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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
 
Debt maturities are presented below:
 December 31,
 20222021
 ($ in millions)
Notes and debentures, with weighted-average interest rates as of December 31, 2022:  
3.95% maturing to 2027
$2,770 $3,318 
3.66% maturing 2028 to 2032
2,595 1,995 
4.05% maturing 2037 to 2055
9,247 8,097 
5.22% maturing 2097 to 2121
1,384 1,384 
Securitization borrowings and finance leases116 22 
Discounts, premiums, and debt issuance costs(930)(976)
Total debt15,182 13,840 
Less current maturities and short-term debt(703)(553)
Long-term debt excluding current maturities and short-term debt$14,479 $13,287 
Long-term debt maturities subsequent to 2023 are as follows: 
2024$403 
2025554 
2026602 
2027621 
2028 and subsequent years12,299 
  
Total$14,479 

In June 2022, we issued $750 million of 4.55% senior notes due 2053.

In February 2022, we issued $600 million of 3.00% senior notes due 2032 and $400 million of 3.70% senior notes due 2053.

In May 2022, we renewed our accounts receivable securitization program with a maximum borrowing capacity of $400 million. The term expires in May 2023. Under this facility NSR sells substantially all of its eligible third-party receivables to a subsidiary, which in turn may transfer beneficial interests in the receivables to various commercial paper vehicles. Amounts received under this facility are accounted for as borrowings. We had $100 million (at an average variable interest rate of 5.05%) outstanding under this program at December 31, 2022, which is included within “Short-term debt”, and no amounts outstanding at December 31, 2021. Our available borrowing capacity was $300 million and $400 million at December 31, 2022 and December 31, 2021, respectively. Our accounts receivable securitization program was supported by $883 million in receivables at December 31, 2022, which are included in “Accounts receivable – net”.

Credit Agreement and Debt Covenants

We also have in place and available an $800 million credit agreement expiring in March 2025, which provides for borrowings at prevailing rates and includes covenants. We had no amounts outstanding under this facility at either December 31, 2022 or December 31, 2021, and we are in compliance with all of its covenants.

Subsequent Event
On February 2, 2023, we issued $500 million of 4.45% senior notes due 2033.