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Debt and lines of credit
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt and lines of credit Debt and lines of credit
Short-term borrowings
We maintain a line of credit to provide additional liquidity through bank loans and, if necessary, to support commercial paper borrowings. As of June 30, 2023, the aforementioned line of credit was a variable-rate, revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $1 billion until March 2024. 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, 2023, our credit facility was undrawn, and we had no commercial paper outstanding.
Long-term debt
In May 2023, we issued three series of senior unsecured notes for an aggregate principal amount of $1.60 billion, consisting of:
•$200 million further issuance of existing 4.60% notes due in 2028;
•$200 million further issuance of existing 4.90% notes due in 2033; and
•$1.20 billion of 5.05% notes due in 2063.
We incurred $7 million of issuance cost and other related costs. The proceeds of the offering were $1.60 billion, net of the original issuance discounts and premiums, which will be used for general corporate purposes.
In May 2023, we retired $500 million of maturing debt.
In March 2023, we issued two series of senior unsecured notes for an aggregate principal amount of $1.40 billion, consisting of $750 million of 4.90% notes due in 2033 and $650 million of 5.00% notes due in 2053. We incurred $11 million of issuance and other related costs. The proceeds of the offering were $1.40 billion, net of the original issuance discounts, which will be used for general corporate purposes.
Long-term debt outstanding is as follows:
June 30,December 31,
20232022
Notes due 2023 at 2.25%
$— $500 
Notes due 2024 at 2.625%
300 300 
Notes due 2024 at 4.70%
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 2028 at 4.60%
700 500 
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%
400 400 
Notes due 2033 at 4.90%
950 — 
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%
300 300 
Notes due 2053 at 5.00%
650 — 
Notes due 2063 at 5.05%
1,200 — 
Total debt11,300 8,800 
Net unamortized discounts, premiums and issuance costs(81)(65)
Total debt, including net unamortized discounts, premiums and issuance costs11,219 8,735 
Current portion of long-term debt(299)(500)
Long-term debt$10,920 $8,235 
Interest and debt expense was $89 million and $49 million for the second quarters of 2023 and 2022, respectively, and $157 million and $101 million for the first six months of 2023 and 2022, respectively. This was net of the amortized discounts, premiums, issuance and other related costs. Capitalized interest was not material.