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Debt and Lines of Credit
 12 Months Ended
Dec. 31, 2022
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 December 31, 2022, 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 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 December 31, 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.
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 November 2022, we issued two series of senior unsecured notes for an aggregate principal amount of $800 million, consisting of $300 million of 4.70% notes due in 2024 and $500 million of 4.60% notes due in 2028. We incurred $3 million of issuance and other related costs. The proceeds of the offering were $799 million, net of the original issuance discounts, which will be used for general corporate purposes.
In February 2021, we retired $550 million of maturing debt.
In September 2021, we issued three series of senior unsecured notes for an aggregate principal amount of $1.5 billion, consisting of $500 million of 1.125% notes due in 2026, $500 million of 1.90% notes due in 2031 and $500 million of 2.70% notes due in 2051. We incurred $10 million of issuance costs. The proceeds of the offering were $1.5 billion, net of the original issuance discounts, which will be used for general corporate purposes.
In March 2020, we issued a principal amount of $750 million of fixed-rate, long-term debt due in 2025. We incurred $4 million of issuance costs. The proceeds of the offering were $749 million, net of the original issuance discount, and were used for general corporate purposes and the repayment of maturing debt.
In April 2020, we retired $500 million of maturing debt.
In May 2020, we issued a principal amount of $750 million of fixed-rate, long-term debt due in 2030. We incurred $5 million of issuance costs. The proceeds of the offering were $749 million, net of the original issuance discount, and were used for general corporate purposes.
Long-term debt outstanding is as follows:
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 2024 at 4.70%
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%
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 debt8,800 7,800 
Net unamortized discounts, premiums and issuance costs(65)(59)
Total debt, including net unamortized discounts, premiums and issuance costs8,735 7,741 
Current portion of long-term debt(500)(500)
Long-term debt$8,235 $7,241 
Interest and debt expense was $214 million, $184 million and $190 million in 2022, 2021 and 2020, respectively. This was net of the amortized discounts, premiums and issuance and other related costs. Cash payments for interest on long-term debt were $198 million, $181 million and $182 million in 2022, 2021 and 2020, respectively. Capitalized interest was not material.