XML 31 R16.htm IDEA: XBRL DOCUMENT v3.23.1
Debt and Borrowing Arrangements
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt and Borrowing Arrangements
Note 8. Debt and Borrowing Arrangements

Short-Term Borrowings
Our short-term borrowings and related weighted-average interest rates consisted of:
 As of March 31, 2023As of December 31, 2022
Amount
Outstanding		Weighted-
Average Rate		Amount
Outstanding		Weighted-
Average Rate
(in millions, except percentages)
Commercial paper$2,350 4.8 %$2,209 4.7 %
Bank loans111 9.5 %90 9.1 %
Total short-term borrowings$2,461 $2,299 

Our uncommitted credit lines and committed credit lines available as of March 31, 2023 and December 31, 2022 include:
 As of March 31, 2023As of December 31, 2022
Facility AmountBorrowed AmountFacility AmountBorrowed Amount
(in millions)
Uncommitted credit facilities$1,306 $111 $1,335 $90 
Credit facility expiry (1):
February 22, 2023— — 2,500 — 
March 11, 2023— — 2,000 — 
February 21, 20241,500 — — — 
July 29, 2025 (2)
2,000 1,000 2,000 2,000 
February 23, 20274,500 — 4,500 — 
(1)We maintain a multi-year senior unsecured revolving credit facility for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreement includes a covenant that we maintain a minimum shareholders' equity of at least $25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with the ongoing application of any mark-to-market accounting for pensions and other retirement plans. At March 31, 2023, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $39.0 billion. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security.
(2)On March 31, 2022, we entered into a supplemental term loan credit facility that can be utilized for general corporate purposes, including acquisitions. Under this agreement, we may draw up to a total of $2.0 billion in term loans from the facility. On July 29, 2022, we drew down $2.0 billion in term loans, due July 29, 2025, bearing interest at a variable annual rate based on SOFR plus an applicable margin. On March 3, 2023, we repaid $1.0 billion in term loans. Subsequently on April 3, 2023, we repaid $0.3 billion.


On April 6, 2023, we entered into an additional revolving credit agreement that can be utilized for general corporate purposes and to support our commercial paper program. Under this agreement, we may draw up to a total of $2.0 billion from the facility. This agreement will terminate on December 29, 2023.

Long-Term Debt
As of March 31, 2023, the Company reclassified the net carrying value of debt of $800 million due within one year from long-term debt to current portion of long-term debt.

Fair Value of Our Debt
The fair value of our short-term borrowings reflects current market interest rates and approximates the amounts we have recorded on our consolidated balance sheets. The fair value of our term loans was determined using quoted prices for similar instruments in markets that are not active (Level 2 valuation data) and approximates the amounts we have recorded on our consolidated balance sheets. The fair value of our long-term debt was determined using quoted prices in active markets (Level 1 valuation data) for the publicly traded debt obligations.

 As of March 31, 2023As of December 31, 2022
(in millions)
Fair Value$19,782 $20,217 
Carrying Value$22,202 $22,933 

Interest and Other Expense, net
Interest and other expense, net consisted of:
For the Three Months Ended
March 31,
 20232022
 (in millions)
Interest expense, debt$153 $91 
Loss on debt extinguishment and
   related expenses		— 129 
Other (income), net(58)(52)
Interest and other expense, net$95 $168 

Other income, net includes amounts excluded from hedge effectiveness related to our net investment hedge derivative contracts. Refer to Note 9, Financial Instruments.