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Debt and lines of credit

6 Months Ended

Jun. 30, 2021

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 June 30, 2021, 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 June 30, 2021, our credit facility was undrawn, and we had no commercial paper outstanding.

Long-term debt

In February 2021, we retired $550 million of maturing debt.

Long-term debt outstanding is as follows:

			June 30,						December 31,
			2021						2020
Notes due 2021 at 2.75%			$	—					$	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						750
Notes due 2027 at 2.90%			500						500
Notes due 2029 at 2.25%			750						750
Notes due 2030 at 1.75%			750						750
Notes due 2039 at 3.875%			750						750
Notes due 2048 at 4.15%			1,500						1,500
Total debt			6,300						6,850
Net unamortized discounts, premiums and issuance costs			(49)						(52)
Total debt, including net unamortized discounts, premiums and issuance costs			6,251						6,798
Current portion of long-term debt			(499)						(550)
Long-term debt			$	5,752					$	6,248

Interest and debt expense was $44 million and $48 million for the second quarters of 2021 and 2020, respectively, and $90 million and $93 million for the first six months of 2021 and 2020, respectively. This was net of the amortized discounts, premiums and issuance costs. Capitalized interest was not material.

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- References

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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

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