Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Outstanding Debt

The table below presents the components of outstanding debt (in millions).

	September 30, 2020		December 31, 2019
2.800% Senior notes, semi-annual interest, due June 2020	$	—	$	600
4.375% Senior notes, semi-annual interest, due June 2021	335		640
2.375% Senior notes, euro denominated, annual interest, due March 2022	351		336
3.300% Senior notes, semi-annual interest, due May 2022	168		496
3.500% Senior notes, semi-annual interest, due June 2022	62		400
2.950% Senior notes, semi-annual interest, due March 2023	796		1,167
3.250% Senior notes, semi-annual interest, due April 2023	192		350
3.800% Senior notes, semi-annual interest, due March 2024	450		450
2.500% Senior notes, sterling denominated, annual interest, due September 2024	514		525
3.900% Senior notes, semi-annual interest, due November 2024	497		497
3.450% Senior notes, semi-annual interest, due March 2025	300		300
3.950% Senior notes, semi-annual interest, due June 2025	500		500
4.900% Senior notes, semi-annual interest, due March 2026	700		700
1.900% Senior notes, euro denominated, annual interest, due March 2027	703		673
3.950% Senior notes, semi-annual interest, due March 2028	1,700		1,700
4.125% Senior notes, semi-annual interest, due May 2029	750		750
3.625% Senior notes, semi-annual interest, due May 2030	1,000		—
5.000% Senior notes, semi-annual interest, due September 2037	548		1,250
6.350% Senior notes, semi-annual interest, due June 2040	664		850
4.950% Senior notes, semi-annual interest, due May 2042	285		500
4.875% Senior notes, semi-annual interest, due April 2043	516		850
5.200% Senior notes, semi-annual interest, due September 2047	1,250		1,250
5.300% Senior notes, semi-annual interest, due May 2049	750		750
4.650% Senior notes, semi-annual interest, due May 2050	1,000		—
4.000% Senior notes, semi-annual interest, due September 2055	1,732		—
Program financing line of credit, quarterly interest based on adjusted LIBOR or variable prime rate	1		10
Total debt	15,764		15,544
Unamortized discount, premium and debt issuance costs, net (a)	(447)		(125)
Debt, net of unamortized discount, premium and debt issuance costs	15,317		15,419
Current portion of debt	(336)		(609)
Noncurrent portion of debt	$	14,981	$	14,810

(a) Current portion of unamortized discount, premium, and debt issuance costs, net is $1 million.

Schedule Of Maximum Consolidated Leverage Ratio

The financial covenants were modified to reset the Maximum Consolidated Leverage Ratio as set forth below:

Measurement Period Ending	Maximum Consolidated Leverage Ratio
March 31, 2020 and June 30, 2020	5.00:1.00
September 30, 2020 through March 31, 2021	5.50:1.00
June 30, 2021	5.00:1.00
September 30, 2021 and thereafter	4.50:1.00