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v3.21.1

Short-Term Borrowings and Long-Term Debt (Notes) | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Debt Disclosure | Short-Term Borrowings and Long-Term Debt Short-term borrowings and senior unsecured long-term debt consisted of the following:
|  | March 31, 2021 |  | December 31, 2020
(in millions, except percentages) |  | Par Value |  | Carrying Value |  | Fair Value |  | Par Value |  | Carrying Value |  | Fair Value
Commercial paper |  | $ | 5,356 |  |  | $ | 5,355 |  |  | $ | 5,355 |  |  | $ | 1,296 |  |  | $ | 1,296 |  |  | $ | 1,296 |
4.700% notes due February 2021 |  | — |  |  | — |  |  | — |  |  | 400 |  |  | 400 |  |  | 401 |
2.125% notes due March 2021 |  | — |  |  | — |  |  | — |  |  | 750 |  |  | 750 |  |  | 753 |
Floating rate notes due June 2021 |  | 350 |  |  | 350 |  |  | 350 |  |  | 350 |  |  | 350 |  |  | 350 |
3.150% notes due June 2021 |  | 400 |  |  | 400 |  |  | 402 |  |  | 400 |  |  | 400 |  |  | 405 |
3.375% notes due November 2021 |  | 500 |  |  | 505 |  |  | 506 |  |  | 500 |  |  | 507 |  |  | 509 |
2.875% notes due December 2021 |  | 750 |  |  | 759 |  |  | 764 |  |  | 750 |  |  | 762 |  |  | 768 |
2.875% notes due March 2022 |  | 1,100 |  |  | 1,110 |  |  | 1,120 |  |  | 1,100 |  |  | 1,113 |  |  | 1,127 |
3.350% notes due July 2022 |  | 1,000 |  |  | 999 |  |  | 1,038 |  |  | 1,000 |  |  | 999 |  |  | 1,048 |
2.375% notes due October 2022 |  | 900 |  |  | 898 |  |  | 929 |  |  | 900 |  |  | 897 |  |  | 935 |
0.000% notes due November 2022 |  | 15 |  |  | 14 |  |  | 14 |  |  | 15 |  |  | 14 |  |  | 14 |
2.750% notes due February 2023 |  | 625 |  |  | 641 |  |  | 648 |  |  | 625 |  |  | 644 |  |  | 654 |
2.875% notes due March 2023 |  | 750 |  |  | 784 |  |  | 786 |  |  | 750 |  |  | 789 |  |  | 793 |
3.500% notes due June 2023 |  | 750 |  |  | 748 |  |  | 801 |  |  | 750 |  |  | 748 |  |  | 809 |
3.500% notes due February 2024 |  | 750 |  |  | 747 |  |  | 813 |  |  | 750 |  |  | 747 |  |  | 821 |
2.375% notes due August 2024 |  | 750 |  |  | 748 |  |  | 790 |  |  | 750 |  |  | 747 |  |  | 799 |
3.750% notes due July 2025 |  | 2,000 |  |  | 1,992 |  |  | 2,214 |  |  | 2,000 |  |  | 1,992 |  |  | 2,279 |
3.700% notes due December 2025 |  | 300 |  |  | 298 |  |  | 333 |  |  | 300 |  |  | 298 |  |  | 344 |
1.250% notes due January 2026 |  | 500 |  |  | 496 |  |  | 500 |  |  | 500 |  |  | 496 |  |  | 515 |
3.100% notes due March 2026 |  | 1,000 |  |  | 997 |  |  | 1,086 |  |  | 1,000 |  |  | 997 |  |  | 1,121 |
3.450% notes due January 2027 |  | 750 |  |  | 747 |  |  | 831 |  |  | 750 |  |  | 747 |  |  | 859 |
3.375% notes due April 2027 |  | 625 |  |  | 620 |  |  | 686 |  |  | 625 |  |  | 620 |  |  | 714 |
2.950% notes due October 2027 |  | 950 |  |  | 941 |  |  | 1,024 |  |  | 950 |  |  | 940 |  |  | 1,067 |
3.850% notes due June 2028 |  | 1,150 |  |  | 1,144 |  |  | 1,290 |  |  | 1,150 |  |  | 1,143 |  |  | 1,367 |
3.875% notes due December 2028 |  | 850 |  |  | 844 |  |  | 958 |  |  | 850 |  |  | 844 |  |  | 1,019 |
2.875% notes due August 2029 |  | 1,000 |  |  | 1,015 |  |  | 1,057 |  |  | 1,000 |  |  | 1,086 |  |  | 1,137 |
2.000% notes due May 2030 |  | 1,250 |  |  | 1,234 |  |  | 1,226 |  |  | 1,250 |  |  | 1,234 |  |  | 1,326 |
4.625% notes due July 2035 |  | 1,000 |  |  | 992 |  |  | 1,216 |  |  | 1,000 |  |  | 992 |  |  | 1,340 |
5.800% notes due March 2036 |  | 850 |  |  | 839 |  |  | 1,147 |  |  | 850 |  |  | 839 |  |  | 1,271 |
6.500% notes due June 2037 |  | 500 |  |  | 492 |  |  | 725 |  |  | 500 |  |  | 492 |  |  | 800 |
6.625% notes due November 2037 |  | 650 |  |  | 642 |  |  | 959 |  |  | 650 |  |  | 641 |  |  | 1,044 |
6.875% notes due February 2038 |  | 1,100 |  |  | 1,077 |  |  | 1,648 |  |  | 1,100 |  |  | 1,077 |  |  | 1,802 |
3.500% notes due August 2039 |  | 1,250 |  |  | 1,242 |  |  | 1,342 |  |  | 1,250 |  |  | 1,241 |  |  | 1,487 |
2.750% notes due May 2040 |  | 1,000 |  |  | 964 |  |  | 976 |  |  | 1,000 |  |  | 964 |  |  | 1,085 |
5.700% notes due October 2040 |  | 300 |  |  | 296 |  |  | 412 |  |  | 300 |  |  | 296 |  |  | 451 |
5.950% notes due February 2041 |  | 350 |  |  | 346 |  |  | 494 |  |  | 350 |  |  | 346 |  |  | 540 |
4.625% notes due November 2041 |  | 600 |  |  | 589 |  |  | 736 |  |  | 600 |  |  | 589 |  |  | 820 |
4.375% notes due March 2042 |  | 502 |  |  | 485 |  |  | 593 |  |  | 502 |  |  | 485 |  |  | 661 |
3.950% notes due October 2042 |  | 625 |  |  | 608 |  |  | 712 |  |  | 625 |  |  | 608 |  |  | 790 |
4.250% notes due March 2043 |  | 750 |  |  | 735 |  |  | 878 |  |  | 750 |  |  | 735 |  |  | 982 |
4.750% notes due July 2045 |  | 2,000 |  |  | 1,974 |  |  | 2,496 |  |  | 2,000 |  |  | 1,974 |  |  | 2,814 |
4.200% notes due January 2047 |  | 750 |  |  | 738 |  |  | 875 |  |  | 750 |  |  | 738 |  |  | 991 |
4.250% notes due April 2047 |  | 725 |  |  | 718 |  |  | 847 |  |  | 725 |  |  | 717 |  |  | 963 |
3.750% notes due October 2047 |  | 950 |  |  | 934 |  |  | 1,031 |  |  | 950 |  |  | 934 |  |  | 1,180 |
4.250% notes due June 2048 |  | 1,350 |  |  | 1,330 |  |  | 1,592 |  |  | 1,350 |  |  | 1,330 |  |  | 1,803 |
4.450% notes due December 2048 |  | 1,100 |  |  | 1,087 |  |  | 1,345 |  |  | 1,100 |  |  | 1,086 |  |  | 1,517 |
3.700% notes due August 2049 |  | 1,250 |  |  | 1,235 |  |  | 1,354 |  |  | 1,250 |  |  | 1,235 |  |  | 1,567 |
2.900% notes due May 2050 |  | 1,250 |  |  | 1,208 |  |  | 1,193 |  |  | 1,250 |  |  | 1,208 |  |  | 1,384 |
3.875% notes due August 2059 |  | 1,250 |  |  | 1,228 |  |  | 1,391 |  |  | 1,250 |  |  | 1,228 |  |  | 1,618 |
3.125% notes due May 2060 |  | 1,000 |  |  | 963 |  |  | 979 |  |  | 1,000 |  |  | 965 |  |  | 1,161 |
Total short-term borrowings and long-term debt |  | $ | 45,473 |  |  | $ | 45,108 |  |  | $ | 50,462 |  |  | $ | 42,563 |  |  | $ | 42,280 |  |  | $ | 51,301 |
The Company’s long-term debt obligations also included $1.2 billion of other financing obligations as of both March 31, 2021 and December 31, 2020, of which $359 million and $354 million were classified as current as of March 31, 2021 and December 31, 2020, respectively. Short-Term Borrowings Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers. As of March 31, 2021, the Company’s outstanding commercial paper had a weighted average annual interest rate of 0.2%. The Company has $4.4 billion five-year, $4.4 billion three-year and $3.8 billion 364-day revolving bank credit facilities with 26 banks, which mature in December 2025, December 2023 and December 2021, respectively. These facilities provide liquidity support for the Company’s commercial paper program and are available for general corporate purposes. As of March 31, 2021, no amounts had been drawn on any of the bank credit facilities. The annual interest rates, which are variable based on term, are calculated based on the London Interbank Offered Rate (LIBOR) plus a credit spread based on the Company’s senior unsecured credit ratings. If amounts had been drawn on the bank credit facilities as of March 31, 2021, annual interest rates would have ranged from 0.8% to 0.9%. Debt Covenants The Company’s bank credit facilities contain various covenants, including covenants requiring the Company to maintain a defined debt to debt-plus-shareholders’ equity ratio of not more than 60%. The Company was in compliance with its debt covenants as of March 31, 2021.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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