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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-13149
syk-20210331_g1.jpg
STRYKER CORPORATION
(Exact name of registrant as specified in its charter)
Michigan38-1239739
(State of incorporation)(I.R.S. Employer Identification No.)
2825 Airview Boulevard Kalamazoo,Michigan49002
(Address of principal executive offices)(Zip Code)
(269)385-2600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.10 Par ValueSYKNew York Stock Exchange
1.125% Notes due 2023SYK23New York Stock Exchange
0.250% Notes due 2024SYK24ANew York Stock Exchange
2.125% Notes due 2027SYK27New York Stock Exchange
0.750% Notes due 2029SYK29New York Stock Exchange
2.625% Notes due 2030SYK30New York Stock Exchange
1.000% Notes due 2031SYK31New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Emerging growth company
Non-accelerated filer
Small reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No
There were 376,747,866 shares of Common Stock, $0.10 par value, on March 31, 2021.

STRYKER CORPORATION2021 First Quarter Form 10-Q
PART I – FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Stryker Corporation and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited)
Three Months
20212020
Net sales$3,953 $3,588 
Cost of sales1,444 1,257 
Gross profit$2,509 $2,331 
Research, development and engineering expenses288 254 
Selling, general and administrative expenses1,575 1,330 
Recall charges6 (6)
Amortization of intangible assets181 118 
Total operating expenses$2,050 $1,696 
Operating income$459 $635 
Other income (expense), net(92)(45)
Earnings before income taxes$367 $590 
Income taxes65 97 
Net earnings$302 $493 
Net earnings per share of common stock:
Basic$0.80 $1.32 
Diluted$0.79 $1.30 
Weighted-average shares outstanding (in millions):
Basic376.3 374.8 
Effect of dilutive employee stock compensation5.4 4.9 
Diluted381.7 379.7 
Cash dividends declared per share of common stock$0.63 $0.575 
Anti-dilutive shares excluded from the calculation of dilutive employee stock options were de minimis in all periods.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months
20212020
Net earnings$302 $493 
Other comprehensive income (loss), net of tax:
Pension plans7 (4)
Unrealized gains (losses) on designated hedges28 (26)
Financial statement translation255 13 
Total other comprehensive income (loss), net of tax$290 $(17)
Comprehensive income$592 $476 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
1

STRYKER CORPORATION2021 First Quarter Form 10-Q
CONSOLIDATED BALANCE SHEETS
March 31December 31
20212020
(Unaudited)
Assets
Current assets
Cash and cash equivalents$2,238 $2,943 
Marketable securities74 81 
Accounts receivable, less allowance of $132 ($131 in 2020)2,616 2,701 
Inventories:
Materials and supplies664 678 
Work in process266 251 
Finished goods2,543 2,565 
Total inventories$3,473 $3,494 
Prepaid expenses and other current assets578 488 
Total current assets$8,979 $9,707 
Property, plant and equipment:
Land, buildings and improvements1,566 1,546 
Machinery and equipment3,640 3,636 
Total property, plant and equipment$5,206 $5,182 
Less accumulated depreciation2,496 2,430 
Property, plant and equipment, net$2,710 $2,752 
Goodwill12,803 12,778 
Other intangibles, net5,378 5,554 
Noncurrent deferred income tax assets1,519 1,530 
Other noncurrent assets2,066 2,009 
Total assets$33,455 $34,330 
Liabilities and shareholders' equity
Current liabilities
Accounts payable$767 $810 
Accrued compensation689 925 
Income taxes253 207 
Dividends payable237 237 
Accrued product liabilities505 515 
Accrued expenses and other liabilities1,487 1,586 
Current maturities of debt15 761 
Total current liabilities$3,953 $5,041 
Long-term debt, excluding current maturities13,059 13,230 
Income taxes986 990 
Other noncurrent liabilities1,955 1,985 
Total liabilities$19,953 $21,246 
Shareholders' equity
Common stock, $0.10 par value38 38 
Additional paid-in capital1,806 1,741 
Retained earnings12,525 12,462 
Accumulated other comprehensive loss(867)(1,157)
Total shareholders' equity$13,502 $13,084 
Total liabilities and shareholders' equity$33,455 $34,330 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
2

STRYKER CORPORATION2021 First Quarter Form 10-Q
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Three Months
20212020
Common stock shares outstanding (in millions)
Beginning376.1 374.5 
Issuance of common stock under stock compensation and benefit plans0.6 0.9 
Repurchase of common stock  
Ending376.7 375.4 
Common stock
Beginning$38 $37 
Issuance of common stock under stock compensation and benefit plans 1 
Ending$38 $38 
Additional paid-in capital
Beginning$1,741 $1,628 
Issuance of common stock under stock compensation and benefit plans(3)(8)
Repurchase of common stock  
Share-based compensation68 56 
Ending$1,806 $1,676 
Retained earnings
Beginning$12,462 $11,748 
Net earnings302 493 
Repurchase of common stock  
Cash dividends declared(239)(217)
Ending$12,525 $12,024 
Accumulated other comprehensive income (loss)
Beginning$(1,157)$(606)
Other comprehensive income (loss)290 (17)
Ending$(867)$(623)
Total Stryker shareholders' equity$13,502 $13,115 
Non-controlling interest  
Total shareholders' equity$13,502 $13,115 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
3

STRYKER CORPORATION2021 First Quarter Form 10-Q
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months
20212020
Operating activities
Net earnings$302 $493 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation95 80 
Amortization of intangible assets181 118 
Share-based compensation68 56 
Recall charges6 (6)
Sale of inventory stepped-up to fair value at acquisition79 6 
Changes in operating assets and liabilities:
Accounts receivable65 204 
Inventories(73)(122)
Accounts payable(37)63 
Accrued expenses and other liabilities(178)(550)
Recall-related payments(8)(4)
Income taxes6 84 
Other, net(54)169 
Net cash provided by operating activities$452 $591 
Investing activities
Acquisitions, net of cash acquired(27)(23)
Purchases of marketable securities(5)(8)
Proceeds from sales of marketable securities12 12 
Purchases of property, plant and equipment(83)(144)
Other investing, net7  
Net cash used in investing activities$(96)$(163)
Financing activities
Proceeds (payments) on short-term borrowings, net2 4 
Proceeds from issuance of long-term debt5  
Payments on long-term debt(750)(500)
Dividends paid(238)(215)
Repurchases of common stock  
Cash paid for taxes from withheld shares(53)(56)
Other financing, net(19)(1)
Net cash provided by (used in) financing activities$(1,053)$(768)
Effect of exchange rate changes on cash and cash equivalents(8)(33)
Change in cash and cash equivalents$(705)$(373)
Cash and cash equivalents at beginning of period2,943 4,337 
Cash and cash equivalents at end of period$2,238 $3,964 

See accompanying notes to Consolidated Financial Statements.
Dollar amounts are in millions except per share amounts or as otherwise specified.
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STRYKER CORPORATION2021 First Quarter Form 10-Q
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
NOTE 1 - BASIS OF PRESENTATION
General Information
Management believes the accompanying unaudited Consolidated Financial Statements contain all adjustments, including normal recurring items, considered necessary to fairly present the financial position of Stryker Corporation and its consolidated subsidiaries ("Stryker," the "Company," "we," us" or "our") on March 31, 2021 and the results of operations for the three months 2021. The results of operations included in these Consolidated Financial Statements may not necessarily be indicative of our annual results. These statements should be read in conjunction with our Annual Report on Form 10-K for 2020.
New Accounting Pronouncements Not Yet Adopted
We evaluate all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB) for consideration of their applicability. ASUs not included in our disclosures were assessed and determined to be either not applicable or are not expected to have a material impact on our Consolidated Financial Statements.
NOTE 2 - REVENUE RECOGNITION
Our policies for recognizing sales have not changed from those described in our Annual Report on Form 10-K for 2020.
We disaggregate our net sales by product line and geographic location for each of our segments as we believe it best depicts how the nature, amount, timing and certainty of our net sales and cash flows are affected by economic factors.
Net Sales by Product Line
Three Months
20212020
Orthopaedics:
Knees$412 $432 
Hips309 316 
Trauma and Extremities640 392 
Other123 82 
$1,484 $1,222 
MedSurg:
Instruments$469 $513 
Endoscopy469 455 
Medical622 587 
Sustainability61 67 
$1,621 $1,622 
Neurotechnology and Spine:
Neurotechnology$570 $483 
Spine278 261 
$848 $744 
Total$3,953 $3,588 
Net Sales by Geography
Three Months 2021Three Months 2020
United StatesInternationalUnited StatesInternational
Orthopaedics:
Knees$294 $118 $322 $110 
Hips186 123 201 115 
Trauma and Extremities440 200 260 132 
Other94 29 69 13 
$1,014 $470 $852 $370 
MedSurg:
Instruments$355 $114 $410 $103 
Endoscopy354 115 364 91 
Medical473 149 454 133 
Sustainability60 1 66 1 
$1,242 $379 $1,294 $328 
Neurotechnology and Spine:
Neurotechnology$335 $235 $301 $182 
Spine193 85 196 65 
$528 $320 $497 $247 
Total$2,784 $1,169 $2,643 $945 
Contract Assets and Liabilities
On March 31, 2021 and December 31, 2020 contract assets recorded in our Consolidated Balance Sheets were not significant.
Our contract liabilities arise as a result of consideration received from customers at inception of contracts for certain businesses or where the timing of billing for services precedes satisfaction of our performance obligations. We generally satisfy performance obligations within one year from the contract inception date. Our contract liabilities were $444 and $416 on March 31, 2021 and December 31, 2020.
NOTE 3 - ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (AOCI)
Three Months 2021Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(3)$(259)$(10)$(885)$(1,157)
OCI  8 27 273 308 
Income taxes (4)(8)(12)(24)
Reclassifications to:
Cost of sales  1  1 
Other (income) expense 4 10 (8)6 
Income taxes (1)(2)2 (1)
Net OCI$ $7 $28 $255 $290 
Ending$(3)$(252)$18 $(630)$(867)
Three Months 2020Marketable SecuritiesPension PlansHedgesFinancial Statement TranslationTotal
Beginning$(3)$(179)$47 $(471)$(606)
OCI 1 (6)(39)55 11 
Income taxes  11 (37)(26)
Reclassifications to:
Cost of sales  3  3 
Other (income) expense(1)3 (1)(7)(6)
Income taxes (1) 2 1 
Net OCI$ $(4)$(26)$13 $(17)
Ending$(3)$(183)$21 $(458)$(623)
Dollar amounts are in millions except per share amounts or as otherwise specified.
5

STRYKER CORPORATION2021 First Quarter Form 10-Q
NOTE 4 - DERIVATIVE INSTRUMENTS
We use operational and economic hedges, foreign currency exchange forward contracts, net investment hedges (both derivative and non-derivative financial instruments) and interest rate derivative instruments to manage the impact of currency exchange and interest rate fluctuations on earnings, cash flow and equity. We do not enter into derivative instruments for speculative purposes. We are exposed to potential credit loss in the event of nonperformance by our counterparties on our outstanding derivative instruments but do not anticipate nonperformance by any of our counterparties. Should a counterparty default, our maximum loss exposure is the asset balance of the instrument. We have not changed our hedging strategies, accounting practices or objectives from those disclosed in our Annual Report on Form 10-K for 2020.
Foreign Currency Hedges
March 2021Cash FlowNet InvestmentNon-DesignatedTotal
Gross notional amount$927 $1,767 $5,894 $8,588 
Maximum term in days1703
Fair value:
Other current assets$7 $ $87 $94 
Other noncurrent assets1 32  33 
Other current liabilities(21) (13)(34)
Other noncurrent liabilities(1)(7) (8)
Total fair value$(14)$25 $74 $85 
December 2020Cash FlowNet InvestmentNon-DesignatedTotal
Gross notional amount$949 $1,828 $5,382 $8,159 
Maximum term in days1793
Fair value:
Other current assets$9 $ $7 $16 
Other noncurrent assets 4  4 
Other current liabilities(12) (121)(133)
Other noncurrent liabilities(1)(26) (27)
Total fair value$(4)$(22)$(114)$(140)
We have €1,500 in certain forward currency contracts designated as net investment hedges to hedge a portion of our investments in certain of our entities with functional currencies denominated in Euros. In addition to these derivative financial instruments designated as net investment hedges, we have designated €4,350 of senior unsecured notes as net investment hedges to selectively hedge portions of our investment in certain international subsidiaries. The currency effects of our Euro-denominated senior unsecured notes are reflected in AOCI within shareholders' equity where they offset gains and losses recorded on our net investment in international subsidiaries.
On March 31, 2021 the total after tax gain (loss) in AOCI related to designated net investment hedges was ($222).
Net Currency Exchange Rate Gains (Losses)
Three Months
Derivative instrument:Recorded in:20212020
Cash FlowCost of sales$(1)$(3)
Net InvestmentOther income (expense), net8 7 
Non-DesignatedOther income (expense), net(2)(7)
Total$5 $(3)
Pretax gains (losses) on derivatives designated as cash flow of ($16) and net investment hedges of $33 recorded in AOCI are expected to be reclassified to cost of sales and other income (expense) in earnings within 12 months as of March 31, 2021. This cash flow hedge reclassification is primarily due to the sale
of inventory that includes previously hedged purchases. A component of the AOCI amounts related to net investment hedges is reclassified over the life of the hedge instruments as we elected to exclude the initial value of the component related to the spot-forward difference from the effectiveness assessment.
Interest Rate Hedges
In the three months 2021 a loss of $11 was reclassified from AOCI to earnings relating to the termination of forward starting interest rate swaps with notional amounts of $750 designated as cash flow hedges as we now consider it probable that the original forecasted debt issuances will not occur. Pretax gains of $5 recorded in AOCI related to other interest rate hedges closed in conjunction with debt issuances are expected to be reclassified to other income (expense) in earnings within 12 months of March 31, 2021. The cash flow effect of interest rate hedges is recorded in cash flow from operations.
NOTE 5 - FAIR VALUE MEASUREMENTS
Our policies for managing risk related to foreign currency, interest rates, credit and markets and our process for determining fair value have not changed from those described in our Annual Report on Form 10-K for 2020.
There were no significant transfers into or out of any level in 2021.
Assets Measured at Fair Value
MarchDecember
20212020
Cash and cash equivalents$2,238 $2,943 
Trading marketable securities170 171 
Level 1 - Assets$2,408 $3,114 
Available-for-sale marketable securities:
Corporate and asset-backed debt securities$37 $38 
United States agency debt securities5 5 
United States Treasury debt securities29 36 
Certificates of deposit3 2 
Total available-for-sale marketable securities$74 $81 
Foreign currency exchange forward contracts127 20 
Level 2 - Assets$201 $101 
Total assets measured at fair value$2,609 $3,215 
Liabilities Measured at Fair Value
MarchDecember
20212020
Deferred compensation arrangements$170 $171 
Level 1 - Liabilities$170 $171 
Foreign currency exchange forward contracts$42 $160 
Interest rate swap liability 53 
Level 2 - Liabilities$42 $213 
Contingent consideration:
Beginning$393 $306 
Additions4 108 
Change in estimate(2)9 
Settlements(19)(30)
Ending$376 $393 
Level 3 - Liabilities$376 $393 
Total liabilities measured at fair value$588 $777 
Fair Value of Available for Sale Securities by Maturity
March 2021December 2020
Due in one year or less$39 $42 
Due after one year through three years$35 $39 
On March 31, 2021 and December 31, 2020 the aggregate difference between the cost and fair value of available-for-sale marketable securities was nominal. Interest and marketable securities income was $17 and $40 in the three months 2021 and 2020, which was recorded in other income (expense), net.
Our investments in available-for-sale marketable securities had a minimum credit quality rating of A2 (Moody's), A (Standard & Poor's) and A (Fitch). We do not plan to sell the investments, and
Dollar amounts are in millions except per share amounts or as otherwise specified.
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STRYKER CORPORATION2021 First Quarter Form 10-Q
it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.
NOTE 6 - CONTINGENCIES AND COMMITMENTS
We are involved in various ongoing proceedings, legal actions and claims arising in the normal course of business, including proceedings related to product, labor, intellectual property and other matters, the most significant of which are more fully described below. The outcomes of these matters will generally not be known for prolonged periods of time. In certain of the legal proceedings, the claimants seek damages as well as other compensatory and equitable relief that could result in the payment of significant claims and settlements and/or the imposition of injunctions or other equitable relief. For legal matters for which management had sufficient information to reasonably estimate our future obligations, a liability representing management's best estimate of the probable loss, or the minimum of the range of probable losses when a best estimate within the range is not known, is recorded. The estimates are based on consultation with legal counsel, previous settlement experience and settlement strategies. If actual outcomes are less favorable than those estimated by management, additional expense may be incurred, which could unfavorably affect future operating results. We are self-insured for certain claims and expenses. The ultimate cost to us with respect to product liability claims could be materially different than the amount of the current estimates and accruals and could have a material adverse effect on our financial position, results of operations and cash flows.
Recall Matters
In June 2012 we voluntarily recalled our Rejuvenate and ABG II Modular-Neck hip stems and terminated global distribution of these hip products. Product liability lawsuits relating to this voluntary recall have been filed against us. In November 2014 we entered into a settlement agreement to compensate eligible United States patients who had revision surgery prior to November 3, 2014 and in December 2016 the settlement program was extended to patients who had revision surgery prior to December 19, 2016. In September 2020 we entered into a second settlement agreement to compensate eligible United States patients who had revision surgery prior to September 9, 2020. We continue to offer support for recall-related care and reimburse patients who are not eligible to enroll in the settlement program for testing and treatment services, including any necessary revision surgeries. In addition, there are remaining lawsuits that we will continue to defend against.
In August 2016 and May 2018 we voluntarily recalled certain lot-specific sizes and offsets of LFIT Anatomic CoCr V40 Femoral Heads. Product liability lawsuits and claims relating to this voluntary recall have been filed against us. In November 2018 we entered into a settlement agreement to resolve a significant number of claims and lawsuits related to the recalls. The specific terms of the settlement agreement, including the financial terms, are confidential.
With the acquisition of Wright as more fully described in Note 7, we are responsible for certain product liability claims, primarily related to certain hip products sold by Wright prior to its 2014 divestiture of the OrthoRecon business. We will continue to evaluate each claim and the possible loss we may incur.
We have incurred, and expect to incur in the future, costs associated with the defense and settlement of these matters. Based on the information that has been received, we have estimated the remaining range of probable loss related to these matters globally to be approximately $480 to $610. We have
recorded reserves representing the remaining minimum of the range of probable loss. The final outcomes of these matters are dependent on many factors that are difficult to predict. Accordingly, the ultimate cost related to these matters may be materially different than the amount of our current estimate and accruals and could have a material adverse effect on our results of operations and cash flows.
Leases
MarchDecember
20212020
Right-of-use assets $424 $423 
Lease liabilities, current $109 $109 
Lease liabilities, non-current $322 $325 
Other information:
Weighted-average remaining lease term 5.8 years5.6 years
Weighted-average discount rate2.94 %2.57 %
Three Months
20212020
Operating lease cost$36 36 
NOTE 7 - ACQUISITIONS
We acquire stock in companies and various assets that continue to support our capital deployment and product development strategies. The aggregate purchase price of our acquisitions, net of cash acquired was $31 and $23 in the three months 2021 and 2020.
In November 2020 we completed the acquisition of Wright Medical Group N.V. (Wright) for $30.75 per share, or an aggregate purchase price of $4.1 billion ($5.6 billion including convertible notes). Wright is a global medical device company focused on extremities and biologics. Wright is part of our Trauma and Extremities business within Orthopaedics. Goodwill attributable to the acquisition is not deductible for tax purposes.
In December 2020 we completed the acquisition of OrthoSensor, Inc. (OrthoSensor). OrthoSensor is a leader in the digital evolution of musculoskeletal care and sensor technology for total joint replacement. OrthoSensor is part of our Joint Replacement business within Orthopaedics. Goodwill attributable to the acquisition is not deductible for tax purposes.
Purchase price allocations for our significant acquisitions are:
Purchase Price Allocation of Acquired Net Assets
2020Wright
Tangible assets and liabilities:
Accounts receivable$127 
Inventory478 
Deferred income tax assets373 
Other assets345 
Debt(1,447)
Deferred income tax liabilities(504)
Product liabilities(199)
Other liabilities(290)
Intangible assets:
Customer and distributor relationships181 
Developed technology and patents1,499 
Trade name59 
Goodwill3,459 
Purchase price, net of cash acquired$4,081 
Weighted-average life of intangible assets12
Purchase price allocations for Wright and other 2020 acquisitions were based on preliminary valuations, primarily related to intangible assets, product liabilities and deferred income taxes. Our estimates and assumptions are subject to change within the measurement period.
Dollar amounts are in millions except per share amounts or as otherwise specified.
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STRYKER CORPORATION2021 First Quarter Form 10-Q
Estimated Amortization Expense
Remainder of 20212022202320242025
$450 $588 $567 $541 $520 
NOTE 8 - DEBT AND CREDIT FACILITIES
We have lines of credit issued by various financial institutions that are available to fund our day-to-day operating needs. Certain of our credit facilities require us to comply with financial and other covenants. We were in compliance with all covenants on March 31, 2021.
Our commercial paper program backed by our primary revolving credit facility which expires in August 2023 allows us to have a maximum of $1,500 in commercial paper outstanding with maturities up to 397 days from the date of issuance. We have a credit agreement that provides for up to $1,500 of borrowings in United States Dollars pursuant to a 364-day revolving credit facility, which matures on April 29, 2021 and is available for working capital and general corporate purposes. On March 31, 2021 there were no borrowings outstanding under our credit facility or commercial paper programs.
Summary of Total DebtMarch 2021December 2020
RateDue
Senior unsecured notes:
2.625%March 15, 2021$ $750 
1.125%November 30, 2023646 668 
0.600%December 1, 2023597 597 
3.375%May 15, 2024591 590 
0.250%December 3, 2024995 1,030 
1.150%June 15, 2025645 644 
3.375%November 1, 2025747 747 
3.500%March 15, 2026993 992 
2.125%November 30, 2027878 909 
3.650%March 7, 2028596 596 
0.750%March 1, 2029937 969 
1.950%June 15, 2030989 989 
2.625%November 30, 2030756 782 
1.000%December 3, 2031873 903 
4.100%April 1, 2043392 392 
4.375%May 15, 2044395 395 
4.625%March 15, 2046982 981 
2.900%June 15, 2050641 641 
Variable term loanNovember 10, 2023400 400 
Other21 16 
Total debt$13,074 $13,991 
Less current maturities of debt15 761 
Total long-term debt$13,059 $13,230 
March 2021December 2020
Unamortized debt issuance costs$69 $71 
Borrowing capacity on existing facilities$2,908 $2,903 
Fair value of senior unsecured notes$13,634