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Debt and Credit Facilities
 6 Months Ended
Jun. 30, 2022
Long-term Debt, Unclassified [Abstract]  
Debt And Credit Facilities DEBT AND CREDIT FACILITIES
We have lines of credit issued by various financial institutions that are available to fund our day-to-day operating needs. Certain of our credit facilities require us to comply with financial and other covenants. We were in compliance with all covenants on June 30, 2022.
In February 2022 we entered into a $1.5 billion term loan agreement that matures on February 22, 2025 and bears interest at a base rate based on the Term Secured Overnight Financing Rate (SOFR) plus 0.725%. In June 2022 we repaid $250 on the term loan.
In 2022 our Board of Directors approved an increase to the maximum amount of commercial paper that can be outstanding from $1,500 to $2,250.
On June 30, 2022 there were no borrowings outstanding under our credit facility or commercial paper program which allows for maturities up to 397 days from the date of issuance.
Summary of Total DebtJune 2022December 2021
RateDue
Senior unsecured notes:
1.125%November 30, 2023$577 $622 
0.600%December 1, 2023598 598 
3.375%May 15, 2024595 593 
0.250%December 3, 2024890 958 
1.150%June 15, 2025646 645 
3.375%November 1, 2025748 748 
3.500%March 15, 2026994 994 
2.125%November 30, 2027784 845 
3.650%March 7, 2028597 597 
0.750%March 1, 2029836 901 
1.950%June 15, 2030990 990 
2.625%November 30, 2030675 727 
1.000%December 3, 2031779 840 
4.100%April 1, 2043392 392 
4.375%May 15, 2044395 395 
4.625%March 15, 2046982 982 
2.900%June 15, 2050642 642 
Term loanFebruary 22, 20251,250 — 
Other11 10 
Total debt$13,381 $12,479 
Less current maturities of debt7 7 
Total long-term debt$13,374 $12,472 
June 2022December 2021
Unamortized debt issuance costs$57 $62 
Borrowing capacity on existing facilities$2,162 $2,162 
Fair value of senior unsecured notes$11,122 $13,391 
The fair value of the senior unsecured notes was estimated using quoted interest rates, maturities and amounts of borrowings based on quoted active market prices and yields that took into account the underlying terms of the debt instruments. Substantially all of our debt is classified within Level 2 of the fair value hierarchy.