Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Debt is comprised of the following at the dates indicated (in millions):

	June 30, 2023		December 31, 2022
4.00% senior notes due 2024	$	196	$	196
4.875% senior notes due 2025	497		496
3.90% senior notes due 2025	47		47
4.20% senior notes due 2026	1,979		1,978
6.375% senior notes due 2027	479		483
6.625% senior notes due 2029	479		481
5.375% senior notes due 2036	417		417
5.50% senior notes due 2046	658		658
Revolving credit facility	530		225
Commercial paper	—		359
Receivables facility	66		35
Other debt	2		2
Total debt	5,350		5,377
Short-term debt and current portion of long-term debt	(597)		(621)
Long-term debt	$	4,753	$	4,756

Weighted average interest rates are as follows:

	Three Months Ended June 30,				Six Months Ended  June 30,
	2023		2022		2023		2022
Total debt	5.3	%	4.2	%	5.1	%	4.3	%
Short-term debt	6.8	%	2.9	%	6.5	%	2.6	%

Schedule of Fair Value of Senior Notes

The fair value of the Company’s senior notes are based upon prices of similar instruments in the marketplace and are as follows (in millions):

	June 30, 2023				December 31, 2022
	Fair Value		Book Value		Fair Value		Book Value
Senior notes	$	4,437	$	4,752	$	4,511	$	4,756