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Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of debt

Debt consisted of the following (in millions):

			March 31, 2023						December 31, 2022
SHORT-TERM DEBT
Senior notes:
2.85% senior notes due January 2023 (1)			$	—					$	400
3.85% senior notes due October 2023			700						700
Other			8						59
Total short-term debt			708						1,159
LONG-TERM DEBT
Senior notes, net of unamortized discounts and debt issuance costs of $45 and $46, respectively			7,238						7,237
Other			50						50
Total long-term debt			7,288						7,287
Total debt (2)			$	7,996					$	8,446

(1)These senior notes were redeemed on January 31, 2023.

(2)Our fixed-rate senior notes had a face value of approximately $8.0 billion and $8.4 billion as of March 31, 2023 and December 31, 2022, respectively. We estimated the aggregate fair value of these notes as of March 31, 2023 and December 31, 2022 to be approximately $7.3 billion and $7.6 billion, respectively. Our fixed-rate senior notes are traded among institutions, and these trades are routinely published by a reporting service. Our determination of fair value is based on reported trading activity near the end of the reporting period. The fair value estimate for our senior notes is based upon observable market data and is classified in Level 2 of the fair value hierarchy.

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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.

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