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Financing Arrangements
 3 Months Ended
Mar. 31, 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 March 31, 2024 and December 31, 2023:
As of
March 31, 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 borrowings1 1 
Total long-term debt1,740 1,740 
Commercial paper16 327 
Other short-term borrowings125 121 
Total short-term borrowings141 448 
Total debt$1,881 $2,188 
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 $1.0 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 the first quarter of 2024, the average amount of commercial paper outstanding was $118 million with an average interest rate of 5.51 percent and a weighted average maturity of 8 days. 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. As of March 31, 2024, $16 million of commercial paper was outstanding with an average interest rate of 5.45 percent and a weighted average maturity of 4 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 for the remainder of 2024 is expected to fluctuate.
Our short-term borrowings as of March 31, 2024 and December 31, 2023 primarily include amounts outstanding under various unsecured local country operating lines of credit.