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Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Long-term debt

Long-term debt as of September 30, 2020, and December 31, 2019, consists of the following (in millions):

						September 30, 2020
												Weighted
												Average
						Interest						Interest												September 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%						1.0%						2021 - 2039						9,086						8,694
Senior GBP Notes						1.7% - 3.4%						2.7%						2022 - 2031						2,380						2,440
Senior Euro Floating Rate Notes												0.0%						2021						586						561
Revolving Credit Facility (1)												—%						2023						—						600
Other																								55						136
Total long-term debt, including current portion																								17,045						17,369
Current portion of long-term debt																								(1,832)						(140)
Long-term debt, excluding current portion																								$	15,213					$	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 September 30, 2020, and December 31, 2019, consists of the following (in millions):

						September 30, 2020
						Weighted
						Average
						Interest												September 30,						December 31,
						Rate						Maturities						2020						2019
Euro-commercial paper notes ("ECP Notes")						(0.1)		%				Up to 183 days						$	3,097					$	2,523
U.S. commercial paper notes ("USCP Notes")						—		%				Up to 397 days						—						200
Other																		47						100
Total Short-term borrowings																		$	3,144					$	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 $24 million, as of September 30, 2020 (in millions):

						Total
2020 remaining period						$	19
2021						1,834
2022						1,595
2023						2,189
2024						993
Thereafter						10,534
Total principal payments						17,164
Debt issuance costs, net of accumulated amortization						(95)
Total long-term debt						$	17,069

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