Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

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)	June 30, 2024		December 31, 2023
Short-term debt
Commercial paper	$	790	$	1,237
$500 million, 0.613% Notes due March 2024	—		500
$790 million, 3.500% Notes due June 2024 (1)	—		996
$900 million, 3.250% Notes due April 2025 (2)	885		—
Other, including finance leases	42		42
Total short-term debt	$	1,717	$	2,775
Long-term debt
$900 million, 3.250% Notes due April 2025 (2)	—		882
$1,216 million, 4.125% Notes due November 2025 (1)	1,215		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	1,459		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	3,790		3,787
$1,000 million, 5.000% Notes due May 2029	994		—
$1,400 million, 2.400% Notes due March 2030 (1) (2)	1,394		1,493
$1,500 million, 2.375% Notes due March 2031 (2)	1,383		1,397
$750 million, 5.125% Notes due May 2031	745		—
$45 million, 8.080% Step Down Notes due January 2033	45		45
$800 million, 5.400% Notes due March 2033	795		794
$1,250 million, 5.250% Notes due February 2034 (2)	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	486		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	990		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	52		66
Total long-term debt	$	30,175	$	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.

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 that 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	Redeemable Date(1)	"Make whole" premium basis points over U.S. Treasury rate(2)
$1,000 million	May 15, 2029	5.000%	$995 million	April 15, 2029	15
$750 million	May 15, 2031	5.125%	$746 million	March 15, 2031	15
$1,250 million	February 15, 2034	5.250%	$1,244 million	November 15, 2033	20
$1,500 million	February 15, 2054	5.600%	$1,485 million	August 15, 2053	20

(1) Redeemable at any time prior to this date at a "make whole" premium, defined below. Redeemable at par on or after this date.

(2) "Make whole" premium calculated using the most directly comparable U.S. Treasury rate plus the amount of basis points set forth in this column.