Debt (Tables)

12 Months Ended

Dec. 31, 2022

The carrying value of our long-term debt at December 31, 2022 and 2021 consists of the following:


	2022		2021
Senior unsecured notes:
2.950%, due 2022	$	—	$	749
3.125%, due 2022	—		850
3.300%, due 2023	1,000		1,014
0.450%, due 2023	500		499
3.350%, due 2024	849		848
3.500%, due 2024	798		797
2.375%, due 2025	1,252		1,253
5.350%, due 2025	398		—
1.500%, due 2026	746		745
3.650%, due 2027	1,592		1,592
4.101%, due 2028	1,234		1,251
2.875%, due 2029	820		820
2.250%, due 2030	1,071		1,089
2.550%, due 2031	968		992
4.100%, due 2032	595		—
5.500%, due 2032	644		—
5.950%, due 2034	334		334
5.850%, due 2036	396		396
6.375%, due 2037	364		364
5.800%, due 2040	114		114
4.625%, due 2042	859		859
4.650%, due 2043	974		974
4.650%, due 2044	767		767
5.100%, due 2044	548		548
4.375%, due 2047	1,388		1,387
4.550%, due 2048	840		839
3.700%, due 2049	812		812
3.125%, due 2050	988		987
3.600%, due 2051	1,233		1,232
4.550%, due 2052	689		—
6.100%, due 2052	741		—
4.850%, due 2054	247		247
Surplus note:
9.000%, due 2027	25		25
Senior convertible debentures:
2.750%, due 2042	63		72
Variable rate debt:
Commercial paper program	—		300
Total long-term debt	23,849		22,756
Current portion of long-term debt	(1,500)		(1,599)
Long-term debt, less current portion	$	22,349	$	21,157

The following table summarizes, at December 31, 2022, the related balances, conversion rate and conversion price of the Debentures:


Outstanding principal amount	$	63

Net debt carrying amount	$	63

Conversion rate (shares of common stock per $1,000 of principal amount)	14.3238
Effective conversion price (per $1,000 of principal amount)	$	69.8139