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Financing Arrangements | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Financing Arrangements | 7. Financing Arrangements Presented below are our debt carrying amounts, net of related discounts, premiums and debt issuance costs, as of June 30, 2024 and December 31, 2023:
|  | As of June 30, 2024 |  | As of December 31, 2023
2.900% senior notes due June 1, 2030 |  | $ | 596 |  |  | $ | 596 |
3.200% senior notes due October 1, 2026 |  | 499 |  |  | 499 |
3.900% senior notes due June 1, 2050 |  | 391 |  |  | 391 |
6.625% senior notes due April 15, 2037 |  | 253 |  |  | 253 |
Revolving credit agreement |  | — |  |  | — |
Other long-term borrowings |  | 2 |  |  | 1 |
Total long-term debt |  | 1,741 |  |  | 1,740 |
Commercial paper |  | — |  |  | 327 |
Other short-term borrowings |  | 109 |  |  | 121 |
Total short-term borrowings |  | 109 |  |  | 448 |
Total debt |  | $ | 1,850 |  |  | $ | 2,188 |
We maintain a commercial paper program under which we may issue senior unsecured notes of short-term maturities up to a maximum aggregate principal amount of $1.0 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 year-to-date 2024, the average amount of commercial paper outstanding was $63 million with an average interest rate of 5.51 percent and a weighted average maturity of eight days. During year-to-date 2023, the average amount of commercial paper outstanding was $468 million with an average interest rate of 5.13 percent and a weighted average maturity of ten days. As of June 30, 2024, we had no commercial paper outstanding. As of December 31, 2023, $327 million of commercial paper was outstanding with an average interest rate of 5.50 percent and a weighted average maturity of eleven days. The amount of commercial paper outstanding under this program for the remainder of 2024 is expected to fluctuate. Other short-term borrowings as of June 30, 2024 and December 31, 2023 primarily include amounts outstanding under various unsecured local country operating lines of credit.

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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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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