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LONG-TERM DEBT AND CREDIT AGREEMENTS | 12 Months Ended
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Dec. 31, 2020
Long Term Debt And Credit Agreements [Abstract] |
Long-term Debt and Credit Agreements | LONG-TERM DEBT AND CREDIT AGREEMENTS
| December 31,
2020 |  | 2019
0.65% Euro notes due 2020 | $ | — |  |  | $ | 1,123 |
4.25% notes due 2021 | 800 |  |  | 800 |
1.85% notes due 2021 | 1,500 |  |  | 1,500 |
0.483% notes due 2022 | 2,500 |  |  | — |
2.15% notes due 2022 | 600 |  |  | 600 |
Floating rate notes due 2022 | 1,100 |  |  | 600 |
1.30% Euro notes due 2023 | 1,534 |  |  | 1,404 |
3.35% notes due 2023 | 300 |  |  | 300 |
0.00% Euro notes due 2024 | 614 |  |  | — |
2.30% notes due 2024 | 750 |  |  | 750 |
1.35% notes due 2025 | 1,250 |  |  | — |
2.50% notes due 2026 | 1,500 |  |  | 1,500 |
2.25% Euro notes due 2028 | 920 |  |  | 842 |
2.70% notes due 2029 | 750 |  |  | 750 |
1.95% notes due 2030 | 1,000 |  |  | — |
0.75% Euro notes due 2032 | 614 |  |  | — |
5.70% notes due 2036 | 441 |  |  | 441 |
5.70% notes due 2037 | 462 |  |  | 462 |
5.375% notes due 2041 | 417 |  |  | 417 |
3.812% notes due 2047 | 445 |  |  | 445 |
2.80% notes due 2050 | 750 |  |  | — |
Industrial development bond obligations, floating rate maturing at various dates through 2037 | 22 |  |  | 22 |
6.625% debentures due 2028 | 201 |  |  | 201 |
9.065% debentures due 2033 | 51 |  |  | 51 |
Other (including capitalized leases and debt issuance costs), 8.9% weighted average interest rate maturing at various dates through 2025 | 266 |  |  | 278 |
| 18,787 |  |  | 12,486 |
Less-current portion | (2,445) |  |  | (1,376) |
| $ | 16,342 |  |  | $ | 11,110 |
The schedule of principal payments on long-term debt is as follows:
| December 31, 2020
2021 | $ | 2,445 |
2022 | 4,240 |
2023 | 1,862 |
2024 | 1,392 |
2025 | 1,255 |
Thereafter | 7,593 |
| 18,787 |
Less-current portion | (2,445) |
| $ | 16,342 |
On August 19, 2020, the Company issued $2.5 billion 0.483% Senior Notes due 2022 and $500 million Floating Rate Senior Notes due 2022 (collectively, the 2022 Callable Notes). The $500 million Floating Rate Senior Notes due 2022 were issued at a variable interest rate equal to the three-month LIBOR plus the applicable margin of 0.23%. The Company may redeem the 2022 fixed rate notes at any time, in whole or in part, at the Company's option. The Company may redeem the 2022 floating rate notes at any time, in whole or in part, on or after August 19, 2021. The 2022 Callable Notes resulted in gross proceeds of $3.0 billion, offset by $10 million in discount and closing costs related to the offering. The Company used the proceeds of the offering to repay $3.0 billion of borrowings under the Term Loan Agreement (defined below). On May 18, 2020, the Company issued $1.25 billion 1.35% Senior Notes due 2025, $1.0 billion 1.95% Senior Notes due 2030, and $750 million 2.80% Senior Notes due 2050 (collectively, the 2020 Notes) to replace and, accordingly, permanently reduce $3.0 billion of undrawn commitments under the Term Loan Agreement, referenced below. The Company may redeem the 2020 Notes at any time, in whole or in part, at the Company's option. The offering provided gross proceeds of $3.0 billion, offset by $27 million in discount and closing costs related to the offering. On March 10, 2020, the Company issued €500 million 0.00% Senior Notes due 2024 and €500 million 0.75% Senior Notes due 2032 (collectively, the 2020 Euro Notes). The offering provided gross proceeds of $1.1 billion, offset by $9 million in discount and closing costs related to the offering. The 2022 Callable Notes, 2020 Notes, and 2020 Euro Notes are senior unsecured and unsubordinated obligations of the Company and rank equally with each other and with all of the Company's existing and future senior unsecured debt and senior to all of the Company's subordinated debt. On April 10, 2020, the Company entered into a $1.5 billion 364-Day Credit Agreement (the 364-Day Credit Agreement) with a syndicate of banks. This 364-Day Credit Agreement is maintained for general corporate purposes. The 364-Day Credit Agreement replaced the previous 364-day credit agreement dated as of April 26, 2019, which was terminated on April 10, 2020. On March 26, 2020, the Company entered into a Delayed Draw Term Loan Agreement (the Term Loan Agreement) with a syndicate of banks. The Term Loan Agreement provided for a two-year, delayed draw term loan facility in the aggregate principal amount of $6.0 billion. Effective May 22, 2020, the Company permanently reduced the undrawn commitments under the Term Loan Agreement by an aggregate amount of $3.0 billion. On June 24, 2020, the Company drew on the remaining $3.0 billion of commitments under the Term Loan Agreement at a variable interest rate equal to the one-month LIBOR plus the applicable margin of 1.25%. The draw provided gross proceeds of $3.0 billion, offset by $7 million in closing costs related to the borrowing. On August 20, 2020, the Company prepaid the outstanding principal amount of $3.0 billion, using the proceeds from the offering of the 2022 Callable Notes. On February 21, 2020, the Company paid its 0.65% Euro notes due 2020. On April 26, 2019, the Company entered into a $4.0 billion Five Year Credit Agreement (the 5-Year Credit Agreement) with a syndicate of banks, dated April 26, 2019. This 5-Year Credit Agreement is maintained for general corporate purposes. Commitments under the 5-Year Credit Agreement can be increased pursuant to the terms of the 5-Year Credit Agreement to an aggregate amount not to exceed $4.5 billion. As of December 31, 2020, there were no outstanding borrowings under the 364-Day Credit Agreement, Term Loan Agreement, or 5-Year Credit Agreement.

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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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