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Debt and Credit Facilities
 12 Months Ended
Dec. 31, 2021
Long-term Debt, Unclassified [Abstract]  
Debt And Credit Facilities DEBT AND CREDIT FACILITIESWe 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 December 31, 2021.
In October 2021 we entered into a new revolving credit agreement that replaces our previous agreement dated August 19, 2016. The primary changes were to increase the aggregate principal amount of the facility by $750 to $2,250, extend the maturity date to October 26, 2026, increase the leverage ratio to 3.75 and provide LIBOR replacement language.
In the first quarter of 2022, our Board of Directors approved an increase to the maximum amount of commercial paper that can be outstanding under our commercial paper program from $1,500 to $2,250, with maturities up to 397 days from the date of issuance. On December 31, 2021 there were no borrowings outstanding under our credit facility or commercial paper program.
Summary of Total Debt
Senior unsecured notes:
RateDue20212020
2.625%March 15, 2021$— $750 
1.125%November 30, 2023622 668 
0.600%December 1, 2023598 597 
3.375%May 15, 2024593 590 
0.250%December 3, 2024958 1,030 
1.150%June 15, 2025645 644 
3.375%November 1, 2025748 747 
3.500%March 15, 2026994 992 
2.125%November 30, 2027845 909 
3.650%March 7, 2028597 596 
0.750%March 1, 2029901 969 
1.950%June 15, 2030990 989 
2.625%November 30, 2030727 782 
1.000%December 3, 2031840 903 
4.100%April 1, 2043392 392 
4.375%May 15, 2044395 395 
4.625%March 15, 2046982 981 
2.900%June 15, 2050642 641 
Term loan— 400 
Other10 16 
Total debt$12,479 $13,991 
Less current maturities7 761 
Total long-term debt$12,472 $13,230 
Unamortized debt issuance costs$62 $71 
Borrowing capacity on existing facilities$2,162 $2,903 
Fair value of senior unsecured notes$13,391 $15,022 
The fair value of the senior unsecured notes was estimated using quoted interest rates, maturities and amounts of borrowings based on quoted active market prices and yields that took into account the underlying terms of the debt instruments. Substantially all of our debt is classified within Level 2 of the fair value hierarchy.
In March 2021 we repaid $750 of senior unsecured notes with a coupon of 2.625% that were due on March 15, 2021.
In June 2021 we repaid the $400 term loan that was due on November 10, 2023.
Interest expense, including required fees incurred on outstanding debt and credit facilities that were included in other income (expense), net, totaled $337, $315, and $287 in 2021, 2020 and 2019.