Debt and Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Debt and Derivatives

Components of Debt

The following table summarizes the major components of debt at principal amounts as of each balance sheet date (in millions) and provides the maturities and interest rate ranges of each major category as of December 31:

	2023		2022
Commercial paper program (weighted average interest rate of 5.6% as of December 31, 2023 and 4.9% as of December 31, 2022)	$	860	$	1,730
Senior notes, maturing through 2050, interest rates ranging from 0.75% to 7.75% (weighted average interest rate of 3.7% as of December 31, 2023 and 3.2% as of December 31, 2022)		11,376		8,626
Term Loan, interest rate of 5.1% as of December 31, 2022		—		1,000
Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6%		378		369
Tax-exempt bonds, maturing through 2053, fixed and variable interest rates ranging from 0.55% to 5.0% (weighted average interest rate of 3.3% as of December 31, 2023 and 2.7% as of December 31, 2022)		2,883		2,648
Financing leases and other, maturing through 2071 (weighted average interest rate of 5.0% as of December 31, 2023 and 4.7% as of December 31, 2022) (a)		855		699
Debt issuance costs, discounts and other		(123)		(88)
		16,229		14,984
Current portion of long-term debt		334		414
Long-term debt, less current portion	$	15,895	$	14,570

(a) Excluding our landfill financing leases, the maturities of our financing leases and other debt obligations extend through 2059.