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Debt (Tables) | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Carrying value of outstanding debt | The following table summarizes the carrying value of our outstanding debt as of the dates indicated (in millions, except percentages):
|  | Coupon |  | As of |  | Effective |  | As of |  | Effective
|  | Rate |  | June 30, 2022 |  | Interest Rate |  | December 31, 2021 |  | Interest Rate
Long-Term Debt |  |  |  |  |  |  |  |  |  |
Floating Rate Notes: |  |  |  |  |  |  |  |  |  |
Senior notes due 2023 |  | LIBOR plus 0.87% |  | $ | 400 |  |  | 1.100 | % |  | $ | 400 |  |  | 1.100 | %
Fixed Rate Notes: |  |  |  |  |  |  |  |  |  |
Senior notes due 2022 |  | — | % |  | — |  |  | — | % |  | 750 |  |  | 3.989 | %
Senior notes due 2022 |  | — | % |  | — |  |  | — | % |  | 605 |  |  | 2.678 | %
Senior notes due 2023 |  | 2.750 | % |  | 750 |  |  | 2.866 | % |  | 750 |  |  | 2.866 | %
Senior notes due 2024 |  | 3.450 | % |  | 750 |  |  | 3.531 | % |  | 750 |  |  | 3.531 | %
Senior notes due 2025 |  | 1.900 | % |  | 800 |  |  | 1.803 | % |  | 800 |  |  | 1.803 | %
Senior notes due 2026 |  | 1.400 | % |  | 750 |  |  | 1.252 | % |  | 750 |  |  | 1.252 | %
Senior notes due 2027 |  | 3.600 | % |  | 850 |  |  | 3.689 | % |  | 850 |  |  | 3.689 | %
Senior notes due 2030 |  | 2.700 | % |  | 950 |  |  | 2.623 | % |  | 950 |  |  | 2.623 | %
Senior notes due 2031 |  | 2.600 | % |  | 750 |  |  | 2.186 | % |  | 750 |  |  | 2.186 | %
Senior notes due 2042 |  | 4.000 | % |  | 750 |  |  | 4.114 | % |  | 750 |  |  | 4.114 | %
Senior notes due 2051 |  | 3.650 | % |  | 1,000 |  |  | 2.517 | % |  | 1,000 |  |  | 2.517 | %
Total senior notes |  |  |  | 7,750 |  |  |  |  | 9,105 |  |  |
Hedge accounting fair value adjustments (1) |  |  |  | 6 |  |  |  |  | 7 |  |  |
Unamortized premium/(discount) and debt issuance costs |  |  |  | (28) |  |  |  |  | (30) |  |  |
Less: Current portion of long-term debt |  |  |  | (1,149) |  |  |  |  | (1,355) |  |  |
Total long-term debt |  |  |  | 6,579 |  |  |  |  | 7,727 |  |  |
Short-Term Debt |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  |  |  | 1,149 |  |  |  |  | 1,355 |  |  |
Total short-term debt |  |  |  | 1,149 |  |  |  |  | 1,355 |  |  |
Total Debt |  |  |  | $ | 7,728 |  |  |  |  | $ | 9,082 |  |  |
(1) Includes the fair value adjustments to debt associated with terminated interest rate swaps which are being recorded as a reduction to interest expense over the remaining term of the related notes.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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