XML 26 R15.htm IDEA: XBRL DOCUMENT
v3.20.2

Debt | 6 Months Ended
--- | ---
Jun. 30, 2020
Debt Disclosure [Abstract] |
Debt | Debt Long-term debt as of June 30, 2020, and December 31, 2019, consists of the following (in millions):
|  | June 30, 2020 |  |  |  |  |  |  |  |
|  |  |  | Weighted |  |  |  |  |  |
|  |  |  | Average |  |  |  |  |  |
|  | Interest |  | Interest |  |  |  | June 30, |  | 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 |  | 8,702 |  |  | 8,694 |
Senior GBP Notes |  | 1.7% - 3.4% |  | 2.7% |  | 2022 - 2031 |  | 2,280 |  |  | 2,440 |
Senior Euro Floating Rate Notes |  |  |  | 0.1% |  | 2021 |  | 561 |  |  | 561 |
Revolving Credit Facility (1) |  |  |  | 1.3% |  | 2023 |  | 95 |  |  | 600 |
Other |  |  |  |  |  |  |  | 75 |  |  | 136 |
Total long-term debt, including current portion |  |  |  |  |  |  |  | 16,651 |  |  | 17,369 |
Current portion of long-term debt |  |  |  |  |  |  |  | (1,777) |  |  | (140) |
Long-term debt, excluding current portion |  |  |  |  |  |  |  | $ | 14,874 |  |  | $ | 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 June 30, 2020, and December 31, 2019, consists of the following (in millions):
|  | June 30, 2020 |  |  |  |  |  |
|  | Weighted |  |  |  |  |  |
|  | Average |  |  |  |  |  |
|  | Interest |  |  |  | June 30, |  | December 31,
|  | Rate |  | Maturities |  | 2020 |  | 2019
Euro-commercial paper notes ("ECP Notes") |  | 0.2 | % |  | Up to 183 days |  | $ | 2,468 |  |  | $ | 2,523 |
U.S. commercial paper notes ("USCP Notes") |  | 0.4 | % |  | Up to 397 days |  | 650 |  |  | 200 |
Other |  |  |  |  |  | 99 |  |  | 100 |
Total Short-term borrowings |  |  |  |  |  | $ | 3,217 |  |  | $ | 2,823 |
As of June 30, 2020, the weighted-average interest rate of the Company's outstanding debt was 1.7%, 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 $27 million, as of June 30, 2020 (in millions):
|  | Total
2020 remaining period |  | $ | 67 |
2021 |  | 1,744 |
2022 |  | 1,527 |
2023 |  | 2,221 |
2024 |  | 967 |
Thereafter |  | 10,252 |
Total principal payments |  | 16,778 |
Debt issuance costs, net of accumulated amortization |  | (100) |
Total long-term debt |  | $ | 16,678 |
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 June 30, 2020, the borrowing capacity remaining under the Revolving Credit Facility was $2,284 million (net of $3,118 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 $1,161 million and $900 million higher than the carrying value, excluding the fair value of the interest rate swap and unamortized discounts, at June 30, 2020, and December 31, 2019, respectively.

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