XML 60 R48.htm IDEA: XBRL DOCUMENT v3.20.2
Debt, Subsequent Events (Details)
€ in Millions, $ in Millions
1 Months Ended 9 Months Ended
Oct. 30, 2020
USD ($)
Oct. 30, 2020
EUR (€)
Apr. 30, 2020
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2020
EUR (€)
Subsequent Event [Line Items]            
Proceeds from issuance of long-term debt       $ 2,492 $ 2,096  
Repayments of long-term debt       500 $ 2,000  
Revolving Credit Facility [Member]            
Subsequent Event [Line Items]            
Maximum borrowing capacity       $ 2,500    
Remaining expiration date       June 2022    
Term Loan due 2022, $4,000 million [Member]            
Subsequent Event [Line Items]            
Maximum borrowing capacity       $ 4,000    
Maturity year       2022    
Senior Notes due 2021, $1,000 million, 6.0% [Member]            
Subsequent Event [Line Items]            
Face amount       $ 1,000    
Stated interest rate (in hundredths)       6.00%   6.00%
Maturity year       2021    
Guaranteed Notes due 2022, €750 million, 1.875% [Member]            
Subsequent Event [Line Items]            
Face amount | €           € 750
Stated interest rate (in hundredths)       1.875%   1.875%
Maturity year       2022    
Credit facility [Member]            
Subsequent Event [Line Items]            
Credit facility covenant terms     The Amendments amended each Credit Agreement’s leverage ratio covenant to permit netting of unrestricted cash and cash equivalents in excess of $300 million (with certain restrictions on non-US cash) and, in respect of the Senior Revolving Credit Facility and Term Loan due 2022, restrict certain dividends and other specified restricted payments.      
Subsequent Event [Member] | Revolving Credit Facility [Member]            
Subsequent Event [Line Items]            
Extended term borrowing capacity $ 2,440          
Extended expiration date June 2023 June 2023        
Subsequent Event [Member] | Guaranteed floating rate note due 2023 [Member]            
Subsequent Event [Line Items]            
Face amount $ 650          
Description of variable interest rate The floating rate notes will bear interest equal to three-month LIBOR rate, plus 1.000% per annum The floating rate notes will bear interest equal to three-month LIBOR rate, plus 1.000% per annum        
Maturity year 2023 2023        
Description of debt redemption terms These notes may be redeemed on or after the date that is two years prior to the scheduled maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest These notes may be redeemed on or after the date that is two years prior to the scheduled maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest        
Subsequent Event [Member] | 1.25% Guaranteed notes due 2025 [Member]            
Subsequent Event [Line Items]            
Face amount $ 500          
Stated interest rate (in hundredths) 1.25%          
Maturity year 2025 2025        
Discounted prices at which long-term debt was issued (in thousandths) 99.683%          
Description of debt redemption terms These notes may be redeemed before the date that is one month prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 15 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is one month prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. These notes may be redeemed before the date that is one month prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 15 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is one month prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest.        
Subsequent Event [Member] | 2.25% Guaranteed notes due 2030 [Member]            
Subsequent Event [Line Items]            
Face amount $ 500          
Stated interest rate (in hundredths) 2.25%          
Maturity year 2030 2030        
Discounted prices at which long-term debt was issued (in thousandths) 99.203%          
Description of debt redemption terms These notes may be redeemed before the date that is three months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 25 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is three months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. These notes may be redeemed before the date that is three months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 25 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is three months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest.        
Subsequent Event [Member] | Guaranteed notes due 2040 [Member]            
Subsequent Event [Line Items]            
Face amount $ 750          
Stated interest rate (in hundredths) 3.375%          
Maturity year 2040 2040        
Discounted prices at which long-term debt was issued (in thousandths) 99.77%          
Description of debt redemption terms These notes may be redeemed before the date that is six months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 30 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is six months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. These notes may be redeemed before the date that is six months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 30 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is six months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest.        
Subsequent Event [Member] | Guaranteed notes due 2051 [Member]            
Subsequent Event [Line Items]            
Face amount $ 1,000          
Stated interest rate (in hundredths) 3.625%          
Maturity year 2051 2051        
Discounted prices at which long-term debt was issued (in thousandths) 99.707%          
Description of debt redemption terms These notes may be redeemed before the date that is six months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 35 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is six months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. These notes may be redeemed before the date that is six months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 35 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is six months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest.        
Subsequent Event [Member] | Guaranteed Notes due 2060 [Member]            
Subsequent Event [Line Items]            
Face amount $ 500          
Stated interest rate (in hundredths) 3.80%          
Maturity year 2060 2060        
Discounted prices at which long-term debt was issued (in thousandths) 99.166%          
Description of debt redemption terms These notes may be redeemed before the date that is six months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 35 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is six months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest. These notes may be redeemed before the date that is six months prior to the scheduled maturity date at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest (discounted at the applicable treasury yield plus 35 basis points) on the notes to be redeemed. These notes may also be redeemed on or after the date that is six months prior to the final maturity date of the notes at a redemption price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest.        
Subsequent Event [Member] | Guaranteed 1.25% 2025 notes, 2.25% 2030 notes and 2060 notes [Member]            
Subsequent Event [Line Items]            
Description of debt redemption terms If the Louisiana Joint Venture transaction does not close on or prior to March 31, 2021, or is terminated on or prior to completion, we will be required to redeem all of the outstanding 1.25% 2025 Notes, 2.25% 2030 Notes and 2060 Notes at a redemption price equal to 101% of the aggregate principal amount plus accrued and unpaid interest for each of these notes If the Louisiana Joint Venture transaction does not close on or prior to March 31, 2021, or is terminated on or prior to completion, we will be required to redeem all of the outstanding 1.25% 2025 Notes, 2.25% 2030 Notes and 2060 Notes at a redemption price equal to 101% of the aggregate principal amount plus accrued and unpaid interest for each of these notes        
Subsequent Event [Member] | Guaranteed notes due 2023, 2025, 2030, 2040, 2051, and 2060 [Member]            
Subsequent Event [Line Items]            
Issuance date October 2020 October 2020        
Proceeds from issuance of long-term debt $ 3,848          
Restrictive debt covenants The indenture governing the October Notes contains limited covenants, including those restricting our ability and the ability of our subsidiaries to incur indebtedness secured by significant property or by capital stock of subsidiaries that own significant property, enter into certain sale and lease-back transactions with respect to any significant property or enter into consolidations, mergers or sales of all or substantially all of our assets The indenture governing the October Notes contains limited covenants, including those restricting our ability and the ability of our subsidiaries to incur indebtedness secured by significant property or by capital stock of subsidiaries that own significant property, enter into certain sale and lease-back transactions with respect to any significant property or enter into consolidations, mergers or sales of all or substantially all of our assets        
Subsequent Event [Member] | Term Loan due 2022, $4,000 million [Member]            
Subsequent Event [Line Items]            
Maturity year 2022 2022        
Repayments of long-term debt $ 500          
Subsequent Event [Member] | Senior Notes due 2021, $1,000 million, 6.0% [Member]            
Subsequent Event [Line Items]            
Stated interest rate (in hundredths) 6.00%          
Maturity year 2021 2021        
Repayments of long-term debt $ 1,000          
Subsequent Event [Member] | Guaranteed Notes due 2022, €750 million, 1.875% [Member]            
Subsequent Event [Line Items]            
Stated interest rate (in hundredths) 1.875%          
Maturity year 2022 2022        
Repayments of long-term debt | €   € 750        
Subsequent Event [Member] | Senior notes due 2021, and guaranteed note due 2022 [Member]            
Subsequent Event [Line Items]            
Payment of debt redemption costs $ 116          
Write off of unamortized debt issuance cost 4          
Write-off of the cumulative fair value hedge accounting adjustment $ 12          
Subsequent Event [Member] | Credit facility [Member]            
Subsequent Event [Line Items]            
Credit facility covenant terms maximum leverage ratio (calculated as the ratio of total net funded debt to consolidated earnings before interest, taxes and depreciation and amortization, both as defined in our Credit Agreements) financial covenant to (i) 4.25 to 1.00 for the fiscal quarter ending December 31, 2020; (ii) 4.50 to 1.00 for the fiscal quarter ending March 31, 2021; (iii) 4.00 to 1.00 for the fiscal quarter ending June 30, 2021; (iv) 3.75 to 1.00 for the fiscal quarter ending September 30, 2021; and (v) 3.50 to 1.00 for the fiscal quarter ending December 31, 2021 and thereafter; provided, that, to the extent our recently announced Louisiana Joint Venture is consummated, the maximum leverage ratio financial covenant will automatically adjust to (i) 5.00 to 1.00 for the fiscal quarters ending December 31, 2020 and March 31, 2021; (ii) 4.75 to 1.00 for the fiscal quarter ending June 30, 2021; (iii) 4.50 to 1.00 for the fiscal quarters ending September 30, 2021 and December 31, 2021; (iv) 4.00 to 1.00 for the fiscal quarter ending March 30, 2022; (v) 3.50 to 1.00 for the fiscal quarter ending June 30, 2022 (or, if the Louisiana Joint Venture is consummated after December 31, 2020, 4.00 to 1.00); and (vi) 3.50 to 1.00 for the fiscal quarter ending September 30, 2022 and thereafter. In addition, with respect to the Senior Revolving Credit Facility and the Term Loan due 2022, the October Amendments further restrict certain dividends and other specified restricted payments. maximum leverage ratio (calculated as the ratio of total net funded debt to consolidated earnings before interest, taxes and depreciation and amortization, both as defined in our Credit Agreements) financial covenant to (i) 4.25 to 1.00 for the fiscal quarter ending December 31, 2020; (ii) 4.50 to 1.00 for the fiscal quarter ending March 31, 2021; (iii) 4.00 to 1.00 for the fiscal quarter ending June 30, 2021; (iv) 3.75 to 1.00 for the fiscal quarter ending September 30, 2021; and (v) 3.50 to 1.00 for the fiscal quarter ending December 31, 2021 and thereafter; provided, that, to the extent our recently announced Louisiana Joint Venture is consummated, the maximum leverage ratio financial covenant will automatically adjust to (i) 5.00 to 1.00 for the fiscal quarters ending December 31, 2020 and March 31, 2021; (ii) 4.75 to 1.00 for the fiscal quarter ending June 30, 2021; (iii) 4.50 to 1.00 for the fiscal quarters ending September 30, 2021 and December 31, 2021; (iv) 4.00 to 1.00 for the fiscal quarter ending March 30, 2022; (v) 3.50 to 1.00 for the fiscal quarter ending June 30, 2022 (or, if the Louisiana Joint Venture is consummated after December 31, 2020, 4.00 to 1.00); and (vi) 3.50 to 1.00 for the fiscal quarter ending September 30, 2022 and thereafter. In addition, with respect to the Senior Revolving Credit Facility and the Term Loan due 2022, the October Amendments further restrict certain dividends and other specified restricted payments.