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Debt and Credit Facilities
 12 Months Ended
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 $1,500 in commercial paper outstanding with maturities up to 397 days from the date of issuance. On December 31, 2020 there were no amounts outstanding under our commercial paper program.
Summary of Total Debt
Senior unsecured notes:
RateDue20202019
4.375%January 15, 2020$— $500 
VariableNovember 30, 2020— 333 
2.625%March 15, 2021750 749 
1.125%November 30, 2023668 609 
0.600%December 1, 2023597 — 
3.375%May 15, 2024590 587 
0.250%December 3, 20241,030 938 
1.150%June 15, 2025644 — 
3.375%November 1, 2025747 746 
3.500%March 15, 2026992 991 
2.125%November 30, 2027909 829 
3.650%March 7, 2028596 596 
0.750%March 1, 2029969 884 
1.950%June 15, 2030989 — 
2.625%November 30, 2030782 712 
1.000%December 3, 2031903 823 
4.100%April 1, 2043392 391 
4.375%May 15, 2044395 395 
4.625%March 15, 2046981 981 
2.900%June 15, 2050641 — 
Term loan400 — 
Other16 26 
Total debt$13,991 $11,090 
Less current maturities761 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.