XML 35 R16.htm IDEA: XBRL DOCUMENT
v3.21.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2021
Debt Disclosure [Abstract] |
Debt | Debt Debt is comprised of the following at the dates indicated (in millions):
| March 31, 2021 |  | December 31, 2020
3.15% senior notes due 2021 | $ | — |  |  | $ | 94 |
3.75% senior notes due 2021 | 354 |  |  | 369 |
4.00% senior notes due 2022 | 250 |  |  | 250 |
3.85% senior notes due 2023 | 1,085 |  |  | 1,090 |
4.00% senior notes due 2024 | 200 |  |  | 200 |
4.875% senior notes due 2025 | 493 |  |  | 492 |
3.90% senior notes due 2025 | 47 |  |  | 47 |
4.20% senior notes due 2026 | 1,974 |  |  | 1,973 |
5.375% senior notes due 2036 | 416 |  |  | 416 |
5.50% senior notes due 2046 | 657 |  |  | 657 |
Other debt | 16 |  |  | 19 |
Total debt | 5,492 |  |  | 5,607 |
Short-term debt and current portion of long-term debt | (357) |  |  | (466) |
Long-term debt | $ | 5,135 |  |  | $ | 5,141 |
Senior Notes On March 1, 2021 (the “Redemption Date”), the Company redeemed its 3.15% senior notes that were scheduled to mature in April 2021 (the “April 2021 Notes”) at a redemption price equal to 100% of the outstanding aggregate principal amount of the notes, plus accrued and unpaid interest to the Redemption Date. During the first quarter of 2021, the Company repurchased $5 million of the 3.85% senior notes due 2023 at approximately 5% above par value. The total consideration, excluding accrued interest, was approximately $5 million. As a result of the partial debt repurchase the Company recorded an immaterial loss. Receivables Facility The Company maintains an Accounts Receivable Securitization Facility (the “Securitization Facility”). The aggregate commitment under the Securitization Facility is $600 million. The Securitization Facility matures in October 2022 and bears interest at a margin over a variable interest rate. The maximum availability under the Securitization Facility fluctuates based on eligible accounts receivable balances. At March 31, 2021, the Company did not have any amounts outstanding under the Securitization Facility. Revolving Credit Facility The Company has a $1.25 billion revolving credit facility that matures in December 2023 (the “Credit Revolver”). At March 31, 2021, the Company did not have any amounts outstanding under the Credit Revolver. Other The fair value of the Company’s senior notes are based upon prices of similar instruments in the marketplace and are as follows (in millions):
| March 31, 2021 |  | December 31, 2020
| Fair Value |  | Book Value |  | Fair Value |  | Book Value
Senior notes | $ | 6,123 |  |  | $ | 5,476 |  |  | $ | 6,277 |  |  | $ | 5,588 |
The carrying amounts of all other significant debt approximates fair value. Net Investment Hedge The Company has designated the €300 million principal balance of the 3.75% senior notes due October 2021 as a net investment hedge of the foreign currency exposure of its net investment in certain Euro-functional currency subsidiaries with Euro-denominated net assets. At March 31, 2021, $11 million of deferred losses have been recorded in AOCL. See Footnote 9 for disclosures regarding the Company’s derivative financial instruments.

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