Indebtedness (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Short-term Debt

At December 31, 2021 and 2020, PMI’s short-term borrowings and related average interest rates consisted of the following:

	December 31, 2021				December 31, 2020
(in millions)	Amount Outstanding		Average Year-End Rate		Amount Outstanding		Average Year-End Rate
Commercial paper	$	—	—	%	$	—	—	%
Bank loans	225		12.0		244		5.3
	$	225			$	244

Long-Term Debt

At December 31, 2021 and 2020, PMI’s long-term debt consisted of the following:

	December 31,
(in millions)	2021		2020
U.S. dollar notes, 0.875% to 6.375% (average interest rate 3.245%), due through 2044	$	19,397	$	21,221
Foreign currency obligations:
Euro notes, 0.125% to 3.125% (average interest rate 1.995%), due through 2039	7,687		9,253
Swiss franc notes, 1.625%, due 2024	273		622
Other (average interest rate 3.329%), due through 2029 (a)	224		196
Carrying value of long-term debt	27,581		31,292
Less current portion of long-term debt	2,798		3,124
	$	24,783	$	28,168

(a) Includes mortgage debt in Switzerland as well as $71 million and $37 million in finance leases at December 31, 2021 and 2020, respectively.

Schedule of Fair Value of Outstanding Long-Term Debt, Excluding Finance Leases

At December 31, 2021 and 2020 the fair value of PMI's outstanding long-term debt, excluding the aforementioned finance leases, was as follows:

	December 31,
(in millions)	2021		2020
Level 1	$	29,597	$	35,227
Level 2	165		177

Debt Issuances Outstanding

PMI’s debt issuances outstanding at December 31, 2021, were as follows:

(in millions)
Type		Face Value	Interest Rate	Issuance	Maturity
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		$750	1.125%	May 2020	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	1.500%	May 2020	May 2025
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		$750	0.875%	November 2020	May 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		$750	2.100%	May 2020	May 2030
U.S. dollar notes		$750	1.750%	November 2020	November 2030
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)	€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)	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)
2022	$	2,798
2023	2,371
2024	3,318
2025	2,351
2026	3,199
2027-2031	4,666
2032-2036	1,132
Thereafter	7,965
	27,800
Debt discounts	(219)
Total long-term debt	$	27,581

Schedule of Committed Credit Facilities

At December 31, 2021, PMI’s total committed credit facilities were as follows:

Type (in billions)	Committed Credit Facilities
364-day revolving credit, expiring February 1, 2022	$	1.8
Multi-year revolving credit, expiring February 10, 2026	2.0
Multi-year revolving credit, expiring September 29, 2026(1)	2.5
Total facilities	$	6.3

(1) Includes pricing adjustments that may result in the reduction or increase in both the interest rate and commitment fee under the credit agreement if PMI achieves, or fails to achieve, certain specified targets.