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Borrowings and Lines of Credit (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Short-Term Debt
(dollars in millions)September 30, 2020December 31, 2019
Commercial paper$490 $— 
Other borrowings48 34 
Total short-term borrowings$538 $34 
Schedule of Long-term Debt
Long-term debt as of September 30, 2020 and December 31, 2019 consisted of the following:

(dollars in millions)September 30, 2020December 31, 2019
LIBOR plus 112.5 bps term loan due 2023 2,4,5
$250 $— 
LIBOR plus 45 bps floating rate notes due 2023 1,3
500 — 
2.056% notes due 2025 3
1,300 — 
2.293% notes due 2027 3
500 — 
2.565% notes due 2030 3
1,500 — 
3.112% notes due 2040 3
750 — 
3.362% notes due 2050 3
750 — 
Other (including finance leases)7 5 
Total principal long-term debt5,557 5 
Other (discounts and debt issuance costs)(45)— 
Total long-term debt5,512 5 
Less: current portion— — 
Long-term debt, net of current portion$5,512 $5 

1 The three-month LIBOR rate at September 30, 2020 was approximately 0.23%.
2 The six-month LIBOR rate at September 30, 2020 was approximately 0.26%.
3 On February 27, 2020, we issued $5.3 billion of unsecured, unsubordinated notes. We may redeem these notes at our option pursuant to certain terms.
4 On March 27, 2020, we drew down $1.0 billion of our term loan.
5 On September 28, 2020, we made a $750 million loan prepayment of our term loan.
Schedule of Maturities of Long-term Debt The schedule of principal payments required on long-term debt for the next five years and thereafter is:
(dollars in millions)
2020$— 
20213 
20222 
2023751 
20241 
Thereafter4,800 
Total $5,557