Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Outstanding Amounts of Debt and Finance Leases

The outstanding amounts of debt and finance leases were as follows:

(In millions)	December 31, 2021		December 31, 2020
Short-term debt
Commercial paper	$	2,027	$	1,030
$500 million, 3.05% Notes due 11/2022	495		—
Other, including finance leases	23		18
$78 million, 6.37% Notes due 6/2021	—		78
$1,000 million, Floating Rate Notes due 9/2021	—		999
$1,250 million, 3.4% Notes due 9/2021	—		1,249
Total short-term debt	$	2,545	$	3,374
Long-term debt
$277 million, 4% Notes due 2022	$	—	$	276
$973 million, 3.9% Notes due 2022	—		972
$500 million, 3.05% Notes due 2022	—		490
$17 million, 8.3% Notes due 2023	17		17
$63 million, 7.65% Notes due 2023	63		63
$700 million, Floating Rate Notes due 2023	699		698
$1,000 million, 3% Notes due 2023	985		975
$1,187 million, 3.75% Notes due 2023	1,185		2,181
$500 million, 0.613% Notes due 2024	498		—
$1,000 million, 3.5% Notes due 2024	983		977
$900 million, 3.25% Notes due 2025	897		896
$2,200 million, 4.125% Notes due 2025	2,193		2,191
$1,500 million, 4.5% Notes due 2026	1,504		1,505
$800 million, 1.25% Notes due 2026	796		—
$1,500 million, 3.4% Notes due 2027	1,423		1,410
$259 million, 7.875% Debentures due 2027	259		259
$600 million, 3.05% Notes due 2027	596		595
$3,800 million, 4.375% Notes due 2028	3,782		3,780
$1,500 million, 2.4% Notes due 2030	1,490		1,489
$1,500 million, 2.375% Notes due 2031 (1)	1,500		—
$45 million, 8.3% Step Down Notes due 2033	45		45
$190 million, 6.15% Notes due 2036	190		190
$2,200 million, 4.8% Notes due 2038	2,192		2,180
$750 million, 3.2% Notes due 2040	743		742
$121 million, 5.875% Notes due 2041	119		119
$448 million, 6.125% Notes due 2041	490		490
$317 million, 5.375% Notes due 2042	315		315
$1,500 million, 4.8% Notes due 2046	1,465		1,465
$1,000 million, 3.875% Notes due 2047	988		988
$3,000 million, 4.9% Notes due 2048	2,967		2,966
$1,250 million, 3.4% Notes due 2050	1,236		1,235
$1,500 million , 3.4% Notes due 2051	1,477		—
Other, including finance leases	28		36
Total long-term debt	$	31,125	$	29,545

(1) The Company has entered into interest rate swap contracts hedging a portion of these fixed-rate debt instruments. See Note 11 for further information about the Company's interest rate risk management and these derivative instruments.

Summary of Debt Issuances

Debt issuance: On March 3, 2021, the Company issued $4.3 billion of new senior notes. The proceeds of this issuance were mainly used to redeem outstanding debt securities. The remaining proceeds are available for general corporate purposes. Interest on this debt is paid semi-annually.

Principal	Maturity Date	Interest Rate	Net Proceeds
$500 million (1)	March 15, 2024	0.613%	$499 million
$800 million (2)	March 15, 2026	1.250%	$797 million
$1,500 million (3)	March 15, 2031	2.375%	$1,492 million
$1,500 million (4)	March 15, 2051	3.400%	$1,479 million

Maturities of Outstanding Long-Term Debt

Maturities of outstanding long-term debt are as follows:

(In millions)	Scheduled Maturities (1)
2022	$	500
2023	$	2,967
2024	$	1,500
2025	$	3,100
2026	$	2,300
Maturities after 2026	$	21,481

(1) Long-term debt maturity amounts include current maturities of long-term debt.