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Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt 
A summary of short-term and long-term debt outstanding is as follows:
(in millions)March 31,
2023		December 31,
2022
4.125% Senior Notes, due 2023 1
$38 $38 
3.625% Senior Notes, due 2024 2
48 48 
4.75% Senior Notes, due 2025 3
4 4 
4.0% Senior Notes, due 2026 4
3 3 
2.95% Senior Notes, due 2027 5
497 496 
2.45% Senior Notes, due 2027 6
1,237 1,237 
4.75% Senior Notes, due 2028 7
821 823 
4.25% Senior Notes, due 2029 8
1,026 1,029 
2.5% Senior Notes, due 2029 9
497 497 
2.70% Sustainability-Linked Senior Notes, due 2029 10
1,234 1,233 
1.25% Senior Notes, due 2030 11
594 594 
2.90% Senior Notes, due 2032 12
1,472 1,472 
6.55% Senior Notes, due 2037 13
290 290 
4.5% Senior Notes, due 2048 14
272 272 
3.25% Senior Notes, due 2049 15
590 590 
3.70% Senior Notes, due 2052 16
974 974 
2.3% Senior Notes, due 2060 17
682 682 
3.9% Senior Notes, due 2062 18
486 486 
Commercial paper898 188 
Total debt11,663 10,956 
Less: short-term debt including current maturities936 226 
Long-term debt$10,727 $10,730 
1     Interest payments are due semiannually on February 1 and August 1.
2     Interest payments are due semiannually on May 1 and November 1.
3     Interest payments are due semiannually on February 15 and August 15.
4     Interest payments are due semiannually on March 1 and September 1.
5    Interest payments are due semiannually on January 22 and July 22, and as of March 31, 2023, the unamortized debt discount and issuance costs total $3 million.
6    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2023, the unamortized debt discount and issuance costs total $13 million.
7     Interest payments are due semiannually on February 1 and August 1.
8 Interest payments are due semiannually on May 1 and November 1.
9    Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2023, the unamortized debt discount and issuance costs total $3 million.
10    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2023, the unamortized debt discount and issuance costs total $16 million.
11    Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2023, the unamortized debt discount and issuance costs total $6 million.
12 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2023, the unamortized debt discount and issuance costs total $28 million.
13    Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2023, the unamortized debt discount and issuance costs total $3 million.
14    Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2023, the unamortized debt discount and issuance costs total $11 million.
15 Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2023, the unamortized debt discount and issuance costs total $10 million.
16    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2023, the unamortized debt discount and issuance costs total $26 million.
17    Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2023, the unamortized debt discount and issuance costs total $18 million.
18    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2023, the unamortized debt discount and issuance costs total $14 million.
The fair value of our total debt borrowings was $9.5 billion and $9.3 billion as of March 31, 2023 and December 31, 2022, respectively, and was estimated based on quoted market prices.

On February 28, 2022, we completed the merger with IHS Markit in an all-stock transaction. In the transaction, we assumed IHS Markit's publicly traded debt, with an outstanding principal balance of $4.6 billion, which was recorded at fair value of $4.9 billion on the acquisition date. The adjustment to fair value of the Senior Notes of approximately $292 million on the acquisition date is being amortized as an adjustment to interest expense over the remaining contractual terms of the Senior Notes.

During the three months ended March 31, 2022, we recognized a $17 million loss on extinguishment of debt which includes a $118 million tender premium paid to tendering note holders in accordance with the terms of the tender offer, offset by a $101 million non-cash write-off related to the fair market value step up premium on extinguished debt.

We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our $2.0 billion five-year credit agreement (our “credit facility”) that will terminate on April 26, 2026. As of March 31, 2023 and December 31, 2022, respectively, there was $898 million and $188 million of commercial paper outstanding.

Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually. We currently pay a commitment fee of 8 basis points. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility.

The only financial covenant required is that our indebtedness to cash flow ratio, as defined in our credit facility, was not greater than 4 to 1, and this covenant level has never been exceeded.