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DEBT AND CREDIT FACILITIES | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
DEBT AND CREDIT FACILITIES |
DEBT AND CREDIT FACILITIES
Debt Outstanding At December 31, 2023 and 2022, we had the following debt outstanding:
as of December 31 (in millions) | Effective interest rate in 2023¹ | 2023 1 |  | 2022 1
Commercial paper | — | % | $ | — |  |  | $ | 299 |
0.868% notes due 2023 | — | % | — |  |  | 799 |
Floating-rate notes due 2023 | — | % | — |  |  | 299 |
0.4% notes due 2024 | 0.3 | % | 828 |  |  | 799 |
1.322% notes due 2024 | 1.5 | % | 1,398 |  |  | 1,395 |
7.0% notes due 2024 | 7.0 | % | 13 |  |  | 13 |
Floating-rate notes due 2024 | 5.7 | % | 300 |  |  | 299 |
Term loan maturing 2024 | 6.9 | % | 130 |  |  | 1,664 |
1.3% notes due 2025 | 1.1 | % | 662 |  |  | 640 |
2.6% notes due 2026 | 2.7 | % | 748 |  |  | 748 |
Term loan maturing 2026 | 6.5 | % | 1,643 |  |  | 1,643 |
7.65% debentures due 2027 | 8.3 | % | 5 |  |  | 5 |
1.915% notes due 2027 | 2.0 | % | 1,445 |  |  | 1,443 |
6.625% debentures due 2028 | 5.7 | % | 95 |  |  | 96 |
2.272% notes due 2028 | 2.4 | % | 1,244 |  |  | 1,242 |
1.3% notes due 2029 | 1.4 | % | 828 |  |  | 792 |
3.95% notes due 2030 | 4.1 | % | 496 |  |  | 496 |
1.73% notes due 2031 | 2.7 | % | 646 |  |  | 645 |
2.539% notes due 2032 | 2.6 | % | 1,540 |  |  | 1,538 |
6.25% notes due 2037 | 6.4 | % | 265 |  |  | 265 |
3.65% notes due 2042 | 3.8 | % | 6 |  |  | 7 |
4.5% notes due 2043 | 4.6 | % | 256 |  |  | 256 |
3.5% notes due 2046 | 3.7 | % | 440 |  |  | 441 |
3.132% notes due 2051 | 3.2 | % | 741 |  |  | 742 |
Finance leases and other | 9.1 | % | 69 |  |  | 70 |
Total debt and finance lease obligations |  | 13,798 |  |  | 16,636 |
Short-term debt |  | — |  |  | (299) |
Current maturities of long-term debt and finance lease obligations |  | (2,668) |  |  | (1,105) |
Long-term debt and finance lease obligations |  | $ | 11,130 |  |  | $ | 15,232 |
1 Book values include any discounts, premiums and adjustments related to hedging instruments and effective interest rates reflect amortization of those items. Significant Debt Activity In 2023, we repaid our $800 million 0.868% notes due 2023, our $300 million floating rate notes due 2023 and $1.54 billion under our $2.00 billion three-year term loan facility maturing in 2024. In 2022, we repaid our $203 million 2.4% notes due 2022, $335 million under our $2.00 billion three-year term loan facility maturing in 2024 and $355 million under our $2.00 billion five-year term loan facility maturing in 2026. The losses from our early extinguishments of debt in 2023 and 2022 were not significant. Credit Facilities As of December 31, 2023, we had a U.S. Dollar-denominated term loan credit facility, which had two tranches of term loans outstanding, a U.S. Dollar-denominated revolving credit facility and a Euro-denominated revolving credit facility. Borrowings under the term loan credit facility bear interest on the principal amount outstanding at either Term SOFR plus an applicable margin plus a credit spread adjustment or a “base rate” plus an applicable margin. The term loan credit facility contains various covenants, including a maximum net leverage ratio. We have the option to prepay outstanding amounts under the term loan credit facility in whole or in part at any time. Our U.S. Dollar-denominated revolving credit facility has a capacity of $2.50 billion and our Euro-denominated revolving credit facility has a capacity of €200 million. Fees under the credit facilities are 0.125% annually as of December 31, 2023 and 2022, and are based on our credit ratings and the total capacity of the facility. There were no borrowings outstanding under the revolving credit facilities as of December 31, 2023 and 2022. Our commercial paper borrowing arrangements require us to maintain undrawn borrowing capacity under our revolving credit facilities for an amount at least equal to our outstanding commercial paper borrowings. Each of the revolving credit facilities matures in 2026. The revolving credit facilities enable us to borrow funds on an unsecured basis at variable interest rates and contain various covenants, including a maximum net leverage ratio. In the first quarter of 2023, we amended the credit agreements governing our U.S. Dollar-denominated term loan credit facility and revolving credit facility and the guaranty agreement with respect to our Euro-denominated revolving credit facility, in each case to amend the net leverage ratio covenant to increase the maximum net leverage ratio for the four fiscal quarters ending March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023. In the third quarter of 2022, we previously amended the credit agreements governing our term loan facility and our U.S. Dollar-denominated revolving credit facility and the guaranty agreement with respect to our Euro-denominated revolving credit facility, in each case to delay the commencement of our net leverage ratio covenant step-down schedule until June 30, 2024. We also amended the credit agreements governing our term loan facility and our U.S. Dollar-denominated revolving credit facility to transition the benchmark rate from LIBOR to the Secured Overnight Financing Rate (SOFR). Based on our covenant calculations as of December 31, 2023 we have capacity to draw on the full amounts under our revolving credit facilities. We also maintain other credit arrangements, which totaled approximately $238 million and $230 million as of December 31, 2023 and 2022, respectively. There were no amounts outstanding under these arrangements as of December 31, 2023 and 2022. As of December 31, 2023, we were in compliance with the financial covenants in these agreements. The non-performance of any financial institution supporting any of the credit facilities would reduce the maximum capacity of these facilities by each institution’s respective commitment. Commercial Paper There was no commercial paper outstanding as of December 31, 2023. As of December 31, 2022, we had $299 million of commercial paper outstanding with a weighted-average interest rate of 4.75% and an original weighted-average term of 32 days. Future Debt and Finance Lease Maturities
as of and for the years ended December 31 (in millions) | Debt maturities
2024 | $ | 2,677 |
2025 | 668 |
2026 | 2,401 |
2027 | 1,460 |
2028 | 1,347 |
Thereafter | 5,302 |
Total debt and finance lease maturities | 13,855 |
Discounts, premiums, and adjustments relating to hedging instruments | (57) |
Total debt and finance lease obligations | $ | 13,798 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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