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Debt | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Debt | Debt The Company’s debt consisted of the following:
(In millions) |  | September 30, 2020 |  | December 31, 2019
Short-term and current maturities of long-term debt: |  |  |  |
Lines of credit |  | $ | 121 |  |  | $ | 150 |
Finance lease and other financing obligations |  | 244 |  |  | 137 |
Total short-term and current maturities of long-term debt |  | $ | 365 |  |  | $ | 287 |
Long-term debt: |  |  |  |
2.7% senior notes due 2020 |  | $ | — |  |  | $ | 850 |
4.75% senior notes due 2021 |  | 400 |  |  | 400 |
3.5% senior notes due 2022 |  | 700 |  |  | 700 |
3.8% senior notes due 2023 |  | 1,000 |  |  | 1,000 |
0.375% senior notes due 2023 |  | 584 |  |  | 559 |
2.75% senior notes due 2024 |  | 2,000 |  |  | 2,000 |
3.85% senior notes due 2025 |  | 900 |  |  | 900 |
2.25% senior notes due 2025 |  | 676 |  |  | 687 |
3.2% senior notes due 2026 |  | 2,000 |  |  | 2,000 |
1.125% senior notes due 2027 |  | 584 |  |  | 559 |
2.25% senior notes due 2027 |  | 1,000 |  |  | — |
4.2% senior notes due 2028 |  | 1,000 |  |  | 1,000 |
3.5% senior notes due 2029 |  | 3,000 |  |  | 3,000 |
1.625% senior notes due 2030 |  | 584 |  |  | 559 |
2.65% senior notes due 2030 |  | 1,000 |  |  | — |
3.0% senior notes due 2031 |  | 676 |  |  | 687 |
4.4% senior notes due 2049 |  | 2,000 |  |  | 2,000 |
Receivable securitized loan |  | 500 |  |  | 500 |
Term loan facility |  | 1,750 |  |  | 3,950 |
Unamortized discount and deferred financing costs |  | (161) |  |  | (160) |
Revolving credit facility |  | 219 |  |  | 174 |
Finance lease and other financing obligations |  | 482 |  |  | 247 |
Total long-term debt |  | $ | 20,894 |  |  | $ | 21,612 |
The Company was in compliance with all financial debt covenants during the first nine months of 2020. Annual maturities of the Company’s total debt were as follows at September 30, 2020:
(In millions) |
Year ending December 31, |
Remainder of 2020 | $ | 282 |
2021 | 177 |
2022 | 1,346 |
2023 | 2,334 |
2024 | 3,843 |
Thereafter | 13,438 |
Total principal payments | 21,420 |
Unamortized discount and deferred financing costs | (161) |
Total debt | $ | 21,259 |
On May 13, 2020, the Company completed an offering of $2.0 billion of senior notes comprised of $1.0 billion aggregate principal amount of 2.25% senior notes due in June 2027 and $1.0 billion aggregate principal amount of 2.65% senior notes due in June 2030. The senior notes pay interest semi-annually on June 1 and December 1, commencing on December 1, 2020. The indentures governing the senior notes contain covenants that, among other matters, limit (i) the Company’s ability to consolidate or merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to, another person, (ii) the Company’s and certain of its subsidiaries’ ability to create or assume liens, and (iii) the Company’s and certain of its subsidiaries’ ability to engage in sale and leaseback transactions. The Company may, at its option, redeem the senior notes, in whole or from time to time in part, at any time prior to the applicable maturity date. The Company used the net proceeds from these senior notes offerings to repay the outstanding principal balance of $850 million under its 2.7% senior notes due in June 2020 and outstanding borrowings under its amended and restated revolving credit facility totaling $1.1 billion. T he Company maintains an amended and restated revolving credit facility, which matures in September 2023, with aggregate commitments available for $3.5 billion of total capacity. At September 30, 2020, the 4.75% senior notes due in June 2021 were classified in the consolidated balance sheet as long-term and within the debt maturity schedule above as maturing in September 2023, the date that the Company’s revolving credit facility expires, as the Company has the intent to refinance this debt on a long-term basis and the ability to do so under its revolving credit facility.

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- Definition The entire disclosure for long-term debt. + 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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