Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

Debt

Total debt as of March 31, 2022 and December 31, 2021 was as follows:

In millions	March 31, 2022		December 31, 2021
Short-term debt	$	1,041	$	778
Long-term debt	6,817		6,909
Total debt	$	7,858	$	7,687

Short-term debt included commercial paper of $1.0 billion and $210 million as of March 31, 2022 and December 31, 2021, respectively. The weighted-average interest rate on commercial paper as of March 31, 2022 and December 31, 2021 was 0.51% and 0.14%, respectively. As of December 31, 2021, Short-term debt also included $568 million related to the 1.75% Euro notes due May 20, 2022, which were redeemed in full at face value on February 22, 2022. Additionally, $350 million of 3.375% notes due September 15, 2021 were redeemed in full at face value on June 15, 2021.

The Company has a $2.5 billion revolving credit facility with a termination date of September 27, 2024, which is available to provide additional liquidity, including to support the potential issuances of commercial paper. No amounts were outstanding under the $2.5 billion revolving credit facility as of March 31, 2022 or December 31, 2021.

The approximate fair value and related carrying value of the Company's total long-term debt, including current maturities of long-term debt presented as short-term debt, as of March 31, 2022 and December 31, 2021 were as follows:

In millions	March 31, 2022		December 31, 2021
Fair value	$	7,082	$	8,296
Carrying value	6,817		7,477

The approximate fair values of the Company's long-term debt, including current maturities, were based on a valuation model using Level 2 observable inputs which included market rates for comparable instruments for the respective periods.