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Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
The Company’s outstanding debt is as follows:
(In millions)March 31,
2023		December 31, 2022
Short-term:
Commercial paper$594 $— 
Revolving credit facility250 — 
Current portion of long-term debt1,267 268 
2,111 268 
Long-term:
Senior notes – 4.05% due 2023
250 250 
Senior notes – 3.50% due 2024
599 599 
Senior notes – 3.875% due 2024
999 998 
Senior notes – 3.50% due 2025
499 499 
Senior notes – 1.349% due 2026
600 587 
Senior notes – 3.75% due 2026
599 598 
Senior notes – 4.375% due 2029
1,499 1,499 
Senior notes – 1.979% due 2030
589 576 
Senior notes – 2.25% due 2030
739 739 
Senior notes – 2.375% due 2031
397 397 
Senior notes – 5.750% due 2032
492 493 
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 
Senior notes – 6.25% due 2052
491 492 
Senior notes – 5.45% due 2053
591 — 
Mortgage – 5.70% due 2035
297 301 
Other4 4 
12,108 11,495 
Less: current portion1,267 268 
 $10,841 $11,227 
The senior notes in the table are registered by the Company with the Securities and Exchange Commission and are not guaranteed.
The Company has a short-term commercial paper financing program of $2.8 billion. The program was increased from $2.0 billion in October 2022. The Company had $594 million of commercial paper outstanding at March 31, 2023, at an average effective interest rate of 5.22%.
Credit Facilities
The Company has a multi-currency unsecured $2.8 billion five-year revolving credit facility (the "Credit Facility") entered into on April 1, 2021. The interest rate on the Credit Facility is based on LIBOR plus a fixed margin which varies with the Company’s credit ratings. The Credit Facility expires in April 2026 and requires the Company to maintain certain coverage and leverage ratios which are tested quarterly. The Credit 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, 2023 and December 31, 2022, the Company had no borrowings under this facility.
In connection with the Credit Facility, the Company terminated its previous multi-currency unsecured $1.8 billion five-year and its unsecured $1 billion 364-day revolving credit facilities.
In May 2022, the Company secured a $250 million uncommitted revolving credit facility. The facility expires in May 2023 and has similar coverage and leverage ratios as the Credit Facility. At March 31, 2023, the Company had $250 million borrowings outstanding under this facility with a weighted average interest rate of 5.19%. There were no borrowings outstanding under this facility at December 31, 2022.
The Company also maintains other credit and overdraft facilities with various financial institutions aggregating $112 million at March 31, 2023. There were no outstanding borrowings under these facilities at March 31, 2023 and December 31, 2022. The Company also has outstanding guarantees and letters of credit with various banks aggregating $102 million at March 31, 2023.
Senior Notes
In March 2023, the Company issued $600 million of 5.45% senior notes due 2053. The Company used the net proceeds from this issuance for general corporate purposes.
In October 2022, the Company issued $500 million of 5.75% senior notes due 2032 and $500 million of 6.25% senior notes due 2052. The Company used the net proceeds from these issuances for general corporate purposes and repaid $350 million of 3.30% senior notes in November 2022, with an original maturity date of March 2023.
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 shown below 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, 2023December 31, 2022
(In millions)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Short-term debt$2,111 $2,102 $268 $265 
Long-term debt$10,841 $10,321 $11,227 $10,544 
The fair value of the Company's short-term debt consists of commercial paper, borrowings under the uncommitted credit facility, 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.