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Debt | 9 Months Ended
--- | ---
Sep. 30, 2023
Debt Disclosure [Abstract] |
Debt | Debt The Company’s outstanding debt is as follows:
(In millions) | September 30, 2023 |  | December 31, 2022
Short-term: |  |  |
Current portion of long-term debt | $ | 1,868 |  |  | $ | 268 |
Long-term: |  |  |
Senior notes – 4.05% due 2023 | 250 |  |  | 250 |
Senior notes – 3.50% due 2024 | 600 |  |  | 599 |
Senior notes – 3.875% due 2024 | 999 |  |  | 998 |
Senior notes – 3.50% due 2025 | 499 |  |  | 499 |
Senior notes – 1.349% due 2026 | 581 |  |  | 587 |
Senior notes – 3.75% due 2026 | 599 |  |  | 598 |
Senior notes – 4.375% due 2029 | 1,499 |  |  | 1,499 |
Senior notes – 1.979% due 2030 | 570 |  |  | 576 |
Senior notes – 2.25% due 2030 | 741 |  |  | 739 |
Senior notes – 2.375% due 2031 | 397 |  |  | 397 |
Senior notes – 5.750% due 2032 | 493 |  |  | 493 |
Senior notes – 5.875% due 2033 | 298 |  |  | 298 |
Senior notes – 5.400% due 2033 | 592 |  |  | — |
Senior notes – 4.75% due 2039 | 496 |  |  | 495 |
Senior notes – 4.35% due 2047 | 494 |  |  | 493 |
Senior notes – 4.20% due 2048 | 593 |  |  | 593 |
Senior notes – 4.90% due 2049 | 1,239 |  |  | 1,238 |
Senior notes – 2.90% due 2051 | 346 |  |  | 346 |
Senior notes – 6.25% due 2052 | 491 |  |  | 492 |
Senior notes – 5.450% due 2053 | 591 |  |  | — |
Senior notes – 5.700% due 2053 | 989 |  |  | — |
Mortgage – 5.70% due 2035 | 288 |  |  | 301 |
Other | 4 |  |  | 4 |
| 13,649 |  |  | 11,495 |
Less: current portion | 1,868 |  |  | 268 |
| $ | 11,781 |  |  | $ | 11,227 |
The senior notes in the table are registered by the Company with the Securities and Exchange Commission and are not guaranteed. The Company has a short-term commercial paper financing program of $2.8 billion. The program was increased from $2.0 billion in October 2022. The Company did not have any commercial paper outstanding at September 30, 2023 and December 31, 2022. Credit Facilities In October 2023, the Company increased its multi-currency unsecured $2.8 billion five-year revolving credit facility capacity to $3.5 billion and extended the expiration to October 2028 (the "Credit Facility"). The interest rate on the Credit Facility was initially based on LIBOR plus a fixed margin which varied with the Company's credit rating. In the second quarter of 2023, the Credit Facility was amended that borrowings under the Credit Facility bear interest at a rate per annum equal, at the borrower's option, either at (a) SOFR benchmark rate for U.S. dollar borrowings, or (b) a currency specific benchmark rate, plus an applicable margin which varies with the Company's credit ratings. The Company is required to maintain certain coverage and leverage ratios for the Credit Facility, which are tested quarterly. The Credit Facility includes provisions for determining a benchmark replacement rate in the event existing benchmark rates are no longer available or in certain other circumstances, in which an alternative rate may be required. As of September 30, 2023 and December 31, 2022, the Company had no borrowings under this facility. In October 2023, the Company terminated its one-year $200 million uncommitted revolving credit facility ("Uncommitted Credit Facility"). In the third quarter of 2023, the Company repaid $200 million of borrowings outstanding under the Uncommitted Credit Facility with a weighted average interest rate of 5.50%. There were no borrowings outstanding under the Uncommitted Credit Facility at September 30, 2023 and December 31, 2022. The Company also maintains other credit and overdraft facilities with various financial institutions aggregating $112 million at September 30, 2023. There were no outstanding borrowings under these facilities at September 30, 2023 and December 31, 2022. The Company also has outstanding guarantees and letters of credit with various banks aggregating $131 million at September 30, 2023. Senior Notes In October 2023, the Company repaid $250 million of 4.05% senior notes that matured. In September 2023, the Company issued $600 million of 5.400% senior notes due 2033 and $1 billion of 5.700% senior notes due 2053. The Company intends to use the net proceeds from these issuances for general corporate purposes. In March 2023, the Company issued $600 million of 5.450% senior notes due 2053. The Company used the net proceeds from this issuance for general corporate purposes. In October 2022, the Company issued $500 million of 5.75% senior notes due 2032 and $500 million of 6.25% senior notes due 2052. The Company used the net proceeds from these issuances for general corporate purposes and repaid $350 million of 3.30% senior notes in November 2022, with an original maturity date of March 2023. Fair Value of Short-term and Long-term Debt The estimated fair value of the Company's short-term and long-term debt is provided below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown below are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or need to dispose of the financial instrument.
| September 30, 2023 |  | December 31, 2022
(In millions) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Short-term debt | $ | 1,868 |  |  | $ | 1,849 |  |  | $ | 268 |  |  | $ | 265 |
Long-term debt | $ | 11,781 |  |  | $ | 10,731 |  |  | $ | 11,227 |  |  | $ | 10,544 |
The fair value of the Company's short-term debt consists of term debt maturing within the next year and its fair value approximates its carrying value. The estimated fair value of a primary portion of the Company's long-term debt is based on discounted future cash flows using current interest rates available for debt with similar terms and remaining maturities. Short-term and long-term debt would be classified as Level 2 in the fair value hierarchy.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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