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Debt and Borrowing Arrangements
 9 Months Ended
Sep. 30, 2024
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 September 30, 2024As of December 31, 2023
Amount
Outstanding		Weighted-
Average Rate		Amount
Outstanding		Weighted-
Average Rate
(in millions, except percentages)
Commercial paper$1,441 5.2 %$346 5.5 %
Bank loans43 14.7 %74 17.2 %
Total short-term borrowings$1,484 $420 

Our uncommitted credit lines and committed credit lines available as of September 30, 2024 and December 31, 2023 include:
 As of September 30, 2024As of December 31, 2023
Facility AmountBorrowed AmountFacility AmountBorrowed Amount
(in millions)
Uncommitted credit facilities (1)
$893 $43 $906 $74 
Credit facilities:
February 19, 2025 (2)
1,500 — 1,500 — 
February 23, 2027 (2)
4,500 — 4,500 — 
Various (3)
— — 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 September 30, 2024, 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.
(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 bore a variable rate based on SOFR plus applicable margin. On August 13, 2024, we repaid all amounts borrowed and terminated this credit facility.
Debt Repayments
During the nine months ended September 30, 2024, we repaid the following notes (in millions):

Interest RateMaturity DateAmountUSD Equivalent
2.125%March 2024$500$500
2.250%
September 2024 (1)
$500$500
0.000%
September 2024 (1) (2)
€300$333
0.750%
September 2024 (1)
$500$500
0.617%September 2024Fr.125$148
(1)Repaid by Mondelez International Holdings Netherlands B.V. ("MIHN"), a wholly owned Dutch subsidiary of Mondelēz International, Inc.
(2)Repayment of €300 million exchangeable bonds. Refer to Note 6, Investments for additional detail on these exchangeable bonds.

During the nine months ended September 30, 2023, we did not complete any debt repayments.

Debt Issuances
During the nine months ended September 30, 2024, we issued the following notes (in millions):

Issuance Date
Interest RateMaturity Date
Gross Proceeds (1)
Gross Proceeds USD Equivalent
February 20244.750%February 2029$550$550
July 20244.625%July 2031C$650$473
August 20244.750%August 2034$500$500

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

During the nine months ended September 30, 2023, we did not complete any debt issuances.

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 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, 2024As of December 31, 2023
(in millions)
Fair Value$18,164 $17,506 
Carrying Value$19,804 $19,408 

Interest and Other Expense, net
Interest and other expense, net consisted of:
For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
 2024202320242023
 (in millions)(in millions)
Interest expense, debt$129 $134 $381 $432 
Loss on debt extinguishment and related expenses
— — — 1 
Other income, net
(83)(68)(235)(175)
Interest and other expense, net$46 $66 $146 $258 

Other income, net includes amounts excluded from hedge effectiveness related to our net investment hedge derivative contracts and movement in foreign currency exchange rates on certain foreign currency denominated assets and liabilities and related economic hedges. Refer to Note 9, Financial Instruments.