Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The fair values of our fixed rate notes were estimated using quoted market prices for these instruments. The fair value of our commercial paper includes a discount and other short-term debt approximates par value since the interest rates on this short-term debt approximate market rates as of March 31, 2020.



	As of March 31, 2020
	(in millions)
Debt:	Carrying Amount		Fair value
Commercial Paper	$	1,814	$	1,820
Other short-term debt	8		8
2020 Senior Notes (2.75% senior unsecured notes due December 1, 2020)	1,249		1,252
2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022)	498		509
2023 Senior Notes (3.45% senior unsecured notes due September 21, 2023)	398		421
2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023)	795		866
2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025)	1,244		1,321
2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027)	496		524
2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028)	592		641
2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048)	1,229		1,454
Total debt	$	8,323	$	8,816