Debt and lines of credit

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt and lines of credit

Debt and lines of credit

Short-term borrowings

We maintain a line of credit to support commercial paper borrowings, if any, and to provide additional liquidity through bank loans. As of June 30, 2022, we had a variable-rate revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $1 billion until March 2023. The interest rate on borrowings under this credit facility, if drawn, is indexed to the applicable Term Secured Overnight Financing Rate (Term SOFR). As of June 30, 2022, our credit facility was undrawn, and we had no commercial paper outstanding.

Long-term debt

In April 2022, we retired $500 million of maturing debt.

Long-term debt outstanding is as follows:

	June 30,		December 31,
	2022		2021
Notes due 2022 at 1.85%	$	—	$	500
Notes due 2023 at 2.25%	500		500
Notes due 2024 at 2.625%	300		300
Notes due 2025 at 1.375%	750		750
Notes due 2026 at 1.125%	500		500
Notes due 2027 at 2.90%	500		500
Notes due 2029 at 2.25%	750		750
Notes due 2030 at 1.75%	750		750
Notes due 2031 at 1.90%	500		500
Notes due 2039 at 3.875%	750		750
Notes due 2048 at 4.15%	1,500		1,500
Notes due 2051 at 2.70%	500		500
Total debt	7,300		7,800
Net unamortized discounts, premiums and issuance costs	(56)		(59)
Total debt, including net unamortized discounts, premiums and issuance costs	7,244		7,741
Current portion of long-term debt	(499)		(500)
Long-term debt	$	6,745	$	7,241

Interest and debt expense was $49 million and $44 million for the second quarters of 2022 and 2021, respectively, and $101 million and $90 million for the first six months of 2022 and 2021, respectively. This was net of the amortized discounts, premiums and issuance costs. Capitalized interest was not material.