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Financing Arrangements
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Financing Arrangements Financing Arrangements
We had total debt outstanding of approximately $2.2 billion and $2.5 billion at December 31, 2023 and 2022, respectively. As of December 31, 2023, our Short-term borrowings consisted primarily of commercial paper borrowings and amounts outstanding under various unsecured local country operating lines of credit. In 2023, we paid the outstanding principal in full and without penalty under our term loan credit agreement that was due on December 16, 2024.
In 2021, we established a commercial paper program under which we may issue senior unsecured notes of short 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. From the inception of the program until December 31, 2021, the average amount of commercial paper outstanding was $670 million with an average interest rate of 0.27 percent and a weighted average maturity of 48 days. During 2022, the average amount of commercial paper outstanding was $522 million with an average interest rate of 1.97 percent and a weighted average maturity of 16 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. During 2023, the average amount of commercial paper outstanding was $397 million with an average interest rate of 5.30 percent and a weighted average maturity of 11 days. 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 11 days. The amount of commercial paper outstanding under this program in 2024 is expected to fluctuate.
Presented below are our debt carrying amounts, net of related discounts, premiums and debt issuance costs and fair values as of December 31, 2023 and 2022:
20232022
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
2.900% senior notes due June 1, 2030
$596 $536 $595 $510 
3.200% senior notes due October 1, 2026
499 479 498 470 
3.900% senior notes due June 1, 2050
391 300 390 293 
6.625% senior notes due April 15, 2037
253 275 253 256 
Term loan credit agreement due December 16, 2024— — 200 200 
Revolving credit agreement— — — — 
Other long-term borrowings1 1 4 4 
Total long-term debt1,740 1,591 1,940 1,733 
Commercial paper327 327 390 390 
Other short-term borrowings121 121 153 153 
Total short-term borrowings448 448 543 543 
Total debt$2,188 $2,039 $2,483 $2,276 
We guarantee certain obligations of our consolidated subsidiaries, which aggregated to $49 million and $63 million at December 31, 2023 and 2022, respectively.