Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Outstanding Amounts of Debt and Finance Leases

The outstanding amounts of debt, net of issuance costs, discounts or premiums, and finance leases were as follows:

(In millions)	September 30, 2023		December 31, 2022
Short-term debt
Commercial paper	$	1,513	$	—
$17 million, 8.300% Notes due January 2023	—		17
$63 million, 7.650% Notes due March 2023	—		63
$700 million, Floating Rate Notes due July 2023	—		700
$1,000 million, 3.000% Notes due July 2023	—		994
$1,187 million, 3.750% Notes due July 2023	—		1,186
$500 million, 0.613% Notes due March 2024	500		—
$1,000 million, 3.500% Notes due June 2024	994		—
Other, including finance leases	39		33
Total short-term debt	$	3,046	$	2,993
Long-term debt
$500 million, 0.613% Notes due March 2024	$	—	$	499
$1,000 million, 3.500% Notes due June 2024	—		990
$900 million, 3.250% Notes due April 2025 (1)	871		872
$2,200 million, 4.125% Notes due November 2025	2,197		2,195
$1,500 million, 4.500% Notes due February 2026	1,502		1,503
$800 million, 1.250% Notes due March 2026	798		797
$700 million, 5.685% Notes due March 2026	697		—
$1,500 million, 3.400% Notes due March 2027	1,448		1,436
$259 million, 7.875% Debentures due May 2027	259		259
$600 million, 3.050% Notes due October 2027	597		597
$3,800 million, 4.375% Notes due October 2028	3,787		3,785
$1,500 million, 2.400% Notes due March 2030	1,492		1,492
$1,500 million, 2.375% Notes due March 2031 (1)	1,359		1,380
$45 million, 8.080% Step Down Notes due January 2033 (2)	45		45
$800 million, 5.400% Notes due March 2033	794		—
$190 million, 6.150% Notes due November 2036	190		190
$2,200 million, 4.800% Notes due August 2038	2,193		2,192
$750 million, 3.200% Notes due March 2040	743		743
$121 million, 5.875% Notes due March 2041	119		119
$448 million, 6.125% Notes due November 2041	487		488
$317 million, 5.375% Notes due February 2042	315		315
$1,500 million, 4.800% Notes due July 2046	1,466		1,466
$1,000 million, 3.875% Notes due October 2047	989		989
$3,000 million, 4.900% Notes due December 2048	2,969		2,968
$1,250 million, 3.400% Notes due March 2050	1,237		1,236
$1,500 million, 3.400% Notes due March 2051	1,478		1,478
Other, including finance leases	62		66
Total long-term debt	$	28,094	$	28,100

(1)The Company has entered into interest rate swap contracts hedging a portion of these fixed-rate debt instruments. See Note 11 in the Company's 2022 Form 10-K for further information about the Company's interest rate risk management and these derivative instruments.

(2)Interest rate step down to 8.080% effective January 15, 2023.

Summary of Debt Issuances

On March 7, 2023, the Company issued $1.5 billion of new senior notes. The proceeds of this issuance were used for general corporate purposes, and included repayment of outstanding debt securities. Interest on this debt is paid semi-annually.

Principal	Maturity Date	Interest Rate	Net Proceeds
$700 million (1)	March 15, 2026	5.685%	$698 million
$800 million (2)	March 15, 2033	5.400%	$796 million

(1) Redeemable at any time discounted at the U.S. Treasury rate plus 20 basis points. Redeemable at par on or after March 15, 2024.

(2) Redeemable at any time discounted at the U.S. Treasury rate plus 25 basis points. Redeemable at par on or after December 15, 2032.