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Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

Debt

Long-term debt as of March 31, 2020 and December 31, 2019, consists of the following (in millions):

						March 31, 2020
												Weighted
												Average
						Interest						Interest												March 31,						December 31,
						Rates						Rate						Maturities						2020						2019
Fixed Rate Notes
Senior USD Notes						3.0% - 5.0%						3.8%						2023 - 2048						$	4,938					$	4,938
Senior Euro Notes						0.1% - 3.0%						1.1%						2021 - 2039						8,526						8,694
Senior GBP Notes						1.7% - 3.4%						2.7%						2022 - 2031						2,288						2,440
Senior Euro Floating Rate Notes												0.0%						2021						550						561
Revolving Credit Facility (1)												2.0%						2023						3,250						600
Other																								82						136
Total long-term debt, including current portion																														19,634						17,369
Current portion of long-term debt																								(652)						(140)
Long-term debt, excluding current portion																														$	18,982					$	17,229

(1)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. The weighted average interest rate on the Revolving Credit Facility excludes fees.

Short-term borrowings as of March 31, 2020 and December 31, 2019, consists of the following (in millions):

						March 31, 2020
						Weighted
						Average
						Interest												March 31,						December 31,
						Rate						Maturities						2020						2019
Euro-commercial paper notes ("ECP Notes")						(0.2)		%				Up to 183 days						$	602					$	2,523
U.S. commercial paper notes ("USCP Notes")						—		%				Up to 397 days						—						200
Other																		141						100
Total Short-term borrowings																		$	743					$	2,823

As of March 31, 2020, the weighted- average interest rate of the Company’s outstanding debt was 1.9%, including the impact of interest rate swaps (see Note 8).

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 discussed below and net unamortized non-cash bond premiums and discounts of $30 million, as of March 31, 2020 (in millions):

						Total
2020 remaining period						$	75
2021						1,709
2022						1,510
2023						5,352
2024						956
Thereafter						10,168
Total principal payments						19,770
Debt issuance costs, net of accumulated amortization						(106)
Total long-term debt						$	19,664

There are no mandatory principal payments on the Revolving Credit Facility, and any balance outstanding on the Revolving Credit Facility will be due and payable at its scheduled maturity date, which occurs at September 21, 2023.

Revolving Credit Facility

As of March 31, 2020, the borrowing capacity remaining under the Revolving Credit Facility was $1,645 million (net of $602 million of capacity backstopping our commercial paper notes and $3 million in outstanding letters of credit issued under the Revolving Credit Facility).

Fair Value of Debt

The fair value of the Company’s long-term debt is estimated to be approximately $167 million and $900 million higher than the carrying value, excluding the fair value of the interest rate swap and unamortized discounts, at March 31, 2020, and December 31, 2019, respectively.

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- 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

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