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Debt | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
Debt | Debt Our total debt, including short-term and long-term debt, consisted of the following (in millions):
| As of March 31, 2024 |  | As of December 31, 2023 |
Short-term debt: |  |  |  |
Commercial Paper | $ | 1,916 |  |  | $ | 1,954 |  |
Total short-term debt | 1,916 |  |  | 1,954 |  |
Long-term debt: |  |  |  |
2025 Term Loan due August 31, 2025 | 1,000 |  |  | 1,600 |  |
2025 Senior Notes (3.65%; unsecured due May 23, 2025) | 1,247 |  |  | 1,246 |  |
2025 Senior Notes (3.75%; unsecured due December 1, 2025) | 1,248 |  |  | 1,248 |  |
2027 Senior Notes (4.00%; unsecured due September 15, 2027) | 1,490 |  |  | 1,489 |  |
2027 Senior Notes (3.10%; unsecured due September 15, 2027) | 498 |  |  | 498 |  |
2028 Senior Notes (3.625%; unsecured due September 1, 2028) | 925 |  |  | 920 |  |
2028 Senior Notes (3.75%; unsecured due September 21, 2028) | 596 |  |  | 596 |  |
2029 Senior Notes (4.35%; unsecured due June 15, 2029) | 1,242 |  |  | 1,241 |  |
2030 Senior Notes (2.10%; unsecured due June 15, 2030) | 1,238 |  |  | 1,238 |  |
2032 Senior Notes (1.85%; unsecured due September 15, 2032) | 1,487 |  |  | 1,486 |  |
2033 Senior Notes (4.60%; unsecured due March 15, 2033) | 1,489 |  |  | 1,489 |  |
2040 Senior Notes (2.65%; unsecured due September 15, 2040) | 1,232 |  |  | 1,232 |  |
2048 Senior Notes (4.25%; unsecured due September 21, 2048) | 1,232 |  |  | 1,232 |  |
2050 Senior Notes (3.00%; unsecured due June 15, 2050) | 1,222 |  |  | 1,222 |  |
2052 Senior Notes (4.95%; unsecured due June 15, 2052) | 1,466 |  |  | 1,466 |  |
2060 Senior Notes (3.00%; unsecured due September 15, 2060) | 1,472 |  |  | 1,472 |  |
2062 Senior Notes (5.20%; unsecured due June 15, 2062) | 984 |  |  | 984 |  |
Total long-term debt | 20,068 |  |  | 20,659 |  |
Total debt | $ | 21,984 |  |  | $ | 22,613 |  |
As of March 31, 2024, our senior notes of $19.1 billion had a weighted average maturity of 15 years and a weighted average cost of 3.6% per annum. Credit Facilities We have a $3.9 billion senior unsecured revolving credit facility, or the Credit Facility, with a maturity date of May 25, 2027, with future capacity to increase our borrowings under the Credit Facility by an additional $1.0 billion, subject to the consent of the lenders funding the increase and certain other conditions. No amounts were outstanding under the Credit Facility as of March 31, 2024. As of March 31, 2024, of the $3.9 billion that was available for borrowing under the Credit Facility, $1.9 billion was required to back-stop the notes outstanding under our U.S. dollar commercial paper program, or the Commercial Paper Program, and $172 million was required to support certain broker-dealer and other subsidiary commitments. Amounts required to backstop notes outstanding under the Commercial Paper Program will fluctuate as we increase or decrease our commercial paper borrowings. The remaining $1.8 billion was available for working capital and general corporate purposes including, but not limited to, acting as a backstop to future amounts outstanding under the Commercial Paper Program. We have a $2.4 billion two-year senior unsecured delayed draw term loan facility, or the Term Loan, with a maturity date of August 31, 2025. Draws under the Term Loan bear interest on the principal amount outstanding at either (a) Term Secured Overnight Financing Rate, or Term SOFR, plus an applicable margin plus a credit spread adjustment of 8.75 basis points or (b) a "base rate" plus an applicable margin. The applicable margin ranges from 0.625% to 1.125% for Term SOFR loans and from 0.000% to 0.125% for base rate loans, in each case, based on a ratings-based pricing grid. We have the option to prepay outstanding amounts under the Term Loan in whole or in part at any time. As of March 31, 2024, we had $1.0 billion outstanding under the Term Loan. Our India subsidiaries maintain $14 million of credit lines for their general corporate purposes. As of March 31, 2024, there were no amounts outstanding under these credit lines. Commercial Paper Program Our Commercial Paper Program is currently backed by the borrowing capacity available under the Credit Facility, as described above. The effective interest rate of commercial paper issuances does not materially differ from short-term interest rates, which fluctuate due to market conditions and as a result may impact our interest expense. During the three months ended March 31, 2024, we had net repayments of $38 million under the Commercial Paper Program funded primarily by cash flows from operations. Commercial paper notes of $1.9 billion with original maturities ranging from 4 to 45 days were outstanding as of March 31, 2024, with a weighted average interest rate of 5.6% per annum, and a weighted average remaining maturity of 28 days.

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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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