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Borrowings | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Borrowings | Borrowings Debt at December 31 consisted of the following:
| 2020 |  | 2019
Short-term commercial paper borrowings | $ | — |  |  | $ | 1,494.2 |
Long-term notes | 16,348.7 |  |  | 13,638.5 |
Other long-term debt | 14.8 |  |  | 12.9 |
Unamortized debt issuance costs | (89.1) |  |  | (73.6) |
Fair value adjustment on hedged long-term notes | 320.9 |  |  | 245.2 |
Total debt | 16,595.3 |  |  | 15,317.2 |
Less current portion | (8.7) |  |  | (1,499.3) |
Long-term debt | $ | 16,586.6 |  |  | $ | 13,817.9 |
The following table summarizes long-term notes at December 31:
| 2020 |  | 2019 |
2.35% notes due 2022 | $ | 750.0 |  |  | $ | 750.0 |  |
3.00% notes due 2022 | 99.2 |  |  | — |  |
1.00% Euro denominated notes due 2022 | 737.9 |  |  | 671.8 |  |
0.15% Swiss Franc denominated notes due 2024 | 679.7 |  |  | 618.3 |  |
7.125% notes due 2025 | 229.7 |  |  | 229.7 |  |
2.75% notes due 2025 | 560.6 |  |  | 560.6 |  |
1.625% Euro denominated notes due 2026 | 922.4 |  |  | 839.7 |  |
5.5% notes due 2027 | 377.5 |  |  | 377.5 |  |
3.1% notes due 2027 | 401.5 |  |  | 401.5 |  |
0.45% Swiss Franc denominated notes due 2028 | 453.2 |  |  | 412.2 |  |
3.375% notes due 2029 | 1,150.0 |  |  | 1,150.0 |  |
0.42% Japanese Yen denominated notes due 2029 | 222.4 |  |  | 209.9 |  |
2.125% Euro denominated notes due 2030 | 922.4 |  |  | 839.7 |  |
0.625% Euro denominated notes due 2031 | 737.9 |  |  | 671.8 |  |
0.56% Japanese Yen denominated notes due 2034 | 90.0 |  |  | 85.0 |  |
6.77% notes due 2036 | 174.4 |  |  | 174.4 |  |
5.55% notes due 2037 | 476.2 |  |  | 476.2 |  |
5.95% notes due 2037 | 284.1 |  |  | 284.1 |  |
3.875% notes due 2039 | 360.7 |  |  | 360.7 |  |
4.65% notes due 2044 | 43.0 |  |  | 43.0 |  |
3.7% notes due 2045 | 412.5 |  |  | 412.5 |  |
3.95% notes due 2047 | 436.1 |  |  | 436.1 |  |
3.95% notes due 2049 | 1,500.0 |  |  | 1,500.0 |  |
1.7% Euro denominated notes due 2049 | 1,229.9 |  |  | 1,119.6 |  |
0.97% Japanese Yen denominated notes due 2049 | 74.1 |  |  | 70.0 |  |
2.25% notes due 2050 | 1,250.0 |  |  | — |  |
4.15% notes due 2059 | 1,000.0 |  |  | 1,000.0 |  |
2.5% notes due 2060 | 850.0 |  |  | — |  |
Unamortized note discounts | (76.7) |  |  | (55.8) |  |
Total long-term notes | $ | 16,348.7 |  |  | $ | 13,638.5 |  |
The weighted-average effective borrowing rate on outstanding commercial paper at December 31, 2019 was 1.65 percent. The weighted-average effective borrowing rate for each issuance of the long term-notes approximates the stated interest rate. At December 31, 2020, we had a total of $5.24 billion of unused committed bank credit facilities, which consisted primarily of a $3.00 billion credit facility that expires in December 2024 and a $2.00 billion 364-day facility that expires in December 2021, both of which are available to support our commercial paper program. We have not drawn against the $3.00 billion and $2.00 billion facilities as of December 31, 2020. Of the remaining committed bank credit facilities, the outstanding balances as of December 31, 2020 and 2019 were not material. Compensating balances and commitment fees are not material, and there are no conditions that are probable of occurring under which the lines may be withdrawn. In May 2020, we issued $1.00 billion of 2.25 percent fixed-rate notes due in May 2050, with interest to be paid semi-annually. We used the net cash proceeds from the offering of $988.6 million for general corporate purposes, including the repayment of outstanding commercial paper. In August 2020, we issued $850.0 million of 2.50 percent fixed-rate notes due in September 2060 and an additional $250.0 million of our 2.25 percent fixed-rate notes due in May 2050, with interest to be paid semi-annually. We used the net cash proceeds from the offering of $1.07 billion for general corporate purposes, including the repayment of outstanding commercial paper. In February 2019, we issued $1.15 billion of 3.375 percent fixed-rate notes due in March 2029, $850.0 million of 3.875 percent fixed-rate notes due in March 2039, $1.50 billion of 3.95 percent fixed-rate notes due in March 2049, and $1.00 billion of 4.15 percent fixed-rate notes due in March 2059, with interest to be paid semi-annually. We used the net cash proceeds of $4.45 billion from the offering to repay commercial paper that was issued in connection with the acquisition of Loxo and for general corporate purposes. In November 2019, we issued euro-denominated notes consisting of €600.0 million of 0.625 percent fixed-notes due November 2031 and €1.00 billion of 1.70 percent fixed-rate notes due in November 2049 with interest to be paid annually. We paid $2.27 billion, comprised of $1.75 billion of net cash proceeds from the offering and proceeds from commercial paper, to purchase and redeem certain higher interest rate U.S. dollar denominated notes with an aggregate principal amount of $2.00 billion and a net carrying value of $2.01 billion, resulting in a debt extinguishment loss of $252.5 million. This loss was included in other-net, (income) expense in our consolidated statement of operations during the year ended December 31, 2019. In November 2019, we issued Japanese Yen-denominated notes consisting of ¥22.92 billion of 0.42 percent fixed-rate notes due in November 2029, ¥9.28 billion of 0.56 percent fixed-rate notes due in November 2034, and ¥7.64 billion of 0.97 percent fixed-rate notes due in November 2049, with interest to be paid semi-annually. We used the net cash proceeds from the offering of $356.6 million for general corporate purposes, including the repayment of outstanding commercial paper. The aggregate amounts of maturities on long-term debt for the next five years are as follows:
| 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025
Maturities on long-term debt | $ | 6.0 |  |  | $ | 1,590.2 |  |  | $ | 2.3 |  |  | $ | 681.1 |  |  | $ | 790.3 |
We have converted approximately 9 percent of our long-term fixed-rate notes to floating rates through the use of interest rate swaps. The weighted-average effective borrowing rates based on long-term debt obligations and interest rates at December 31, 2020 and 2019, including the effects of interest rate swaps for hedged debt obligations, were 2.61 percent and 2.88 percent, respectively. The aggregate amount of cash payments for interest on borrowings, net of capitalized interest, are as follows:
| 2020 |  | 2019 |  | 2018
Cash payments for interest on borrowings | $ | 345.8 |  |  | $ | 305.5 |  |  | $ | 223.8 |
In accordance with the requirements of derivatives and hedging guidance, the portion of our fixed-rate debt obligations that is hedged as a fair value hedge is reflected in the consolidated balance sheets as an amount equal to the sum of the debt’s carrying value plus the fair value adjustment representing changes in fair value of the hedged debt attributable to movements in market interest rates subsequent to the inception of the hedge.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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