Debt And Financing Arrangements

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt And Financing Arrangements

Debt and Financing Arrangements

On February 28, 2022, the Company issued its first sustainability bond of $750 million aggregate principal amount of 2.900% notes due March 1, 2032. Net proceeds before expenses were $748 million. The Company expects to apply an amount equal to the net proceeds to finance or refinance eligible green projects and/or eligible social projects.

At June 30, 2022, the fair value of the Company’s long-term debt exceeded the carrying value by $0.2 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At June 30, 2022, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $14.7 billion, of which $10.6 billion was unused. During the six months ended June 30, 2022, the Company expanded its combined U.S. and European commercial paper borrowing programs from $5.0 billion to $6.5 billion under the same terms, against which there was $0.2 billion commercial paper outstanding at June 30, 2022. During the six months ended June 30, 2022, the Company also added $1.5 billion of short-term notes at an average interest rate of 1.64% due in September 2022.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $2.6 billion in funding resulting from the sale of accounts receivable with $0.9 billion unused capacity as of June 30, 2022 (see Note 14 for more information about the Programs).