Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The fair value of our commercial paper as of December 31, 2021 includes a discount and other short-term debt approximates par value since the interest rates on this short-term debt approximate market rates as of December 31, 2022 and December 31, 2021.


	As of December 31, 2022				As of December 31, 2021
	(in millions)				(in millions)
	Carrying Amount		Fair value		Carrying Amount		Fair value
Debt:
Commercial Paper	$	—	$	—	$	1,012	$	1,012

2.35% Senior Notes due September 15, 2022	—		—		499		506
Other short-term debt	4		4		10		10


0.70% Senior Notes due June 15, 2023	—		—		997		1,000
3.45% Senior Notes due September 21, 2023	—		—		399		416
4.00% Senior Notes due October 15, 2023	—		—		797		844
3.65% Senior Notes due May 23, 2025	1,243		1,224		—		—
3.75% Senior Notes due December 1, 2025	1,247		1,218		1,246		1,351
4.00% Senior Notes due September 15, 2027	1,487		1,450		—		—
3.10% Senior Notes due September 15, 2027	498		465		497		533
3.75% Senior Notes due September 21, 2028	594		568		594		664
4.35% Senior Notes due June 15, 2029	1,240		1,210		—		—
2.10% Senior Notes due June 15, 2030	1,235		1,022		1,234		1,242
1.85% Senior Notes due September 15, 2032	1,485		1,130		1,483		1,440
4.60% Senior Notes due March 15, 2033	1,488		1,440		—		—
2.65% Senior Notes due September 15, 2040	1,231		871		1,230		1,217
4.25% Senior Notes due September 21, 2048	1,231		1,052		1,230		1,563
3.00% Senior Notes due June 15, 2050	1,221		841		1,220		1,266


	As of December 31, 2022				As of December 31, 2021
	(in millions)				(in millions)
	Carrying Amount		Fair value		Carrying Amount		Fair value
4.95% Senior Notes due June 15, 2052	1,464		1,395		—		—
3.00% Senior Notes due September 15, 2060	1,471		938		1,470		1,487
5.20% Senior Notes due June 15, 2062	983		951		—		—
Total debt	$	18,122	$	15,779	$	13,918	$	14,551