Long-Term Debt and Short-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2020

Long-Term Debt and Short-Term Borrowings

Schedule of Long-Term Debt

Long-Term Debt

(Millions)	Currency/	Effective		Final	Carrying Value
Description / 2020 Principal Amount	Fixed vs. Floating	Interest Rate		Maturity Date	2020		2019
Third lien senior secured notes subject to in-substance defeasance (repaid in 2020)	USD Fixed	—	%	2020	$	—	$	463
Medium-term note (repaid in 2020)	EUR Floating	—	%	2020		—		726
Medium-term note (repaid in 2020)	USD Floating	—	%	2020		—		299
Medium-term note (repaid in 2020)	USD Floating	—	%	2020		—		200
Medium-term note (repaid in 2020)	USD Fixed	—	%	2020		—		599
Medium-term note (repaid in 2020)	USD Fixed	—	%	2020		—		199
Medium-term note (repaid in 2020)	USD Floating	—	%	2020		—		204
Eurobond (300 million euros)	EUR Floating	(0.28)	%	2021		374		346
Eurobond (300 million euros)	EUR Fixed	1.97	%	2021		367		334
Medium-term note (500 million euros)	EUR Fixed	0.45	%	2022		612		557
Medium-term note ($600 million)	USD Fixed	2.17	%	2022		598		597
Medium-term note ($450 million)	USD Fixed	2.76	%	2022		449		449
Medium-term note (600 million euros)	EUR Fixed	1.14	%	2023		731		665
Medium-term note ($650 million)	USD Fixed	2.26	%	2023		649		648
Registered note ($500 million)	USD Fixed	1.86	%	2023		498		497
Medium-term note ($300 million)	USD Floating	0.52	%	2024		299		299
Medium-term note ($300 million)	USD Fixed	3.30	%	2024		299		299
Medium-term note ($500 million)	USD Fixed	2.98	%	2024		502		503
Medium-term note ($550 million)	USD Fixed	3.04	%	2025		548		547
Registered note ($750 million)	USD Fixed	2.12	%	2025		744		743
Registered note ($500 million)	USD Fixed	2.67	%	2025		498		—
Medium-term note (750 million euros)	EUR Fixed	1.66	%	2026		908		826
Medium-term note ($650 million)	USD Fixed	2.37	%	2026		644		643
Medium-term note ($850 million)	USD Fixed	2.95	%	2027		843		842
30-year debenture ($220 million)	USD Fixed	6.44	%	2028		225		226
Medium-term note ($600 million)	USD Fixed	3.62	%	2028		598		597
Medium-term note ($800 million)	USD Fixed	3.38	%	2029		796		796
Registered note ($1 billion)	USD Fixed	2.50	%	2029		986		984
Medium-term note (500 million euros)	EUR Fixed	1.90	%	2030		604		549
Registered note ($600 million)	USD Fixed	3.09	%	2030		595		—
Medium-term note (500 million euros)	EUR Fixed	1.54	%	2031		608		554
30-year bond ($555 million)	USD Fixed	5.73	%	2037		551		551
Floating rate note ($96 million)	USD Floating	—	%	2041		96		96
Medium-term note ($325 million)	USD Fixed	4.05	%	2044		315		314
Floating rate note ($55 million)	USD Floating	—	%	2044		53		53
Medium-term note ($500 million)	USD Fixed	3.37	%	2046		476		475
Medium-term note ($500 million)	USD Fixed	3.68	%	2047		492		492
Medium-term note ($650 million)	USD Fixed	4.07	%	2048		637		637
Medium-term note ($500 million)	USD Fixed	3.78	%	2048		505		506
Registered note ($1 billion)	USD Fixed	3.37	%	2049		969		968
Registered note ($650 million)	USD Fixed	3.72	%	2050		642		—
Other borrowings	Various	0.01	%	2021-2040		72		76
Total long-term debt					$	18,783	$	19,359
Less: current portion of long-term debt						794		1,841
Long-term debt (excluding current portion)					$	17,989	$	17,518

Schedule of Post-Swap Borrowing (Long-Term Debt, Including Current Portion)

Post-Swap Borrowing (Long-Term Debt, Including Current Portion)

	2020				2019
	Carrying		Effective		Carrying		Effective
(Millions)	Value		Interest Rate		Value		Interest Rate
Fixed-rate debt	$	17,889	2.80	%	$	17,061	3.01	%
Floating-rate debt		894	0.06	%		2,298	1.06	%
Total long-term debt, including current portion	$	18,783			$	19,359

Schedule of Short-Term Borrowings and Current Portion of Long-Term Debt

Short-Term Borrowings and Current Portion of Long-Term Debt

	Effective		Carrying Value
(Millions)	Interest Rate		2020		2019
Current portion of long-term debt	0.78	%	$	794	$	1,841
U.S. dollar commercial paper	—	%		—		150
Japan subsidiary credit facility	—	%		—		632
German subsidiary credit facility	—	%		—		168
Other borrowings	4.83	%		12		4
Total short-term borrowings and current portion of long-term debt			$	806	$	2,795

Schedule of Maturities of Long-Term Debt

Future Maturities of Long-term Debt

Maturities of long-term debt in the table below reflect the impact of put provisions associated with certain debt instruments and are net of the unaccreted debt issue costs such that total maturities equal the carrying value of long-term debt as of December 31, 2020. The maturities of long-term debt for the periods subsequent to December 31, 2020 are as follows (in millions):

										After
2021		2022		2023		2024		2025		2025		Total
$	794	$	1,659	$	1,878	$	1,100	$	1,790	$	11,562	$	18,783