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Debt
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
The Company’s outstanding debt is as follows:
(In millions)March 31,
2022		December 31,
2021
Short-term:
Commercial paper$825 $— 
Current portion of long-term debt366 17 
1,191 17 
Long-term:
Senior notes – 3.30% due 2023
350 349 
Senior notes – 4.05% due 2023
250 249 
Senior notes – 3.50% due 2024
599 599 
Senior notes – 3.875% due 2024
997 997 
Senior notes – 3.50% due 2025
498 498 
Senior notes – 1.349% due 2026
615 629 
Senior notes – 3.75% due 2026
598 598 
Senior notes – 4.375% due 2029
1,499 1,499 
Senior notes – 1.979% due 2030
600 614 
Senior notes – 2.250% due 2030
739 739 
Senior notes – 2.375% due 2031
396 397 
Senior notes – 5.875% due 2033
298 298 
Senior notes – 4.75% due 2039
495 495 
Senior notes – 4.35% due 2047
493 493 
Senior notes – 4.20% due 2048
593 593 
Senior notes – 4.90% due 2049
1,238 1,238 
Senior notes – 2.90% due 2051
346 346 
Mortgage – 5.70% due 2035
312 316 
Other2 3 
10,918 10,950 
Less current portion366 17 
 $10,552 $10,933 
The senior notes in the table above are registered by the Company with the Securities and Exchange Commission and are not guaranteed.
On April 9, 2021, the Company increased its short-term commercial paper financing program to $2.0 billion from $1.5 billion. The Company had $825 million of commercial paper outstanding at March 31, 2022 at an average effective interest rate of 0.91%.
Credit Facilities
On April 2, 2021, the Company entered into an amended and restated multi-currency unsecured $2.8 billion five- year revolving credit facility ("New Facility"). The interest rate on the New Facility is based on LIBOR plus a fixed margin which varies with the Company’s credit ratings. The New Facility expires in April 2026 and requires the Company to maintain certain coverage and leverage ratios which are tested quarterly. The New Facility includes provisions for determining a LIBOR successor rate in the event LIBOR reference rates are no longer available or in certain other circumstances which are determined to make using an alternative rate desirable. As of March 31, 2022, the Company had no borrowings under this facility.
In connection with the New Facility, the Company terminated its previous multi-currency unsecured $1.8 billion five-year revolving credit facility and its unsecured $1 billion 364-days unsecured revolving credit facility ("364-day Facility").
Additional credit facilities, guarantees and letters of credit are maintained with various banks aggregating $483 million at March 31, 2022 and $508 million at December 31, 2021. There were no outstanding borrowings under these facilities at March 31, 2022 and December 31, 2021.
Senior Notes
In December 2021, the Company issued $400 million of 2.375% senior notes due 2031 and $350 million of 2.90% senior notes due 2051. The Company used the net proceeds from these issuances for general corporate purposes, and repaid $500 million of 2.75% senior notes with an original maturity date of January 2022 in December 2021.
On April 15, 2021, the Company repaid $500 million of senior notes maturing in July 2021.
Fair Value of Short-term and Long-term Debt
The estimated fair value of the Company's short-term and long-term debt is provided below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or need to dispose of the financial instrument.
March 31, 2022December 31, 2021
(In millions)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Short-term debt$1,191 $1,195 $17 $17 
Long-term debt$10,552 $11,004 $10,933 $12,466 
The fair value of the Company's short-term debt consists primarily of commercial paper and term debt maturing within the next year and its fair value approximates its carrying value. The estimated fair value of a primary portion of the Company's long-term debt is based on discounted future cash flows using current interest rates available for debt with similar terms and remaining maturities. Short-term and long-term debt would be classified as Level 2 in the fair value hierarchy.