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Short-Term Borrowings and Long-Term Debt (Notes)
 3 Months Ended
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, 2021December 31, 2020
(in millions, except percentages)Par ValueCarrying ValueFair ValuePar ValueCarrying ValueFair 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.