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Debt and Credit Facilities | 12 Months Ended
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Dec. 31, 2020
Long-term Debt, Unclassified [Abstract] |
Debt And Credit Facilities | DEBT AND CREDIT FACILITIES We have lines of credit issued by various financial institutions that are available to fund our day-to-day operating needs. Certain of our credit facilities require us to comply with financial and other covenants. We were in compliance with all covenants on December 31, 2020. Our commercial paper program allows us to have a maximum of $1,500 in commercial paper outstanding with maturities up to 397 days from the date of issuance. On December 31, 2020 there were no amounts outstanding under our commercial paper program.
Summary of Total Debt |  |  |  |
Senior unsecured notes: |  |  |  |
| Rate |  | Due |  | 2020 |  | 2019
| 4.375% |  | January 15, 2020 | $ | — |  |  | $ | 500 |
| Variable |  | November 30, 2020 | — |  |  | 333 |
| 2.625% |  | March 15, 2021 | 750 |  |  | 749 |
| 1.125% |  | November 30, 2023 | 668 |  |  | 609 |
| 0.600% |  | December 1, 2023 | 597 |  |  | — |
| 3.375% |  | May 15, 2024 | 590 |  |  | 587 |
| 0.250% |  | December 3, 2024 | 1,030 |  |  | 938 |
| 1.150% |  | June 15, 2025 | 644 |  |  | — |
| 3.375% |  | November 1, 2025 | 747 |  |  | 746 |
| 3.500% |  | March 15, 2026 | 992 |  |  | 991 |
| 2.125% |  | November 30, 2027 | 909 |  |  | 829 |
| 3.650% |  | March 7, 2028 | 596 |  |  | 596 |
| 0.750% |  | March 1, 2029 | 969 |  |  | 884 |
| 1.950% |  | June 15, 2030 | 989 |  |  | — |
| 2.625% |  | November 30, 2030 | 782 |  |  | 712 |
| 1.000% |  | December 3, 2031 | 903 |  |  | 823 |
| 4.100% |  | April 1, 2043 | 392 |  |  | 391 |
| 4.375% |  | May 15, 2044 | 395 |  |  | 395 |
| 4.625% |  | March 15, 2046 | 981 |  |  | 981 |
| 2.900% |  | June 15, 2050 | 641 |  |  | — |
Term loan |  | 400 |  |  | — |
Other |  | 16 |  |  | 26 |
Total debt |  | $ | 13,991 |  |  | $ | 11,090 |
Less current maturities |  | 761 |  |  | 859 |
Total long-term debt |  | $ | 13,230 |  |  | $ | 10,231 |
Unamortized debt issuance costs | $ | 71 |  |  | $ | 58 |
Borrowing capacity on existing facilities | $ | 2,903 |  |  | $ | 1,546 |
Fair value of senior unsecured notes | $ | 15,022 |  |  | $ | 11,910 |
The fair value of the senior unsecured notes was estimated using quoted interest rates, maturities and amounts of borrowings based on quoted active market prices and yields that took into account the underlying terms of the debt instruments. Substantially all of our debt is classified within Level 2 of the fair value hierarchy. In January 2020 we repaid $500 of senior unsecured notes with a coupon of 4.375% that were due on January 15, 2020. On April 30, 2020 we amended our primary credit facility. The principal change was to increase the leverage ratio financial covenant from 3.5:1 to 4.5:1 at the end of each fiscal quarter ending on or prior to June 30, 2021. We exercised our right under the acquisition clause of the agreement to increase the maximum permitted leverage to 5.0:1 effective as of December 31, 2020. On April 30, 2020 we entered into a credit agreement that provides for up to $1,500 of borrowings in United States Dollars pursuant to a 364-day revolving credit facility, which matures on April 29, 2021 and is available for working capital and general corporate purposes. In June 2020 we issued $650 of senior unsecured notes with a fixed interest rate of 1.150% due on June 15, 2025, $1,000 of senior unsecured notes with a fixed interest rate of 1.950% due on June 15, 2030 and $650 of senior unsecured notes with a fixed interest rate of 2.900% due on June 15, 2050. In November 2020 we issued $600 of senior unsecured notes with a fixed interest rate of 0.600% due on December 1, 2023. In November 2020 we entered into a $400 term loan agreement that matures on November 10, 2023 and bears interest at LIBOR plus 112.5 bps. In November 2020 we repaid €300 of senior unsecured notes with a floating interest rate that were due on November 30, 2020. In November and December 2020 we settled the convertible notes assumed in the Wright acquisition. Refer to Note 6 for further information. Interest expense, including required fees incurred on outstanding debt and credit facilities that were included in other expense, totaled $315, $287, and $264 in 2020, 2019 and 2018.

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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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