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Short-Term Borrowings and Long-Term Debt (Notes)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Short-Term Borrowings and Long-Term Debt [Text Block] Short-Term Borrowings and Long-Term Debt
Short-term borrowings and senior unsecured long-term debt consisted of the following:
 Carrying Value As of December 31,
(in millions, except percentages)20212020
Commercial paper$— $1,296 
$400 million 4.700% notes due February 2021
— 400 
$750 million 2.125% notes due March 2021
— 750 
$350 million Floating rate notes due June 2021
— 350 
$400 million 3.150% notes due June 2021
— 400 
$500 million 3.375% notes due November 2021
— 507 
$750 million 2.875% notes due December 2021
— 762 
$1,100 million 2.875% notes due March 2022
1,097 1,113 
$1,000 million 3.350% notes due July 2022
999 999 
$900 million 2.375% notes due October 2022
899 897 
$15 million 0.000% notes due November 2022
14 14 
$625 million 2.750% notes due February 2023
632 644 
$750 million 2.875% notes due March 2023
768 789 
$750 million 3.500% notes due June 2023
749 748 
$750 million 3.500% notes due February 2024
748 747 
$1,000 million 0.550% notes due May 2024
996 — 
$750 million 2.375% notes due August 2024
748 747 
$2,000 million 3.750% notes due July 2025
1,994 1,992 
$300 million 3.700% notes due December 2025
299 298 
$500 million 1.250% notes due January 2026
497 496 
$1,000 million 3.100% notes due March 2026
997 997 
$1,000 million 1.150% notes due May 2026
972 — 
$750 million 3.450% notes due January 2027
747 747 
$625 million 3.375% notes due April 2027
621 620 
$950 million 2.950% notes due October 2027
942 940 
$1,150 million 3.850% notes due June 2028
1,144 1,143 
$850 million 3.875% notes due December 2028
844 844 
$1,000 million 2.875% notes due August 2029
1,023 1,086 
$1,250 million 2.000% notes due May 2030
1,235 1,234 
$1,500 million 2.300% notes due May 2031
1,482 — 
$1,000 million 4.625% notes due July 2035
993 992 
$850 million 5.800% notes due March 2036
839 839 
$500 million 6.500% notes due June 2037
492 492 
$650 million 6.625% notes due November 2037
642 641 
$1,100 million 6.875% notes due February 2038
1,078 1,077 
$1,250 million 3.500% notes due August 2039
1,242 1,241 
$1,000 million 2.750% notes due May 2040
966 964 
$300 million 5.700% notes due October 2040
296 296 
$350 million 5.950% notes due February 2041
346 346 
$1,500 million 3.050% notes due May 2041
1,483 — 
$600 million 4.625% notes due November 2041
589 589 
$502 million 4.375% notes due March 2042
485 485 
$625 million 3.950% notes due October 2042
608 608 
$750 million 4.250% notes due March 2043
736 735 
$2,000 million 4.750% notes due July 2045
1,974 1,974 
$750 million 4.200% notes due January 2047
739 738 
$725 million 4.250% notes due April 2047
718 717 
$950 million 3.750% notes due October 2047
934 934 
$1,350 million 4.250% notes due June 2048
1,330 1,330 
$1,100 million 4.450% notes due December 2048
1,087 1,086 
$1,250 million 3.700% notes due August 2049
1,236 1,235 
$1,250 million 2.900% notes due May 2050
1,209 1,208 
$2,000 million 3.250% notes due May 2051
1,970 — 
$1,250 million 3.875% notes due August 2059
1,228 1,228 
$1,000 million 3.125% notes due May 2060
965 965 
Total short-term borrowings and long-term debt$44,632 $42,280 
The Company’s long-term debt obligations also included $1.4 billion and $1.2 billion of other financing obligations, of which $611 million and $354 million were current as of December 31, 2021 and 2020, respectively.
Maturities of short-term borrowings and long-term debt for the years ending December 31 are as follows:
(in millions)
2022$3,626 
20232,277 
20242,652 
20252,452 
20262,652 
Thereafter32,829 
Short-Term Borrowings
Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers.
The Company has $5.6 billion five-year, $5.6 billion three-year and $3.8 billion 364-day revolving bank credit facilities with 24 banks, which mature in December 2026, December 2024 and December 2022, respectively. These facilities provide full liquidity support for the Company’s commercial paper program and are available for general corporate purposes. As of December 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 one-month Term Secured Overnight Financing Rate (SOFR) plus a SOFR Adjustment of 10 basis points 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 December 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 requiring the Company to maintain a debt to debt-plus-shareholders’ equity ratio of not more than 60%. The Company was in compliance with its debt covenants as of December 31, 2021.