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Debt and Credit Facilities
 6 Months Ended
Jun. 30, 2023
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. Our credit facilities require us to comply with financial and other covenants. We were in compliance with all covenants on June 30, 2023.
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%. Through June 30, 2023 we have repaid $850 on the term loan.
In the first quarter 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, 2023 there were no borrowings outstanding under our revolving credit facility or our commercial paper program which allows for maturities up to 397 days from the date of issuance.
Summary of Total DebtJuneDecember
20232022
RateDue
Senior unsecured notes:
1.125%November 30, 2023$598 $585 
0.600%December 1, 2023600 599 
3.375%May 15, 2024597 596 
0.250%December 3, 2024922 903 
1.150%June 15, 2025647 647 
3.375%November 1, 2025749 748 
3.500%March 15, 2026996 995 
2.125%November 30, 2027812 795 
3.650%March 7, 2028597 597 
0.750%March 1, 2029865 848 
1.950%June 15, 2030992 991 
2.625%November 30, 2030699 684 
1.000%December 3, 2031807 790 
4.100%April 1, 2043392 392 
4.375%May 15, 2044396 396 
4.625%March 15, 2046983 983 
2.900%June 15, 2050642 642 
Term loan650 850 
Other3 7 
Total debt$12,947 $13,048 
Less current maturities1,798 1,191 
Total long-term debt$11,149 $11,857 
JuneDecember
20232022
Unamortized debt issuance costs$47 $52 
Borrowing capacity on existing facilities$2,160 $2,162 
Fair value of senior unsecured notes$11,082 $10,910 
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.