Commercial Paper and Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt, including the current portion of long-term debt, consisted of the following at December 31: 

(In millions, except percentages)	2019		2018
$500 notes due 2020, 4.40%	$	500	$	499
$1,000 notes due 2020, 3.125%	999		998
$1,100 notes due 2022, 2.50%	1,097		1,096
$300 notes due 2024, 3.15%	298		298
$382 notes due 2027, 7.20%	374		373
$185 notes due 2028, 7.00%	185		185
$600 notes due 2040, 4.875%	592		592
$425 notes due 2041, 4.70%	420		419
$300 notes due 2044, 4.20%	295		295
Total debt issued and outstanding	$	4,760	$	4,755

Fair Value of Long-term Debt

The estimated fair value of long-term debt was the following at December 31:

(In millions)	2019		2018
Fair value of long-term debt(1)	$	5,337	$	5,063

(1)

Fair value of long-term debt at December 31, 2019 includes current portion of long-term debt fair value of $1,513 million.

Schedule of Long-term Debt Instruments

The adjustments to the principal amounts of long-term debt were as follows at December 31: 

(In millions)	2019			2018
Principal	$	4,792		$	4,792
Unamortized issue discounts	(26		)	(30		)
Unamortized interest rate lock costs	(6		)	(7		)
Total	$	4,760		$	4,755

The aggregate amounts of principal payments due on long-term debt for the next five years are:

(In millions)
2020	$	1,500
2021	—
2022	1,100
2023	—
2024	300
Thereafter	1,892