XML 40 R17.htm IDEA: XBRL DOCUMENT
v3.20.4

Debt | 12 Months Ended
--- | ---
Dec. 31, 2020
Debt Disclosure [Abstract] |
Debt | Debt Debt maturities are presented below:
| December 31,
| 2020 |  | 2019
| ($ in millions)
Notes and debentures, with weighted-average interest rates as of December 31, 2020: |  |  |
3.65% maturing to 2025 | $ | 2,673 |  |  | $ | 3,048 |
4.32% maturing 2026 to 2031 | 2,714 |  |  | 2,714 |
4.11% maturing 2037 to 2055 | 7,497 |  |  | 5,904 |
6.07% maturing 2097 to 2118 | 784 |  |  | 1,331 |
Finance leases | 25 |  |  | 8 |
Discounts, premiums, and debt issuance costs | (1,012) |  |  | (809) |
Total debt | 12,681 |  |  | 12,196 |
Less current maturities | (579) |  |  | (316) |
Long-term debt excluding current maturities | $ | 12,102 |  |  | $ | 11,880 |
Long-term debt maturities subsequent to 2021 are as follows: |  |  |
2022 |  |  | $ | 553 |
2023 |  |  | 603 |
2024 |  |  | 403 |
2025 |  |  | 555 |
2026 and subsequent years |  |  | 9,988 |
Total |  |  | $ | 12,102 |
In May 2020, we issued $800 million of 3.05% senior notes due 2050, resulting in $790 million in net proceeds. In May 2020, we also issued $800 million of 3.155% senior notes due 2055 in exchange for $554 million of previously issued notes ($450 million at 5.1% due 2118, $42 million at 6% due 2111, $29 million at 7.9% due 2097, $26 million at 6% due 2105, and $7 million at 7.05% due 2037). As part of the debt exchange, a $4 million loss on extinguishment was recognized in “Other income – net.” In May 2020, we also renewed and amended our accounts receivable securitization program, reducing our maximum borrowing capacity from $450 million to $400 million. The term expires in May 2021. We had no amounts outstanding at either December 31, 2020 or 2019, and our available borrowing capacity was $400 million and $429 million, respectively. The January 1, 2019 and December 31, 2018 “Cash, cash equivalents, and restricted cash” line item in the Consolidated Statements of Cash Flows includes restricted cash of $88 million, which reflects deposits held by a third-party bond agent as collateral for certain debt obligations which matured on October 1, 2019. Credit Agreement and Debt Covenants In March 2020, we renewed and amended our five-year credit agreement. We increased the program’s borrowing capacity from $750 million to $800 million. The amended agreement expires in 2025 and provides for borrowings at prevailing rates and includes covenants. We had no amounts outstanding under this facility at either December 31, 2020, or 2019.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration