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Debt and Borrowing Arrangements
 6 Months Ended
Jun. 30, 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 June 30, 2023As of December 31, 2022
Amount
Outstanding		Weighted-
Average Rate		Amount
Outstanding		Weighted-
Average Rate
(in millions, except percentages)
Commercial paper$2,080 5.4 %$2,209 4.7 %
Bank loans98 10.2 %90 9.1 %
Total short-term borrowings$2,178 $2,299 
Our uncommitted credit lines and committed credit lines available as of June 30, 2023 and December 31, 2022 include:
 As of June 30, 2023As of December 31, 2022
Facility AmountBorrowed AmountFacility AmountBorrowed Amount
(in millions)
Uncommitted credit facilities$1,311 $98 $1,335 $90 
Credit facilities:
February 22, 2023 (1)
— — 2,500 — 
March 11, 2023 (1)
— — 2,000 — 
December 29, 2023 (1)
2,000 — — — 
February 21, 2024 (1)
1,500 — — — 
July 29, 2025 (1) (3)
— — 2,000 2,000 
October 18, 2025 (2)
189 189 — — 
February 23, 2027 (1)
4,500 — 4,500 — 

(1)We maintain senior unsecured revolving credit facilities for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreements include 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 June 30, 2023, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $39.4 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 April 18, 2023, we entered into a credit facility secured by pledged deposits. Under this agreement, we may draw up to a total of $0.2 billion in loans from the facility. On April 25, 2023, we drew down $0.2 billion bearing a variable rate based on SOFR plus an applicable margin.
(3)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. Amounts borrowed and repaid under the facility may not be reborrowed. 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. We repaid $1.0 billion on March 3, 2023, $0.3 billion on April 3, 2023, and $0.7 billion on May 3, 2023 in term loans.


Long-Term Debt
As of June 30, 2023, the Company reclassified the net carrying value of debt of $500 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 June 30, 2023As of December 31, 2022
(in millions)
Fair Value$18,703 $20,217 
Carrying Value$21,226 $22,933 
Interest and Other Expense, net
Interest and other expense, net consisted of:
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
 2023202220232022
 (in millions)
Interest expense, debt$145 $89 $298 $180 
Loss on debt extinguishment and
   related expenses		1 — 1 129 
Other (income)/expense, net(49)9 (107)(43)
Interest and other expense, net$97 $98 $192 $266 

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