Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following is a summary of outstanding debt (in millions):

As of December 31	2023		2022
Commercial paper	$	597	$	592
4.00% Senior Notes due November 2023	—		350
3.50% Senior Notes due June 2024	600		599
3.875% Senior Notes due December 2025	749		748
2.875% Senior Notes due May 2026 (EUR 500M)	550		530
8.205% Junior Subordinated Notes due January 2027	521		521
2.85% Senior Notes due May 2027	597		596
4.50% Senior Notes due December 2028	348		348
3.75% Senior Notes due May 2029	746		746
2.80% Senior Notes due May 2030	995		994
2.05% Senior Notes due August 2031	397		396
2.60% Senior Notes due December 2031	497		496
5.00% Senior Notes due September 2032	496		495
5.35% Senior Notes due February 2033	744		—
6.25% Senior Notes due September 2040	297		297
4.25% Senior Notes due December 2042	204		203
4.45% Senior Notes due May 2043	247		247
4.60% Senior Notes due June 2044	545		545
4.75% Senior Notes due May 2045	594		594
2.90% Senior Notes due August 2051	592		591
3.90% Senior Notes due February 2052	878		877
Other	5		5
Total debt	11,199		10,770
Less: Short-term debt and current portion of long-term debt	1,204		945
Total long-term debt	$	9,995	$	9,825

Schedule of Repayments of Long-term Debt

Repayments of total debt as of December 31, 2023 are as follows (in millions):

2024	$	1,204
2025	750
2026	552
2027	1,121
2028	350
Thereafter	7,356
Total Repayments	11,333
Unamortized discounts, premiums, and debt issuance costs	(134)
Total Debt	$	11,199

Schedule of Commercial Paper

Commercial paper outstanding, which is included in Short-term debt and current portion of long-term debt in the Company’s Consolidated Statements of Financial Position, is as follows (in millions):

As of December 31	2023		2022
Commercial paper outstanding	$	597	$	592

The weighted average commercial paper outstanding and its related interest rates are as follows (in millions, except percentages):

	Years Ended December 31
	2023			2022
Weighted average commercial paper outstanding	$	471		$	499
Weighted average interest rate of commercial paper outstanding	4.93		%	1.42		%