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Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Carrying value of outstanding debt
The following table summarizes the carrying value of our outstanding debt (in millions, except percentages):
 
 
Coupon
 
As of
 
Effective
 
As of
 
Effective
 
 
 Rate
 
December 31, 2019
 
 Interest Rate
 
December 31, 2018
 
 Interest Rate
Long-Term Debt
 
 
 
 
 
 
 
 
 
 
Floating Rate Notes:
 
 
 
 
 
 
 
 
 
 
Senior notes due 2019
 
LIBOR plus 0.48%
 
$
—

 
—
%
 
$
400

 
3.123
%
Senior notes due 2023
 
LIBOR plus 0.87%
 
400

 
2.913
%
 
400

 
3.499
%
 
 
 
 
 
 
 
 
 
 
 
Fixed Rate Notes:
 
 
 
 
 
 
 
 
 
 
Senior notes due 2019
 
2.200%
 
—

 
—
%
 
1,150

 
2.346
%
Senior notes due 2020
 
3.250%
 
500

 
3.389
%
 
500

 
3.389
%
Senior notes due 2020
 
2.150%
 
500

 
2.344
%
 
500

 
2.344
%
Senior notes due 2021
 
2.875%
 
750

 
2.993
%
 
750

 
2.993
%
Senior notes due 2022
 
3.800%
 
750

 
3.989
%
 
750

 
3.989
%
Senior notes due 2022
 
2.600%
 
1,000

 
2.678
%
 
1,000

 
2.678
%
Senior notes due 2023
 
2.750%
 
750

 
2.866
%
 
750

 
2.866
%
Senior notes due 2024
 
3.450%
 
750

 
3.531
%
 
750

 
3.531
%
Senior notes due 2027
 
3.600%
 
850

 
3.689
%
 
850

 
3.689
%
Senior notes due 2042
 
4.000%
 
750

 
4.114
%
 
750

 
4.114
%
Senior notes due 2056
 
6.000%
 
750

 
6.547
%
 
750

 
6.547
%
Total senior notes
 
 
 
7,750

 
 
 
9,300

 
 
Hedge accounting fair value adjustments (1)
 
 
 
15

 
 
 
(10
)
 
 
Unamortized discount and debt issuance costs
 
 
 
(44
)
 
 
 
(55
)
 
 
Other long-term borrowings
 
 
 
17

 
 
 
—

 
 
Less: Current portion of long-term debt
 
 
 
(1,000
)
 
 
 
(1,550
)
 
 
Total long-term debt
 
 
 
6,738

 
 
 
7,685

 
 
 
 
 
 
 
 
 
 
 
 
 
Short-Term Debt
 
 
 
 
 
 
 
 
 
 
Current portion of long-term debt
 
 
 
1,000

 
 
 
1,550

 
 
Hedge accounting fair value adjustments (1)
 
 
 
—

 
 
 
(7
)
 
 
Unamortized discount and debt issuance costs
 
 
 
(1
)
 
 
 
(1
)
 
 
Other short-term borrowings
 
 
 
23

 
 
 
4

 
 
Total short-term debt
 
 
 
1,022

 
 
 
1,546

 
 
Total Debt
 
 
 
$
7,760

 
 
 
$
9,231

 
 

(1)
Includes the fair value adjustments to debt associated with terminated interest rate swaps which are being recorded as a reduction to interest expense over the remaining term of the related notes.
Schedule of expected future principal maturities
Expected future principal maturities as of December 31, 2019 are as follows (in millions):
Fiscal Years:
 
2020
$
1,000

2021
750

2022
1,750

2023
1,150

2024
750

Thereafter
2,350

Total future maturities
$
7,750