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Debt and Credit Facilities
 12 Months Ended
Dec. 31, 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. Certain of our credit facilities require us to comply with financial and other covenants. We were in compliance with all covenants on December 31, 2023.
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 December 31, 2023 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.
During 2023 we made payments of $850 to extinguish the remaining balance on the $1.5 billion term loan scheduled to mature on February 22, 2025.
In August 2023 we issued €500 of floating rate senior notes due November 16, 2024. The notes bear interest at a 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.
In November 2023 we repaid the outstanding €550 principal amount of 1.125% senior unsecured notes due November 30, 2023 and in December 2023 we repaid the outstanding $600 principal amount of 0.600% senior unsecured notes due December 1, 2023. We subsequently issued $600 of 4.850% senior unsecured notes due December 8, 2028 and €600 of 3.375% senior unsecured notes due December 11, 2028. The following table summarizes our total debt at December 31:
Summary of Total Debt
RateDue20232022
Senior unsecured notes:
1.125%November 30, 2023$— $585 
0.600%December 1, 2023— 599 
3.375%May 15, 2024600 596 
VariousNovember 16, 2024554 — 
0.250%December 3, 2024940 903 
1.150%June 15, 2025648 647 
3.375%November 1, 2025749 748 
3.500%March 15, 2026997 995 
2.125%November 30, 2027828 795 
3.650%March 7, 2028598 597 
4.850%December 8, 2028596 — 
3.375%December 11, 2028661 — 
0.750%March 1, 2029883 848 
1.950%June 15, 2030991 991 
2.625%November 30, 2030713 684 
1.000%December 3, 2031823 790 
4.100%April 1, 2043393 392 
4.375%May 15, 2044396 396 
4.625%March 15, 2046983 983 
2.900%June 15, 2050642 642 
Term loan— 850 
Other— 7 
Total debt$12,995 $13,048 
Less current maturities2,094 1,191 
Total long-term debt$10,901 $11,857 
Unamortized debt issuance costs$50 $52 
Borrowing capacity on existing facilities$2,160 $2,162 
Fair value of senior unsecured notes$12,252 $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.
Interest expense on outstanding debt and credit facilities, including required fees incurred, that were included in other income (expense), net, totaled $356, $337, and $337 in 2023, 2022 and 2021.