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v3.23.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Long-term debt as of March 31, 2023, and December 31, 2022, consisted of the following (in millions):
|  | March 31, 2023 |  |  |  |
|  |  |  | Weighted |  |  |  |  |  |
|  |  |  | Average |  |  |  |  |  |
|  | Interest |  | Interest |  |  |  | March 31, |  | December 31,
|  | Rates |  | Rate (1) |  | Maturities |  | 2023 |  | 2022
Fixed Rate Notes |  |  |  |  |  |  |  |  |  |
Senior USD Notes |  | 0.6% - 5.6% |  | 3.9% |  | 2024 - 2052 |  | $ | 8,659 |  |  | $ | 9,409 |
Senior Euro Notes |  | 0.6% - 3.0% |  | 1.6% |  | 2023 - 2039 |  | 6,256 |  |  | 6,154 |
Senior GBP Notes |  | 2.3% - 3.4% |  | 6.6% |  | 2029 - 2031 |  | 1,144 |  |  | 1,119 |
Revolving Credit Facility (2) |  |  |  | 6.0% |  | 2026 |  | 556 |  |  | 280 |
Incremental Revolving Credit Facility (3) |  |  |  |  |  | 2023 |  | — |  |  | — |
Other (4) |  |  |  |  |  |  |  | (571) |  |  | (622) |
Total long-term debt, including current portion |  |  |  |  |  | 16,044 |  |  | 16,340 |
Current portion of long-term debt |  |  |  |  |  |  |  | (2,139) |  |  | (2,133) |
Long-term debt, excluding current portion |  |  |  |  |  | $ | 13,905 |  |  | $ | 14,207 |
(1)The weighted average interest rate includes the impact of interest rate swaps and excludes the impact of cross-currency interest rate swaps (see Note 7). (2)Interest on the Revolving Credit Facility is generally payable at LIBOR plus an applicable margin of up to 1.625% plus an unused commitment fee of up to 0.225%, each based upon the Company's corporate credit ratings. The weighted average interest rate on the Revolving Credit Facility excludes fees. (3)Interest on the Incremental Revolving Credit Facility is generally payable at a rate, at the option of the Company, equal to the Term SOFR Rate plus 0.10% plus a margin of up to 1.625% or equal to the Base Rate plus a margin of up to 0.625%, in either case plus an unused commitment fee of up to 0.225%. (4)Other includes financing obligations for certain hardware and software, the fair value of interest rate swaps (see Note 7), unamortized non-cash bond discounts and unamortized debt issuance costs.
Schedule of Short-Term Debt | Short-term borrowings as of March 31, 2023, and December 31, 2022, consisted of the following (in millions):
|  | March 31, 2023 |  |  |  |
|  | Weighted |  |  |  |  |  |
|  | Average |  |  |  |  |  |
|  | Interest |  |  |  | March 31, |  | December 31,
|  | Rate |  | Maturities |  | 2023 |  | 2022
Euro-commercial paper notes ("ECP Notes") |  | 3.0 | % |  | Up to 183 days |  | $ | 1,924 |  |  | $ | 2,054 |
U.S. commercial paper notes ("USCP Notes") |  | 5.4 | % |  | Up to 397 days |  | 2,044 |  |  | 1,701 |
Other |  |  |  |  |  | — |  |  | 42 |
Total Short-term borrowings |  |  |  |  |  | $ | 3,968 |  |  | $ | 3,797 |
Schedule of Principal Maturities of Long-Term Debt | The following summarizes the aggregate maturities of our long-term debt, including other financing obligations for certain hardware and software, based on stated contractual maturities, excluding the fair value of the interest rate swaps (see Note 7) and net unamortized non-cash bond discounts of $(552) million as of March 31, 2023 (in millions):
|  | Total
2023 remaining period |  | $ | 1,392 |
2024 |  | 1,311 |
2025 |  | 1,448 |
2026 |  | 1,261 |
2027 |  | 2,416 |
Thereafter |  | 8,865 |
Total principal payments |  | 16,693 |
Debt issuance costs, net of accumulated amortization |  | (97) |
Total long-term debt |  | $ | 16,596 |

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