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v3.20.2

Contractual Obligations and Commitments (Tables) | 9 Months Ended
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Sep. 30, 2020
Short-term Debt [Line Items] |
Schedule of Long-term Debt Instruments [Table Text Block] |
(in millions, except interest rates) |  | Issuance Date |  | Maturity Date |  | As of |  | Coupon Rate (1)
| September 30, 2020 |  | December 31, 2019 |
May 2022 Notes |  | May 2015 |  | May 2022 |  | $ | 500 |  |  | $ | 500 |  |  | 3.375%
October 2023 Notes |  | August 2013 |  | October 2023 |  | 244 |  |  | 244 |  |  | 4.125%
March 2024 Notes |  | February 2019 |  | March 2024 |  | 850 |  |  | 850 |  |  | 3.450%
May 2025 Notes |  | May 2015 |  | May 2025 |  | 523 |  |  | 523 |  |  | 3.850%
June 2025 Notes |  | May 2020 |  | June 2025 |  | 500 |  |  | — |  |  | 1.900%
March 2026 Notes |  | February 2019 |  | March 2026 |  | 850 |  |  | 850 |  |  | 3.750%
December 2027 Notes |  | November 2019 |  | December 2027 |  | 1,054 |  |  | 1,011 |  |  | 0.625%
March 2028 Notes |  | February 2018 |  | March 2028 |  | 434 |  |  | 434 |  |  | 4.000%
March 2029 Notes |  | February 2019 |  | March 2029 |  | 850 |  |  | 850 |  |  | 4.000%
June 2030 Notes |  | May 2020 |  | June 2030 |  | 1,200 |  |  | — |  |  | 2.650%
November 2035 Notes (2) |  | November 2005 |  | November 2035 |  | 350 |  |  | 350 |  |  | 7.000%
March 2039 Notes |  | February 2019 |  | March 2039 |  | 750 |  |  | 750 |  |  | 4.550%
January 2040 Notes |  | December 2009 |  | January 2040 |  | 300 |  |  | 300 |  |  | 7.375%
March 2049 Notes |  | February 2019 |  | March 2049 |  | 1,000 |  |  | 1,000 |  |  | 4.700%
August 2022 Term Loan |  | August 2019 |  | August 2022 |  | — |  |  | 1,000 |  |  |
Unamortized Debt Issuance Discount and Deferred Financing Costs |  |  |  | 2020 - 2049 |  | (91) |  |  | (83) |  |  |
Unamortized Gain on Fair Value Hedges |  |  |  | 2020 - 2023 |  | 6 |  |  | 7 |  |  |
Finance Lease Obligation |  |  |  | Various |  | 6 |  |  | 6 |  |  |
Long-term debt |  |  |  |  |  | $ | 9,325 |  |  | $ | 8,592 |  |  |
Note: The table above does not include unamortized amounts related to interest rate contracts designated as cash flow hedges. (1) Coupon rates are semi-annual, except for the euro-denominated December 2027 Notes, which bear an annual coupon, and the August 2022 Term Loan, which is a variable-rate instrument based on LIBOR. (2) Corporate credit rating improvements may result in a decrease in the adjusted interest rate on our November 2035 Notes to the extent that our lowest credit rating is above BBB- or Baa3. The interest rates on our November 2035 Notes will be permanently reinstated to the issuance rate if the lowest credit ratings assigned to these senior notes is either A- or A3 or higher.
Summary Of Term Loan And Revolving Credit Facility Agreement Compliance With Debt Covenants [Table Text Block] |
|  | Covenant Requirement |  | Actual
|  | as of September 30, 2020 |  | as of September 30, 2020
Maximum permitted leverage ratio (1) |  | 4.75 times |  | 3.40 times
(1)Ratio of total debt to deemed consolidated EBITDA, as defined by the credit agreements, as amended.
Transfer of Financial Assets Accounted for as Sales [Table Text Block] |
Factoring Arrangements | As of September 30, 2020 |  | As of December 31, 2019
Amount De-recognized |  | Average Interest Rate |  | Amount De-recognized |  | Average Interest Rate
Euro denominated | $ | 150 |  |  | 1.8 | % |  | $ | 171 |  |  | 1.4 | %
Yen denominated | 191 |  |  | 0.6 | % |  | 226 |  |  | 0.6 | %
Renminbi denominated | 1 |  |  | 3.5 | % |  | n/a |  | n/a
Commercial Paper [Member] |
Short-term Debt [Line Items] |
Schedule of Short-term Debt [Table Text Block] | Commercial Paper Our commercial paper program is backed by the Revolving Credit Facility, as discussed above. Outstanding commercial paper directly reduces borrowing capacity under the Revolving Credit Facility. In the first quarter of 2020, we refinanced $1.360 billion of commercial paper using proceeds from the Revolving Credit Facility and did not have any commercial paper outstanding as of September 30, 2020.
| As of
(in millions, except maturity and yield) | September 30, 2020 |  | December 31, 2019
Commercial paper outstanding (at par) | $ | — |  |  | $ | 711 |
Maximum borrowing capacity | 2,750 |  |  | 2,750 |
Borrowing capacity available | 2,750 |  |  | 2,039 |
Weighted average maturity | 0 days |  | 55 days
Weighted average yield | — | % |  | 2.21 | %

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