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Debt and lines of credit
 9 Months Ended
Sep. 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 September 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 September 30, 2022, our credit facility was undrawn, and we had no commercial paper outstanding.
Long-term debt
In August 2022, we issued two series of senior unsecured notes for an aggregate principal amount of $700 million, consisting of $400 million of 3.65% notes due in 2032 and $300 million of 4.10% notes due in 2052. We incurred $3 million of issuance and other related costs. The proceeds of the offering were $695 million, net of the original issuance discounts, which will be used for general corporate purposes.
In April 2022, we retired $500 million of maturing debt.
Long-term debt outstanding is as follows:
September 30,December 31,
20222021
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 2032 at 3.65%
400 — 
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 
Notes due 2052 at 4.10%
300 — 
Total debt8,000 7,800 
Net unamortized discounts, premiums and issuance costs(63)(59)
Total debt, including net unamortized discounts, premiums and issuance costs7,937 7,741 
Current portion of long-term debt(499)(500)
Long-term debt$7,438 $7,241 
Interest and debt expense was $53 million and $45 million for the third quarters of 2022 and 2021, respectively, and $154 million and $135 million for the first nine months of 2022 and 2021, respectively. This was net of the amortized discounts, premiums, issuance and other related costs. Capitalized interest was not material.