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Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Long-term 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 Debt

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

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 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

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

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