XML 26 R12.htm IDEA: XBRL DOCUMENT v3.24.2
Debt (Notes)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt
4. Debt

The following table provides information on the principal amount of our outstanding debt balances:
June 30, 2024December 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 debt66 49 
Total current portion of debt3,062 4,049 
Long-term debt (excluding current portion)
Senior notes27,989 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 
Other161 204 
Total long-term debt28,560 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.

On February 1, 2024, we issued, in a registered offering, two series of senior notes consisting of $1,250 million aggregate principal amount of 5.00% senior notes due 2029 and $1,000 million aggregate principal amount of 5.40% senior notes due 2034 and received combined net proceeds of $2,230 million.

We and substantially all of our wholly owned domestic subsidiaries are parties to a cross guarantee agreement whereby each party to the agreement unconditionally guarantees, jointly and severally, the payment of specified indebtedness of each other party to the agreement.

Credit Facilities and Restrictive Covenants

As of June 30, 2024, we had no borrowings outstanding under our credit facility, $735 million borrowings outstanding under our commercial paper program and $57 million in letters of credit. Our availability under our credit facility as of June 30, 2024 was $2.7 billion. For the period ended June 30, 2024, we were in compliance with all required covenants.
Fair Value of Financial Instruments

The carrying value and estimated fair value of our outstanding debt balances are disclosed below:
June 30, 2024December 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.

We used Level 2 input values to measure the estimated fair value of our outstanding debt balance as of both June 30, 2024 and December 31, 2023.