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Financing Arrangements
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Financing Arrangements 8. Financing Arrangements
Presented below are our debt carrying amounts, net of related discounts, premiums and debt issuance costs as of September 30, 2023 and December 31, 2022:
(in millions)As of
September 30, 2023		As of
December 31, 2022
2.900% senior notes due June 1, 2030
$596 $595 
3.200% senior notes due October 1, 2026
499 498 
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 borrowings1 4 
Total long-term debt1,940 1,940 
Commercial paper333 390 
Other short-term borrowings133 153 
Total short-term borrowings466 543 
Total debt$2,406 $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 nine months ended September 30, 2023, the average amount of commercial paper outstanding was $438 million with an average interest rate of 5.25 percent and a weighted average maturity of 11 days. During the nine months ended September 30, 2022, the average amount of commercial paper outstanding was $489 million with an average interest rate of 1.50 percent and a weighted average maturity of 18 days. As of September 30, 2023, $333 million of commercial paper was outstanding with an average interest rate of 5.52 percent and a weighted average maturity of 14 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 for the remainder of 2023 is expected to fluctuate.
Other short-term borrowings as of September 30, 2023 and December 31, 2022 primarily include amounts outstanding under various unsecured local country operating lines of credit.