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Debt and Credit Facilities
 9 Months Ended
Sep. 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 September 30, 2023.
In August 2023 we repaid the remaining balance of $650 on the $1.5 billion term loan scheduled to mature on February 22, 2025. We also issued €500 of floating rate senior notes due November 16, 2024. The notes bear interest at a base rate based on the three-month Euro Interbank Offered Rate (EURIBOR) plus 0.3%. The notes are callable at February 16, 2024, May 16, 2024 or October 16, 2024 either by us or at the option of the notes holders. These notes are classified within current maturities of debt on our Consolidated Balance Sheet as of September 30, 2023.
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 September 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 DebtSeptemberDecember
20232022
RateDue
Senior unsecured notes:
1.125%November 30, 2023$580 $585 
0.600%December 1, 2023600 599 
3.375%May 15, 2024598 596 
VariousNovember 16, 2024527 — 
0.250%December 3, 2024895 903 
1.150%June 15, 2025648 647 
3.375%November 1, 2025749 748 
3.500%March 15, 2026996 995 
2.125%November 30, 2027788 795 
3.650%March 7, 2028598 597 
0.750%March 1, 2029841 848 
1.950%June 15, 2030992 991 
2.625%November 30, 2030679 684 
1.000%December 3, 2031783 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 loan— 850 
Other3 7 
Total debt$12,690 $13,048 
Less current maturities2,308 1,191 
Total long-term debt$10,382 $11,857 
SeptemberDecember
20232022
Unamortized debt issuance costs$45 $52 
Borrowing capacity on existing facilities$2,160 $2,162 
Fair value of senior unsecured notes$11,333 $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.