Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Short-term debt

Credco’s short-term debt outstanding (excluding short-term debt to affiliates), defined as borrowings with original contractual maturity dates of less than one year, as of December 31 was as follows:

	2020				2019
(Millions, except percentages)	Outstanding Balance		Year-End Stated Interest Rate on Debt (a)		Outstanding Balance		Year-End Stated Interest Rate on Debt (a)
Commercial paper(b)	$	—	—	%	$	3,001	1.94	%
Other short-term borrowings(c)	—		—		215		1.58
Total	$	—	—	%	$	3,216	1.91	%

(a)For floating-rate issuances, the stated interest rates are weighted based on the outstanding principal balances and interest rates in effect as of December 31, 2019.

(b)Average commercial paper outstanding was $628 million and $299 million in 2020 and 2019, respectively.

(c)Represents interest-bearing book overdrafts with banks.

Long-term debt

Credco’s long-term debt outstanding (excluding long-term debt to affiliates), defined as debt with original contractual maturity dates of one year or greater, as of December 31 was as follows:

		2020						2019
	Original Contractual Maturity Dates	Outstanding Balance(a)		Year-End Interest Rate on Debt(b)		Year-End Interest Rate with Swaps(b)(c)		Outstanding Balance(a)		Year-End Interest Rate on Debt(b)		Year-End Interest Rate with Swaps(b)(c)
(Millions, except percentages)
Fixed Rate Senior Notes	2021-2027	$	6,746	2.38	%	1.67	%	$	11,839	2.40	%	2.53	%
Floating Rate Senior Notes	2021-2022	300		0.93		—		1,650		2.64		—
Unamortized Underwriting Fees		(9)						(20)
Total Long-Term Debt		$	7,037	2.32	%			$	13,469	2.43	%

(a)The outstanding balances include (i) unamortized discount, (ii) the impact of movements in exchange rates on foreign currency denominated debt and (iii) the impact of fair value hedge accounting on certain fixed-rate notes that have been swapped to floating rate through the use of interest rate swaps. Refer to Note 6 for more details on Credco’s treatment of fair value hedges.

(b)For floating-rate issuances, the stated interest rate on debt is weighted based on outstanding principal balances and interest rates in effect as of December 31, 2020, and 2019.

(c)Interest rates with swaps are only presented when swaps are in place to hedge the underlying debt. The interest rates with swaps are weighted based on the outstanding principal balances and the interest rates on the floating leg of the swaps in effect as of December 31, 2020, and 2019.

Aggregate annual maturities on long-term debt obligations

Aggregate annual maturities on long-term debt obligations (based on contractual maturity or anticipated redemption dates) as of December 31, 2020 were as follows:

(Millions)
2021	$	2,975
2022	2,050
2023	—
2024	—
2025	—
Thereafter	2,000
Total	7,025
Unamortized Underwriting Fees	(9)
Unamortized Discount	(19)
Impacts due to Fair Value Hedge Accounting	40
Total Long-Term Debt	$	7,037