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Debt and Lines of Credit | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Debt and lines of credit | Debt and lines of credit Short-term borrowings We maintain a line of credit to support commercial paper borrowings, if any, and to provide additional liquidity through bank loans. As of December 31, 2020, we had a variable-rate revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $2 billion until March 2024. The interest rate on borrowings under this credit facility, if drawn, is indexed to the applicable London Interbank Offered Rate (LIBOR). As of December 31, 2020, our credit facility was undrawn, and we had no commercial paper outstanding. Long-term debt In March 2020, we issued a principal amount of $750 million of fixed-rate, long-term debt due in 2025. We incurred $4 million of issuance costs. The proceeds of the offering were $749 million, net of the original issuance discount, and were used for general corporate purposes and the repayment of maturing debt. In April 2020, we retired $500 million of maturing debt. In May 2020, we issued a principal amount of $750 million of fixed-rate, long-term debt due in 2030. We incurred $5 million of issuance costs. The proceeds of the offering were $749 million, net of the original issuance discount, and were used for general corporate purposes. In March 2019, we issued a principal amount of $750 million of fixed-rate, long-term debt due in 2039. We incurred $7 million of issuance costs. The proceeds of the offering were $743 million, net of the original issuance discount, and were used for general corporate purposes. In August 2019, we retired $750 million of maturing debt. In September 2019, we issued a principal amount of $750 million of fixed-rate, long-term debt due in 2029. We incurred $5 million of issuance costs. The proceeds of the offering were $748 million, net of the original issuance discount, and were used for general corporate purposes. In May 2018, we retired $500 million of maturing debt. In the second quarter of 2018, we issued an aggregate principal amount of $1.5 billion of fixed-rate, long-term debt due in 2048, comprised of the issuance of $1.3 billion in May 2018 and an additional $200 million in June 2018. We incurred $16 million of issuance and other related costs. The proceeds of the offering were $1.5 billion, net of the original issuance discount and premium, and were used for general corporate purposes. Long-term debt outstanding is as follows:
| December 31,
| 2020 |  | 2019
Notes due 2020 at 1.75% | $ | — |  |  | $ | 500 |
Notes due 2021 at 2.75% | 550 |  |  | 550 |
Notes due 2022 at 1.85% | 500 |  |  | 500 |
Notes due 2023 at 2.25% | 500 |  |  | 500 |
Notes due 2024 at 2.625% | 300 |  |  | 300 |
Notes due 2025 at 1.375% | 750 |  |  | — |
Notes due 2027 at 2.90% | 500 |  |  | 500 |
Notes due 2029 at 2.25% | 750 |  |  | 750 |
Notes due 2030 at 1.75% | 750 |  |  | — |
Notes due 2039 at 3.875% | 750 |  |  | 750 |
Notes due 2048 at 4.15% | 1,500 |  |  | 1,500 |
Total debt | 6,850 |  |  | 5,850 |
Net unamortized discounts, premiums and issuance costs | (52) |  |  | (47) |
Total debt, including net unamortized discounts, premiums and issuance costs | 6,798 |  |  | 5,803 |
Current portion of long-term debt | (550) |  |  | (500) |
Long-term debt | $ | 6,248 |  |  | $ | 5,303 |
Interest and debt expense was $190 million, $170 million and $125 million in 2020, 2019 and 2018, respectively. This was net of the amortized discounts, premiums and issuance costs. Cash payments for interest on long-term debt were $182 million, $156 million and $114 million in 2020, 2019 and 2018, respectively. Capitalized interest was not material.

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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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