Indebtedness (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Short-term Debt

At December 31, 2019 and 2018, PMI’s short-term borrowings and related average interest rates consisted of the following:

	December 31, 2019				December 31, 2018
(in millions)	Amount Outstanding		Average Year-End Rate		Amount Outstanding		Average Year-End Rate
Commercial paper	$	—	—	%	$	—	—	%
Bank loans	338		5.5		730		5.8
	$	338			$	730

Long-Term Debt

At December 31, 2019 and 2018, PMI’s long-term debt consisted of the following:

	December 31,
(in millions)	2019		2018
U.S. dollar notes, 1.875% to 6.375% (average interest rate 3.516%), due through 2044	$	19,783	$	20,819
Foreign currency obligations:
Euro notes, 0.125% to 3.125% (average interest rate 1.950%), due through 2039	9,822		8,656
Swiss franc notes, 1.000% to 2.000% (average interest rate 1.521%), due through 2024	899		1,374
Other (average interest rate 3.125%), due through 2025	203		180
	30,707		31,029
Less current portion of long-term debt	4,051		4,054
	$	26,656	$	26,975

Debt Issuances Outstanding

PMI’s debt issuances outstanding at December 31, 2019, were as follows:

(in millions)
Type		Face Value	Interest Rate	Issuance	Maturity
U.S. dollar notes		$300	Floating	February 2017	February 2020
U.S. dollar notes		$1,000	2.000%	February 2017	February 2020
U.S. dollar notes		$1,000	4.500%	March 2010	March 2020
U.S. dollar notes		$750	1.875%	February 2016	February 2021
U.S. dollar notes		$350	4.125%	May 2011	May 2021
U.S. dollar notes		$750	2.900%	November 2011	November 2021
U.S. dollar notes		$500	2.625%	February 2017	February 2022
U.S. dollar notes		$750	2.375%	August 2017	August 2022
U.S. dollar notes		$750	2.500%	August 2012	August 2022
U.S. dollar notes		$750	2.500%	November 2017	November 2022
U.S. dollar notes		$600	2.625%	March 2013	March 2023
U.S. dollar notes		$500	2.125%	May 2016	May 2023
U.S. dollar notes		$500	3.600%	November 2013	November 2023
U.S. dollar notes		$900	2.875%	May 2019	May 2024
U.S. dollar notes		$750	3.250%	November 2014	November 2024
U.S. dollar notes		$750	3.375%	August 2015	August 2025
U.S. dollar notes		$750	2.750%	February 2016	February 2026
U.S. dollar notes		$500	3.125%	August 2017	August 2027
U.S. dollar notes		$500	3.125%	November 2017	March 2028
U.S. dollar notes		$750	3.375%	May 2019	August 2029
U.S. dollar notes		$1,500	6.375%	May 2008	May 2038
U.S. dollar notes		$750	4.375%	November 2011	November 2041
U.S. dollar notes		$700	4.500%	March 2012	March 2042
U.S. dollar notes		$750	3.875%	August 2012	August 2042
U.S. dollar notes		$850	4.125%	March 2013	March 2043
U.S. dollar notes		$750	4.875%	November 2013	November 2043
U.S. dollar notes		$750	4.250%	November 2014	November 2044
U.S. dollar notes	(a)	$500	4.250%	May 2016	November 2044
EURO notes	(b)	€1,250 (approximately $1,621)	1.750%	March 2013	March 2020
EURO notes	(b)	€750 (approximately $1,029)	1.875%	March 2014	March 2021
EURO notes	(b)	€600 (approximately $761)	2.875%	May 2012	May 2024
EURO notes	(b)	€500 (approximately $582)	0.625%	November 2017	November 2024
EURO notes	(b)	€750 (approximately $972)	2.750%	March 2013	March 2025
EURO notes	(b)	€1,000 (approximately $1,372)	2.875%	March 2014	March 2026
EURO notes	(b)	€500 (approximately $557)	0.125%	August 2019	August 2026
EURO notes	(b)	€500 (approximately $697)	2.875%	May 2014	May 2029
EURO notes	(b)	€750 (approximately $835)	0.800%	August 2019	August 2031
EURO notes	(b)	€500 (approximately $648)	3.125%	June 2013	June 2033
EURO notes	(b)	€500 (approximately $578)	2.000%	May 2016	May 2036
EURO notes	(b)	€500 (approximately $582)	1.875%	November 2017	November 2037
Euro notes	(b)	€750 (approximately $835)	1.450%	August 2019	August 2039
Swiss franc notes	(b)	CHF325 (approximately $334)	1.000%	September 2012	September 2020
Swiss franc notes	(b)	CHF300 (approximately $335)	2.000%	December 2011	December 2021
Swiss franc notes	(b)	CHF250 (approximately $283)	1.625%	May 2014	May 2024

^(a) These notes are a further issuance of the 4.250% notes issued by PMI in November 2014.

^(b) USD equivalents for foreign currency notes were calculated based on exchange rates on the date of issuance.

Schedule of Maturities of Long-term Debt

Aggregate maturities of long-term debt are as follows:

(in millions)
2020	$	4,051
2021	3,015
2022	2,764
2023	1,607
2024	3,283
2025-2029	6,332
2030-2034	1,400
Thereafter	8,510
	30,962
Debt discounts	(255		)
Total long-term debt	$	30,707

Schedule of Committed Credit Facilities and Commercial Paper Outstanding

At December 31, 2019, PMI’s total committed credit facilities and commercial paper outstanding were as follows:

Type (in billions of dollars)	Committed Credit Facilities		Commercial Paper
364-day revolving credit, expiring February 4, 2020	$	2.0
Multi-year revolving credit, expiring February 28, 2021	2.5
Multi-year revolving credit, expiring October 1, 2022	3.5
Total facilities	$	8.0
Commercial paper outstanding			$	—