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Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt as of September 30, 2019 and December 31, 2018, consisted of the following (in millions):

	September 30,				December 31,
	2019				2018
Senior Notes due October 2020, interest payable semi-annually at 3.625% ("2020 Notes")	$	1,150			$	1,150
Senior Euro Notes due January 2021, interest payable annually at 0.400% ("2021 Euro Notes")	546				572
Senior Euro Floating Rate Notes due May 2021, interest payable quarterly ("Floating Rate Notes") (1)	546				—
Senior Euro Notes due May 2021, interest payable annually at 0.125% ("May 2021 Euro Notes")	546				—
Senior Notes due August 2021, interest payable semi-annually at 2.250% ("2021 Notes")	750				750
Senior GBP Notes due June 2022, interest payable annually at 1.700% ("2022 GBP Notes")	369				382
Senior Notes due October 2022, interest payable semi-annually at 4.500% ("2022 Notes")	300				300
Senior Notes due April 2023, interest payable semi-annually at 3.500% ("2023 Notes")	700				700
Senior Euro Notes due May 2023, interest payable annually at 0.750% ("2023 Euro Notes")	1,365				—
Senior Notes due June 2024, interest payable semi-annually at 3.875% ("2024 Notes")	400				400
Senior Euro Notes due July 2024, interest payable annually at 1.100% ("2024 Euro Notes")	546				572
Senior GBP Notes due May 2025, interest payable annually at 2.602% ("2025 GBP Notes")	769				—
Senior Notes due October 2025, interest payable semi-annually at 5.000% ("2025 Notes")	900				900
Senior Notes due August 2026, interest payable semi-annually at 3.000% ("2026 Notes")	1,250				1,250
Senior Euro Notes due May 2027, interest payable annually at 1.500% ("2027 Euro Notes")	1,365				—
Senior Notes due May 2028, interest payable semi-annually at 4.250% ("2028 Notes")	400				400
Senior Notes due May 2029, interest payable semi-annually at 3.750% ("2029 Notes")	1,000				—
Senior Euro Notes due May 2030, interest payable annually at 2.000% ("2030 Euro Notes")	1,092				—
Senior GBP Notes due May 2031, interest payable annually at 3.360% ("2031 GBP Notes")	769				—
Senior Euro Notes due May 2039, interest payable annually at 2.950% ("2039 Euro Notes")	546				—
Senior Notes due August 2046, interest payable semi-annually at 4.500% ("2046 Notes")	500				500
Senior Notes due May 2048, interest payable semi-annually at 4.750% ("2048 Notes")	600				600
Revolving Credit Facility (2)	560				208
Other	55				34
	17,024				8,718
Current portion of long-term debt	(79		)		(48		)
Long-term debt, excluding current portion	$	16,945			$	8,670

(1) As of September 30, 2019, the weighted-average interest rate of the Floating Rate Notes was 0.00%.

(2)

Interest on the Revolving Credit Facility is generally payable at LIBOR plus an applicable margin of up to 1.625% plus an unused commitment fee of up to 0.225%, each based upon the Company's corporate credit ratings. As of September 30, 2019, the weighted average interest rate on the Revolving Credit Facility, excluding fees, was 3.08%.

Short-term Debt

Short-term borrowings as of September 30, 2019 and December 31, 2018, consisted of the following (in millions):

	September 30,				December 31,
	2019				2018
Euro-commercial paper notes ("ECP Notes") (1)	$	2,856			$	—
U.S. commercial paper notes ("USCP Notes") (2)	150				250
Other	163				17
Total short-term borrowings	$	3,169			$	267

(1) As of September 30, 2019, the weighted-average interest rate of the ECP Notes was (0.17)%, resulting in a reduction to Interest expense, net.

(2) As of September 30, 2019, the weighted-average interest rate of the USCP Notes was 2.28%.

Principal Maturities of Long-term Debt

The following summarizes the aggregate maturities of our long-term debt, including other financing obligations for certain hardware and software, based on stated contractual maturities, excluding the fair value of the interest rate swap and net unamortized non-cash bond premiums and discounts of $31 million, as of September 30, 2019 (in millions):

		Total
2019 remaining period		$	26
2020		1,222
2021		2,453
2022		691
2023		2,633
Thereafter		10,138
Total principal payments		17,163
Debt issuance costs, net of accumulated amortization		(108		)
Total long-term debt		$	17,055

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