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Debt and Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024												As of December 31, 2023
			Amount Outstanding						Weighted- Average Rate						Amount Outstanding						Weighted- Average Rate
			(in millions, except percentages)
Commercial paper			$	806					5.5		%				$	346					5.5		%
Bank loans			32						12.1		%				74						17.2		%
Total short-term borrowings			$	838											$	420

Schedule of Uncommitted and Committed Credit Lines Available

Our uncommitted credit lines and committed credit lines available as of June 30, 2024 and December 31, 2023 include:

			As of June 30, 2024												As of December 31, 2023
			Facility Amount						Borrowed Amount						Facility Amount						Borrowed Amount
			(in millions)
Uncommitted credit facilities (1)			$	847					$	32					$	906					$	74
Credit facilities:
February 19, 2025 (2)			1,500						—						1,500						—
February 23, 2027 (2)			4,500						—						4,500						—
Various (3)			432						432						277						277

(1)Prior year facility amount has been revised.

(2)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, 2024, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $39.2 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.

(3)On April 18, 2023, and subsequently amended on October 3, 2023 and April 4, 2024, we entered into a credit facility secured by pledged deposits classified as long-term other assets. Draw downs on the facility bear a variable rate based on SOFR plus applicable margin. On April 5, 2024, we drew down $0.15 billion which is due on February 15, 2029.

Schedule of Debt Repayments

Debt Repayments

During the six months ended June 30, 2024, we repaid the following notes (in millions):

Interest Rate

Maturity Date

Amount

USD Equivalent

2.125%

March 2024

$500

$500

Schedule of Debt Issuances

During the six months ended June 30, 2024, we issued the following notes (in millions):

Issuance Date

Interest Rate

Maturity Date

Gross Proceeds (1)

Gross Proceeds USD Equivalent

February 2024

4.750%

February 2029

$550

$550

(1)Represents gross proceeds from the issuance of notes excluding debt issuance costs, discounts and premiums.

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 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, 2024						As of December 31, 2023
			(in millions)
Fair Value			$	17,563					$	17,506
Carrying Value			$	19,753					$	19,408

Schedule of Interest and Other Expense

Interest and other expense, net consisted of:

			For the Three Months Ended June 30,												For the Six Months Ended June 30,
			2024						2023						2024						2023
			(in millions)												(in millions)
Interest expense, debt			$	130					$	145					$	252					$	298
Loss on debt extinguishment and related expenses			—						1						—						1
Other income, net			(98)						(49)						(152)						(107)
Interest and other expense, net			$	32					$	97					$	100					$	192

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