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Debt and Borrowing Arrangements (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Short-Term Borrowings and Related Weighted-Average Interest Rates

Our short-term borrowings and related weighted-average interest rates consisted of:

			As of March 31, 2021												As of December 31, 2020
			Amount Outstanding						Weighted- Average Rate						Amount Outstanding						Weighted- Average Rate
			(in millions, except percentages)
Commercial paper			$	584					0.2		%				$	—					—		%
Bank loans			90						5.0		%				29						4.8		%
Total short-term borrowings			$	674											$	29

Schedule of Uncommitted and Committed Credit Lines Available

Our uncommitted credit lines and committed credit lines available as of March 31, 2021 and December 31, 2020 include:

			As of March 31, 2021												As of December 31, 2020
			Facility Amount						Borrowed Amount						Facility Amount						Borrowed Amount
			(in millions)
Uncommitted credit facilities			$	1,488					$	90					$	1,487					$	29
Credit facility expiry(1):
February 24, 2021									—						1,500						—
February 23, 2022			2,500						—
February 27, 2024			4,500						—						4,500						—

(1) We maintain a multi-year senior unsecured revolving credit facility for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreement includes a covenant that we maintain a minimum shareholders' equity of at least $24.6 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in

accounting principles and earnings/(losses) recognized in connection with the ongoing application of any mark-to-market accounting for pensions and other retirement plans. At March 31, 2021, we complied with this covenant as our shareholders' equity, as defined by the covenant, was $37.8 billion. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security.

Schedule of Debt Redemptions

Redemptions:

On March 31, 2021, we completed an early redemption of Euro and U.S. dollar denominated notes for the following amounts (in millions):

Interest Rate						Maturity Date						Amount Redeemed						USD Equivalent
1.000%						March 2022						€500						$587
1.625%						January 2023						€700						$821
2.125%						April 2023						$500						$500
4.000%						February 2024						$492						$492

Schedule of Debt Repayments

Repayments:

During the three months ended March 31, 2021, we repaid the following notes or term loans (in millions):

Interest Rate

Maturity Date

Amount

USD Equivalent

2.375%

January 2021

€679

$827

Schedule of Debt Issuances

During the three months ended March 31, 2021, we issued the following notes (in millions):

Issuance Date						Interest Rate						Maturity Date						Gross Proceeds (1)						Gross Proceeds USD Equivalent
March 2021						1.375%						March 2041						€650						$777
March 2021						0.750%						March 2033						€600						$717
March 2021						0.250%						March 2028						€750						$896

(1) Represents gross proceeds from the issuance of notes excluding debt issuance costs, discounts and premiums.

Schedule of Fair Value of Debt

The fair value of our short-term borrowings at March 31, 2021 and December 31, 2020 reflects current market interest rates and approximates the amounts we have recorded on our consolidated balance sheets. The fair value of our long-term debt was determined using quoted prices in active markets (Level 1 valuation data) for the publicly traded debt obligations.

			As of March 31, 2021						As of December 31, 2020
			(in millions)
Fair Value			$	20,203					$	21,568
Carrying Value			$	19,530					$	20,046

Schedule of Interest and Other Expense

Interest and other expense, net consisted of:

			For the Three Months Ended March 31,
			2021						2020
			(in millions)
Interest expense, debt			$	98					$	110
Loss on debt extinguishment and related expenses			137						—
Loss related to interest rate swaps			—						103
Other (income)/expense, net			(17)						(23)
Interest and other expense, net			$	218					$	190

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