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Debt (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The following table provides information on the principal amount of our outstanding debt balances:
|  | June 30, 2024 |  | December 31, 2023
|  | (In millions, unless otherwise stated)
Current portion of debt |  |  |  |
$3.5 billion credit facility due August 20, 2027 |  | $ | — |  |  | $ | — |
Commercial paper notes(a) |  | 735 |  |  | 1,989 |
Current portion of senior notes |  |  |  |
4.15% due February 2024 |  | — |  |  | 650 |
4.30% due May 2024 |  | — |  |  | 600 |
4.25% due September 2024 |  | 650 |  |  | 650 |
4.30% due June 2025 |  | 1,500 |  |  | — |
Trust I preferred securities, 4.75%, due March 2028(b) |  | 111 |  |  | 111 |
Current portion of other debt |  | 66 |  |  | 49 |
Total current portion of debt |  | 3,062 |  |  | 4,049 |
Long-term debt (excluding current portion) |  |  |  |
Senior notes |  | 27,989 |  |  | 27,255 |
EPC Building, LLC, promissory note, 3.967%, due 2023 through 2035 |  | 300 |  |  | 311 |
Trust I preferred securities, 4.75%, due March 2028 |  | 110 |  |  | 110 |
Other |  | 161 |  |  | 204 |
Total long-term debt |  | 28,560 |  |  | 27,880 |
Total debt(c) |  | $ | 31,622 |  |  | $ | 31,929 |
(a)Weighted average interest rate on borrowings at June 30, 2024 and December 31, 2023 was 5.52% and 5.68%, respectively. (b)Reflects the portion of cash consideration payable if all the outstanding securities as of the end of the reporting period were converted by the holders. (c)Excludes our “Debt fair value adjustments” which, as of June 30, 2024 and December 31, 2023, increased our total debt balances by $89 million and $187 million, respectively.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The carrying value and estimated fair value of our outstanding debt balances are disclosed below:
| June 30, 2024 |  | December 31, 2023
| Carrying value |  | Estimated fair value(a) |  | Carrying value |  | Estimated fair value(a)
| (In millions)
Total debt | $ | 31,711 |  |  | $ | 30,540 |  |  | $ | 32,116 |  |  | $ | 31,370 |
(a)Included in the estimated fair value are amounts for our Trust I Preferred Securities of $206 million and $207 million as of June 30, 2024 and December 31, 2023, respectively.

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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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