Debt (Tables)

3 Months Ended

Mar. 31, 2024

Outstanding Amounts of Debt and Finance Leases

The outstanding amounts of debt (net of issuance costs, discounts or premiums) and finance leases were as follows:


(In millions)	March 31, 2024		December 31, 2023
Short-term debt
Commercial paper	$	884	$	1,237





$500 million, 0.613% Notes due March 2024	—		500
$790 million, 3.500% Notes due June 2024 (1)	789		996
Other, including finance leases	42		42
Total short-term debt	$	1,715	$	2,775
Long-term debt







$900 million, 3.250% Notes due April 2025 (2)	881		882
$1,216 million, 4.125% Notes due November 2025 (1)	1,214		2,197
$1,284 million, 4.500% Notes due February 2026 (1)	1,285		1,502
$550 million, 1.250% Notes due March 2026 (1)	549		798
$700 million, 5.685% Notes due March 2026	698		698
$1,500 million, 3.400% Notes due March 2027	1,454		1,450
$259 million, 7.875% Debentures due May 2027	259		259
$600 million, 3.050% Notes due October 2027	598		597
$3,800 million, 4.375% Notes due October 2028	3,788		3,787
$1,000 million, 5.000% Notes due May 2029	994		—
$1,400 million, 2.400% Notes due March 2030 (1)	1,394		1,493
$1,500 million, 2.375% Notes due March 2031 (2)	1,382		1,397
$750 million, 5.125% Notes due May 2031	745		—
$45 million, 8.080% Step Down Notes due January 2033 (3)	45		45
$800 million, 5.400% Notes due March 2033	794		794
$1,250 million, 5.250% Notes due February 2034	1,242		—
$190 million, 6.150% Notes due November 2036	190		190
$2,200 million, 4.800% Notes due August 2038	2,193		2,193
$750 million, 3.200% Notes due March 2040	744		744
$121 million, 5.875% Notes due March 2041	119		119
$448 million, 6.125% Notes due November 2041	487		487
$317 million, 5.375% Notes due February 2042	315		315
$1,500 million, 4.800% Notes due July 2046	1,467		1,467
$1,000 million, 3.875% Notes due October 2047	989		989
$3,000 million, 4.900% Notes due December 2048	2,970		2,970
$1,250 million, 3.400% Notes due March 2050	1,237		1,237
$1,500 million, 3.400% Notes due March 2051	1,479		1,479
$1,500 million, 5.600% Notes due February 2054	1,482		—
Other, including finance leases	59		66
Total long-term debt	$	31,053	$	28,155

(1)Included in the February 2024 debt tender offers discussed below.

(2)The Company has entered into interest rate swap contracts hedging a portion of these fixed-rate debt instruments. See Note 11 to the Consolidated Financial Statements for further information about the Company's interest rate risk management and these derivative instruments.

(3)Interest rate step down to 8.080% effective January 15, 2023.

Summary of Debt Issuances

Debt Issuance and Debt Tender Offers. In February 2024, we issued $4.5 billion of new senior notes, as detailed in the table below. The proceeds from this debt were used to pay the consideration for the cash tender offers as described below. We used the remaining net proceeds to fund the repayment of our senior notes which matured in March 2024 and for general corporate purposes, including repayment of indebtedness and repurchases of shares of our common stock. Interest on this debt is paid semi-annually.

Principal

Maturity Date

Interest Rate

Net Proceeds

$1,000 million (1)

May 15, 2029

5.000%

$995 million

$750 million (2)

May 15, 2031

5.125%

$746 million

$1,250 million (3)

February 15, 2034

5.250%

$1,244 million

$1,500 million (4)

February 15, 2054

5.600%

$1,485 million

(1) Redeemable at any time prior to April 15, 2029 at a "make whole" premium calculated using the most directly comparable U.S. Treasury rate plus 15 basis points. Redeemable at par on or after April 15, 2029.

(2) Redeemable at any time prior to March 15, 2031 at a "make whole" premium calculated using the most directly comparable U.S. Treasury rate plus 15 basis points. Redeemable at par on or after March 15, 2031.

(3) Redeemable at any time prior to November 15, 2033 at a "make whole" premium calculated using the most directly comparable U.S. Treasury rate plus 20 basis points. Redeemable at par on or after November 15, 2033.

(4) Redeemable at any time prior to August 15, 2053 at a "make whole" premium calculated using the most directly comparable U.S. Treasury rate plus 20 basis points. Redeemable at par on or after August 15, 2053.