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Debt | 9 Months Ended
--- | ---
Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt | Debt The Company’s outstanding debt is as follows:
(In millions) |  | September 30, 2024 |  | December 31, 2023
Short-term: |  |  |  |
Current portion of long-term debt |  | $ | 518 |  |  | $ | 1,619 |
|  | $ | 518 |  |  | $ | 1,619 |
Long-term: |  |  |  |
Senior notes – 3.50% due 2024 |  | $ | — |  |  | $ | 600 |
Senior notes – 3.875% due 2024 |  | — |  |  | 1,000 |
Senior notes – 3.50% due 2025 |  | 500 |  |  | 499 |
Senior notes – 1.349% due 2026 |  | 623 |  |  | 617 |
Senior notes – 3.75% due 2026 |  | 599 |  |  | 599 |
Senior notes – 4.375% due 2029 |  | 1,499 |  |  | 1,499 |
Senior notes – 1.979% due 2030 |  | 603 |  |  | 601 |
Senior notes – 2.25% due 2030 |  | 742 |  |  | 741 |
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 |  | 593 |  |  | 592 |
Senior notes – 5.150% due 2034 |  | 495 |  |  | — |
Senior notes – 4.75% due 2039 |  | 496 |  |  | 496 |
Senior notes – 4.35% due 2047 |  | 494 |  |  | 494 |
Senior notes – 4.20% due 2048 |  | 593 |  |  | 593 |
Senior notes – 4.90% due 2049 |  | 1,239 |  |  | 1,239 |
Senior notes – 2.90% due 2051 |  | 346 |  |  | 346 |
Senior notes – 6.25% due 2052 |  | 491 |  |  | 491 |
Senior notes – 5.450% due 2053 |  | 591 |  |  | 591 |
Senior notes – 5.700% due 2053 |  | 988 |  |  | 988 |
Senior notes – 5.450% due 2054 |  | 493 |  |  | — |
Mortgage – 5.70% due 2035 |  | 271 |  |  | 284 |
Other |  | 4 |  |  | 5 |
|  | 12,848 |  |  | 13,463 |
Less: current portion |  | 518 |  |  | 1,619 |
|  | $ | 12,330 |  |  | $ | 11,844 |
The senior notes in the table above are registered by the Company with the Securities and Exchange Commission and are not guaranteed. In November 2023, the Company increased its short-term commercial paper financing program (the "Program") to $3.5 billion from $2.8 billion. The Company did not have any commercial paper outstanding at September 30, 2024 and December 31, 2023. Credit Facilities In October 2023, the Company increased its multi-currency unsecured five-year credit facility (the "Credit Facility") capacity to $3.5 billion from $2.8 billion and extended the expiration to October 2028. 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 so that borrowings under the Credit Facility bear interest at a rate per annum, equal, at the Company'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 evaluated 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. At September 30, 2024 and December 31, 2023, the Company had no borrowings under this facility. In October 2023, the Company terminated its one-year uncommitted revolving credit facility ("Uncommitted Credit Facility"). In the third quarter of 2023, the Company repaid $200 million of borrowings outstanding under this facility with a weighted average interest rate of 5.50%. There were no borrowings outstanding under the Uncommited Credit Facility at September 30, 2023. The Company also maintains other credit and overdraft facilities with various financial institutions aggregating $124 million and $113 million, at September 30, 2024 and December 31, 2023, respectively. There were no outstanding borrowings under these facilities at September 30, 2024 and December 31, 2023. The Company also has outstanding guarantees and letters of credit with various banks aggregating $153 million and $139 million, at September 30, 2024 and December 31, 2023, respectively. Senior Notes In June 2024, the Company repaid $600 million of 3.50% senior notes at maturity. In March 2024, the Company repaid $1 billion of 3.875% senior notes at maturity. In February 2024, the Company issued $500 million of 5.150% senior notes due 2034 and $500 million of 5.450% senior notes due 2054. The Company used the net proceeds from these issuances for general corporate purposes. In October 2023, the Company repaid $250 million of 4.05% senior notes at maturity. 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. 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. Pending Acquisition In connection with the pending McGriff Transaction, on September 29, 2024, the Company entered into a Bridge Loan Commitment Letter (the “Commitment Letter”) to provide the Company with 100% of the loans under a 364-day unsecured bridge term loan facility in an amount not to exceed $7.75 billion (the “Bridge Loan Facility”). The Company paid approximately $23 million for customary upfront fees related to the Commitment Letter, which will be amortized as interest expense based on the period of time the Bridge Loan Facility is expected to be in effect. Any borrowing under the Bridge Loan Facility will mature 364 days from the funding date, and the Company will be required to comply with certain covenants including maintaining an interest coverage ratio and leverage ratio within specified levels. The loans will bear interest at a rate per annum, equal to, at the Company’s election, either (a) SOFR-based rate, or (b) an alternative base rate, in each case, plus an applicable margin which varies with the Company's credit ratings. At September 30, 2024, there has not been any funding of bridge loans under the Commitment Letter. The commitments under the Bridge Loan Facility are expected to be reduced, or any loans borrowed repaid, with long-term financing, equity issuances, or disposition of assets. 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 in the following table 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, 2024 |  | December 31, 2023
(In millions) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Short-term debt | $ | 518 |  |  | $ | 515 |  |  | $ | 1,619 |  |  | $ | 1,610 |
Long-term debt | $ | 12,330 |  |  | $ | 12,279 |  |  | $ | 11,844 |  |  | $ | 11,723 |
The fair value of the Company's short-term debt consists primarily of commercial and 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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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