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Financing Arrangements
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Financing Arrangements Financing Arrangements
Presented below are our debt carrying amounts, net of related discounts, premiums and debt issuance costs and fair values as of March 31, 2023 and December 31, 2022:
(in millions)As of
March 31, 2023		As of
December 31, 2022
2.900% senior notes due June 1, 2030
$596 $595 
3.200% senior notes due October 1, 2026
498 498 
3.900% senior notes due June 1, 2050
391 390 
6.625% senior notes due April 15, 2037
253 253 
Term loan credit agreement due December 16, 2024200 200 
Revolving credit agreement— — 
Other long-term borrowings— 4 
Total long-term debt1,938 1,940 
Commercial paper497 390 
Other short-term borrowings204 153 
Total short-term borrowings701 543 
Total debt$2,639 $2,483 
We maintain a commercial paper program under which we may issue senior unsecured notes of short maturities up to a maximum aggregate principal amount of $1 billion outstanding at any time. The notes may be sold from time to time on customary terms in the U.S. commercial paper market. We use the note proceeds for general corporate purposes. During the first quarter of 2023, the average amount of commercial paper outstanding was $460 million with an average interest rate of 4.79 percent and a weighted average maturity of 7 days. During the first quarter of 2022, the average amount of commercial paper outstanding was $353 million with an average interest rate of 0.38 percent and a weighted average maturity of 27 days. As of March 31, 2023, $497 million of commercial paper was outstanding with an average interest rate of 5.11 percent and a weighted average maturity of 6 days. As of December 31, 2022, $390 million of commercial paper was outstanding with an average interest rate of 4.75 percent and a weighted average maturity of 7 days. The amount of commercial paper outstanding under this program in 2023 is expected to fluctuate.
Other short-term borrowings as of March 31, 2023 and December 31, 2022 primarily include amounts outstanding under various unsecured local country operating lines of credit.