 
Less: short-term debt including current maturities301 47 
Long-term debt$11,404 $11,412 

1     Interest payments are due semiannually on May 1 and November 1.
2     Interest payments are due semiannually on February 15 and August 15.
3     Interest payments are due semiannually on March 1 and September 1.
4    Interest payments are due semiannually on January 22 and July 22, and as of March 31, 2024, the unamortized debt discount and issuance costs total $3 million.
5    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2024, the unamortized debt discount and issuance costs total $10 million.
6     Interest payments are due semiannually on February 1 and August 1.
7 Interest payments are due semiannually on May 1 and November 1.
8    Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2024, the unamortized debt discount and issuance costs total $3 million.
9    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2024, the unamortized debt discount and issuance costs total $14 million.
10    Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2024, the unamortized debt discount and issuance costs total $5 million.
11 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2024, the unamortized debt discount and issuance costs total $25 million.
12 Interest payments are due semiannually on March 15 and September 15, beginning on March 15, 2024, and as of March 31, 2024, the unamortized debt discount and issuance costs total $7 million.
13    Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2024, the unamortized debt discount and issuance costs total $2 million.
14    Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2024, the unamortized debt discount and issuance costs total $11 million.
15 Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2024, the unamortized debt discount and issuance costs total $10 million.
16    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2024, the unamortized debt discount and issuance costs total $25 million.
17    Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2024, the unamortized debt discount and issuance costs total $17 million.
18    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2024, the unamortized debt discount and issuance costs total $14 million.
The fair value of our total debt borrowings was $10.1 billion and $10.3 billion as of March 31, 2024 and December 31, 2023, respectively, and was estimated based on quoted market prices.

We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our $2.0 billion five-year credit agreement (our “credit facility”) that will terminate on April 26, 2026. As of March 31, 2024, there was $250 million of commercial paper outstanding. As of December 31, 2023, we had no outstanding commercial paper.

Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually. We currently pay a commitment fee of 8 basis points. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility.

The only financial covenant required is that our indebtedness to cash flow ratio, as defined in our credit facility, was not greater than 4 to 1, and this covenant level has never been exceeded.