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Financing arrangements (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Carrying values and the fixed contractual coupon rates of long-term borrowings

Our borrowings consisted of the following (in millions):

	December 31,
	2019				2018
5.70% notes due 2019 (5.70% 2019 Notes)	$	—			$	1,000
1.90% notes due 2019 (1.90% 2019 Notes)	—				700
Floating Rate Notes due 2019	—				550
2.20% notes due 2019 (2.20% 2019 Notes)	—				1,400
2.125% €675 million notes due 2019 (2.125% 2019 euro Notes)	—				774
4.50% notes due 2020 (4.50% 2020 Notes)	300				300
2.125% notes due 2020 (2.125% 2020 Notes)	750				750
Floating Rate Notes due 2020	300				300
2.20% notes due 2020 (2.20% 2020 Notes)	700				700
3.45% notes due 2020 (3.45% 2020 Notes)	900				900
4.10% notes due 2021 (4.10% 2021 Notes)	1,000				1,000
1.85% notes due 2021 (1.85% 2021 Notes)	750				750
3.875% notes due 2021 (3.875% 2021 Notes)	1,750				1,750
1.25% €1,250 million notes due 2022 (1.25% 2022 euro Notes)	1,402				1,433
2.70% notes due 2022 (2.70% 2022 Notes)	500				500
2.65% notes due 2022 (2.65% 2022 Notes)	1,500				1,500
3.625% notes due 2022 (3.625% 2022 Notes)	750				750
0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds)	725				713
2.25% notes due 2023 (2.25% 2023 Notes)	750				750
3.625% notes due 2024 (3.625% 2024 Notes)	1,400				1,400
3.125% notes due 2025 (3.125% 2025 Notes)	1,000				1,000
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes)	841				860
2.60% notes due 2026 (2.60% 2026 Notes)	1,250				1,250
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes)	630				606
3.20% notes due 2027 (3.20% 2027 Notes)	1,000				1,000
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes)	928				893
6.375% notes due 2037 (6.375% 2037 Notes)	552				552
6.90% notes due 2038 (6.90% 2038 Notes)	291				291
6.40% notes due 2039 (6.40% 2039 Notes)	466				466
5.75% notes due 2040 (5.75% 2040 Notes)	412				412
4.95% notes due 2041 (4.95% 2041 Notes)	600				600
5.15% notes due 2041 (5.15% 2041 Notes)	974				974
5.65% notes due 2042 (5.65% 2042 Notes)	487				487
5.375% notes due 2043 (5.375% 2043 Notes)	261				261
4.40% notes due 2045 (4.40% 2045 Notes)	2,250				2,250
4.563% notes due 2048 (4.563% 2048 Notes)	1,415				1,415
4.663% notes due 2051 (4.663% 2051 Notes)	3,541				3,541
Other notes due 2097	100				100
Unamortized bond discounts, premiums and issuance costs, net	(868		)		(896		)
Fair value adjustments	296				(53		)
Total carrying value of debt	29,903				33,929
Less current portion	(2,953		)		(4,419		)
Total long-term debt	$	26,950			$	29,510

Schedule of interest rate derivatives

The effective interest rates on notes for which we have entered into interest rate swap contracts and the related notional amounts of these contracts were as follows (dollar amounts in millions):

				December 31,
				2019				2018
Notes		Effective interest rates		Notional amounts
2.20% 2019 Notes		LIBOR + 0.6%		$	—			$	1,400
3.45% 2020 Notes		LIBOR + 1.1%		900				900
4.10% 2021 Notes		LIBOR + 1.7%		1,000				1,000
3.875% 2021 Notes		LIBOR + 2.0%		1,750				1,750
3.625% 2022 Notes		LIBOR + 1.6%		750				750
3.625% 2024 Notes		LIBOR + 1.4%		1,400				1,400
3.125% 2025 Notes		LIBOR + 0.9%		1,000				1,000
2.60% 2026 Notes		LIBOR + 0.3%		1,250				1,250
4.663% 2051 Notes		LIBOR + 0.0%		1,500				1,500
Total notional amounts				$	9,550			$	10,950

Aggregate contractual maturities of long-term debt obligations

The aggregate contractual maturities of all borrowings due subsequent to December 31, 2019, are as follows (in millions):

Maturity dates		Amounts
2020		$	2,950
2021		3,500
2022		4,152
2023		1,474
2024		1,400
Thereafter		16,999
Total		$	30,475

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