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Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
The Company’s outstanding debt is as follows:
December 31,
(In millions)20232022
Short-term:
Current portion of long-term debt$1,619 $268 
1,619 268 
Long-term:
Senior notes – 4.05% due 2023
— 250 
Senior notes – 3.50% due 2024
600 599 
Senior notes – 3.875% due 2024
1,000 998 
Senior notes – 3.50% due 2025
499 499 
Senior notes – 1.349% due 2026
617 587 
Senior notes – 3.75% due 2026
599 598 
Senior notes – 4.375% due 2029
1,499 1,499 
Senior notes – 1.979% due 2030
601 576 
Senior notes – 2.25% due 2030
741 739 
Senior notes – 2.375% due 2031
397 397 
Senior notes – 5.750% due 2032
493 493 
Senior notes – 5.875% due 2033
298 298 
Senior notes – 5.400% due 2033
592 — 
Senior notes – 4.75% due 2039
496 495 
Senior notes – 4.35% due 2047
494 493 
Senior notes – 4.20% due 2048
593 593 
Senior notes – 4.90% due 2049
1,239 1,238 
Senior notes – 2.90% due 2051
346 346 
Senior notes – 6.25% due 2052
491 492 
Senior notes – 5.450% due 2053
591 — 
Senior notes – 5.700% due 2053
988 — 
Mortgage – 5.70% due 2035
284 301 
Other5 4 
13,463 11,495 
Less current portion1,619 268 
 $11,844 $11,227 
The senior notes in the table are registered by the Company with the Securities and Exchange Commission and are not guaranteed.
In November 2023, the Company increased its short-term commercial paper financing program (the "Program") to $3.5 billion from $2.8 billion. The Company had previously increased the Program's capacity in October 2022 to $2.8 billion from $2.0 billion. The Company did not have any commercial paper outstanding at December 31, 2023 and 2022.
Credit Facilities
In October 2023, the Company increased its multi-currency unsecured five-year credit facility (the "Credit Facility") capacity to $3.5 billion from $2.8 billion and extended the expiration to October 2028. The interest rate on the Credit Facility was initially based on LIBOR plus a fixed margin which varied with the Company's credit rating. In the second quarter of 2023, the Credit Facility was amended that borrowings under the Credit Facility bear interest at a rate per annum equal, at the Company's option, either at (a) SOFR benchmark rate for U.S. dollar borrowings, or (b) a currency specific benchmark rate, plus an applicable margin which varies with the Company's
credit ratings. The Company is required to maintain certain coverage and leverage ratios for the Credit Facility, which are evaluated quarterly.
The Credit Facility includes provisions for determining a benchmark replacement rate in the event existing benchmark rates are no longer available or in certain other circumstances, in which an alternative rate may be required. At December 31, 2023 and 2022, the Company had no borrowings under this facility.
In October 2023, the Company terminated its one-year uncommitted revolving credit facility ("Uncommitted Credit Facility"). There were no borrowings outstanding under the Uncommitted Credit Facility at December 31, 2022.
The Company also maintains other credit and overdraft facilities with various financial institutions aggregating $113 million at December 31, 2023 and $362 million at December 31, 2022. There were no outstanding borrowings under these facilities at December 31, 2023 and 2022.
The Company has outstanding guarantees and letters of credit with various banks aggregating $139 million and $152 million at December 31, 2023 and 2022, respectively.
Senior Notes
In October 2023, the Company repaid $250 million of 4.05% senior notes that matured.
In September 2023, the Company issued $600 million of 5.400% senior notes due 2033 and $1 billion of 5.700% senior notes due 2053. In March 2023, the Company issued $600 million of 5.450% senior notes due 2053. The Company intends to use the net proceeds from these issuances 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.
Scheduled repayments of long-term debt in 2024 and in the 4 succeeding years are $1.6 billion, $518 million, $1.2 billion, $21 million and $21 million, respectively.
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.
  
December 31, 2023December 31, 2022
(In millions)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Short-term debt$1,619 $1,610 $268 $265 
Long-term debt$11,844 $11,723 $11,227 $10,544 
The fair value of the Company’s short-term debt consists of 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- and long-term debt would be classified as Level 2 in the fair value hierarchy.