Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Carrying Values and Estimated Fair Values of Debt 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 December 31, 2021 and December 31, 2020.


	As of December 31, 2021				As of December 31, 2020
	(in millions)				(in millions)
	Carrying Amount		Fair value		Carrying Amount		Fair value
Debt:
Commercial Paper	$	1,012	$	1,012	$	2,405	$	2,408

2.35% Senior Notes due September 15, 2022	499		506		498		516
Other short-term debt	10		10		6		6

Floating rate Senior Notes due June 15, 2023	—		—		1,244		1,254
0.70% Senior Notes due June 15, 2023	997		1,000		995		1,008
3.45% Senior Notes due September 21, 2023	399		416		398		431
4.00% Senior Notes due October 15, 2023	797		844		796		878
3.75% Senior Notes due December 1, 2025	1,246		1,351		1,245		1,420


	As of December 31, 2021				As of December 31, 2020
	(in millions)				(in millions)
	Carrying Amount		Fair value		Carrying Amount		Fair value
3.10% Senior Notes due September 15, 2027	497		533		496		560
3.75% Senior Notes due September 21, 2028	594		664		593		702
2.10% Senior Notes due June 15, 2030	1,234		1,242		1,232		1,308
1.85% Senior Notes due September 15, 2032	1,483		1,440		1,481		1,513
2.65% Senior Notes due September 15, 2040	1,230		1,217		1,229		1,286
4.25% Senior Notes due September 21, 2048	1,230		1,563		1,230		1,590
3.00% Senior Notes due June 15, 2050	1,220		1,266		1,219		1,326
3.00% Senior Notes due September 15, 2060	1,470		1,487		1,470		1,570
Total debt	$	13,918	$	14,551	$	16,537	$	17,776