
Long-Term Debt Outstanding
December 31 (in billions)	Weighted-Average Interest Rate as of December 31, 2023			Weighted-Average Interest Rate as of December 31, 2022			2023(b)		2022(b)
Commercial paper	—	%		4.6	%		$	—	$	0.7

Term loans	3.2	%		4.4	%		3.1		3.1
Senior notes with maturities of 5 years or less, at face value	3.5	%		3.3	%		25.9		22.6
Senior notes with maturities between 5 and 10 years, at face value	3.3	%		3.2	%		18.8		20.1
Senior notes with maturities greater than 10 years, at face value	3.8	%		3.8	%		53.4		52.8
Finance lease obligations and other							2.0		1.8
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net							(6.1)		(6.2)
Total debt	4.0	%	(a)	3.9	%	(a)	97.1		94.8
Less: Current portion							2.1		1.7
Long-term debt							$	95.0	$	93.1

(a)Rate represents an effective interest rate and includes the effects of amortization of debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, as well as the effects of our derivative financial instruments.

(b)As of December 31, 2023, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £2.6 billion, €6.7 billion and ¥22.1 billion RMB. As of December 31, 2022, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £2.6 billion, €7.5 billion and ¥21.6 billion RMB.