Short-Term Borrowings and Long-Term Debt (Notes)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Short-Term Borrowings and Long-Term Debt [Text Block]

Short-Term Borrowings and Long-Term Debt Short-term borrowings and senior unsecured long-term debt consisted of the following:

	Carrying Value As of December 31,
(in millions, except percentages)	2022		2021
Commercial paper	$	800	$	—
$1,100 million 2.875% notes due March 2022	—		1,097
$1,000 million 3.350% notes due July 2022	—		999
$900 million 2.375% notes due October 2022	—		899
$15 million 0.000% notes due November 2022	—		14
$625 million 2.750% notes due February 2023	622		632
$750 million 2.875% notes due March 2023	746		768
$750 million 3.500% notes due June 2023	750		749
$750 million 3.500% notes due February 2024	749		748
$1,000 million 0.550% notes due May 2024	998		996
$750 million 2.375% notes due August 2024	749		748
$500 million 5.000% notes due October 2024	499		—
$2,000 million 3.750% notes due July 2025	1,995		1,994
$750 million 5.150% notes due October 2025	747		—
$300 million 3.700% notes due December 2025	299		299
$500 million 1.250% notes due January 2026	498		497
$1,000 million 3.100% notes due March 2026	998		997
$1,000 million 1.150% notes due May 2026	893		972
$750 million 3.450% notes due January 2027	748		747
$625 million 3.375% notes due April 2027	622		621
$600 million 3.700% notes due May 2027	597		—
$950 million 2.950% notes due October 2027	943		942
$1,000 million 5.250% notes due February 2028	1,008		—
$1,150 million 3.850% notes due June 2028	1,145		1,144
$850 million 3.875% notes due December 2028	845		844
$900 million 4.000% notes due May 2029	849		—
$1,000 million 2.875% notes due August 2029	886		1,023
$1,250 million 5.300% notes due February 2030	1,269		—
$1,250 million 2.000% notes due May 2030	1,237		1,235
$1,500 million 2.300% notes due May 2031	1,256		1,482
$1,500 million 4.200% notes due May 2032	1,393		—
$2,000 million 5.350% notes due February 2033	2,037		—
$1,000 million 4.625% notes due July 2035	993		993
$850 million 5.800% notes due March 2036	840		839
$500 million 6.500% notes due June 2037	493		492
$650 million 6.625% notes due November 2037	642		642
$1,100 million 6.875% notes due February 2038	1,079		1,078
$1,250 million 3.500% notes due August 2039	1,242		1,242
$1,000 million 2.750% notes due May 2040	967		966
$300 million 5.700% notes due October 2040	296		296
$350 million 5.950% notes due February 2041	346		346
$1,500 million 3.050% notes due May 2041	1,483		1,483

	Carrying Value As of December 31,
(in millions, except percentages)	2022		2021
$600 million 4.625% notes due November 2041	590		589
$502 million 4.375% notes due March 2042	486		485
$625 million 3.950% notes due October 2042	609		608
$750 million 4.250% notes due March 2043	736		736
$2,000 million 4.750% notes due July 2045	1,975		1,974
$750 million 4.200% notes due January 2047	739		739
$725 million 4.250% notes due April 2047	718		718
$950 million 3.750% notes due October 2047	935		934
$1,350 million 4.250% notes due June 2048	1,331		1,330
$1,100 million 4.450% notes due December 2048	1,087		1,087
$1,250 million 3.700% notes due August 2049	1,236		1,236
$1,250 million 2.900% notes due May 2050	1,210		1,209
$2,000 million 3.250% notes due May 2051	1,971		1,970
$2,000 million 4.750% notes due May 2052	1,965		—
$2,000 million 5.875% notes due February 2053	1,968		—
$1,250 million 3.875% notes due August 2059	1,228		1,228
$1,000 million 3.125% notes due May 2060	966		965
$1,000 million 4.950% notes due May 2062	981		—
$1,500 million 6.050% notes due February 2063	1,466		—
Total short-term borrowings and long-term debt	$	56,756	$	44,632

The Company’s long-term debt obligations also included $0.9 billion and $1.4 billion of other financing obligations, of which $192 million and $611 million were current as of December 31, 2022 and 2021, respectively.

Maturities of short-term borrowings and long-term debt for the years ending December 31 are as follows:

(in millions)
2023	$	3,117
2024	3,136
2025	3,186
2026	2,636
2027	3,061
Thereafter	43,638

Short-Term Borrowings

Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers.

The Company has $6.0 billion five-year, $6.0 billion three-year and $6.0 billion 364-day revolving bank credit facilities with 25 banks, which mature in December 2027, December 2025 and December 2023, respectively. These facilities provide full liquidity support for the Company’s commercial paper program and are available for general corporate purposes. As of December 31, 2022, no amounts had been drawn on any of the bank credit facilities. The annual interest rates, which are variable based on term, are calculated based on one-month term Secured Overnight Financing Rate (SOFR) plus a SOFR Adjustment of 10 basis points plus a credit spread based on the Company’s senior unsecured credit ratings. If amounts had been drawn on the bank credit facilities as of December 31, 2022, annual interest rates would have ranged from 5.1% to 7.5%.

Debt Covenants

The Company’s bank credit facilities contain various covenants, including requiring the Company to maintain a debt to debt-plus-shareholders’ equity ratio of not more than 60%. The Company was in compliance with its debt covenants as of December 31, 2022.