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Debt and Borrowing Arrangements (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Short-Term Borrowings and Related Weighted-Average Interest Rates | Our short-term borrowings and related weighted-average interest rates consisted of:
| As of September 30, 2023 |  | As of December 31, 2022
| Amount Outstanding |  | Weighted- Average Rate |  | Amount Outstanding |  | Weighted- Average Rate
| (in millions, except percentages)
Commercial paper | $ | 1,142 |  |  | 5.5 | % |  | $ | 2,209 |  |  | 4.7 | %
Bank loans | 79 |  |  | 16.9 | % |  | 90 |  |  | 9.1 | %
Total short-term borrowings | $ | 1,221 |  |  |  |  | $ | 2,299 |  |  |
Schedule of Uncommitted and Committed Credit Lines Available | Our uncommitted credit lines and committed credit lines available as of September 30, 2023 and December 31, 2022 include:
| As of September 30, 2023 |  | As of December 31, 2022
| Facility Amount |  | Borrowed Amount |  | Facility Amount |  | Borrowed Amount
| (in millions)
Uncommitted credit facilities | $ | 1,352 |  |  | $ | 79 |  |  | $ | 1,335 |  |  | $ | 90 |
Credit facilities: |  |  |  |  |  |  |
February 22, 2023 (1) | — |  |  | — |  |  | 2,500 |  |  | — |
March 11, 2023 (1) | — |  |  | — |  |  | 2,000 |  |  | — |
December 29, 2023 (1) (2) | 2,000 |  |  | — |  |  | — |  |  | — |
February 21, 2024 (1) | 1,500 |  |  | — |  |  | — |  |  | — |
July 29, 2025 (1) (3) | — |  |  | — |  |  | 2,000 |  |  | 2,000 |
October 18, 2025 (4) | 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 September 30, 2023, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $39.8 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 October 18, 2023, we terminated the credit facility due to expire on December 29, 2023. (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. (4)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.
Schedule of Fair Value of 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 September 30, 2023 |  | As of December 31, 2022
| (in millions)
Fair Value | $ | 17,159 |  |  | $ | 20,217 |
Carrying Value | $ | 19,986 |  |  | $ | 22,933 |
Schedule of Interest and Other Expense | Interest and other expense, net consisted of:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions)
Interest expense, debt | $ | 134 |  |  | $ | 114 |  |  | $ | 432 |  |  | $ | 294 |
Loss on debt extinguishment and related expenses | — |  |  | — |  |  | 1 |  |  | 129 |
Other income, net | (68) |  |  | (43) |  |  | (175) |  |  | (86) |
Interest and other expense, net | $ | 66 |  |  | $ | 71 |  |  | $ | 258 |  |  | $ | 337 |

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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