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

3 Months Ended

Mar. 31, 2020

Commercial Paper and Long-Term Debt [Text Block]

and Long-Term Debt

Short-term borrowings and senior unsecured long-term debt consisted of the following:



	March 31, 2020						December 31, 2019
(in millions, except percentages)	Par Value		Carrying Value		Fair Value		Par Value		Carrying Value		Fair Value
Commercial paper	$	1,214	$	1,213	$	1,213	$	400	$	400	$	400
Bank credit facilities	10,000		10,000		10,000		—		—		—
2.700% notes due July 2020	1,500		1,500		1,500		1,500		1,499		1,506
Floating rate notes due October 2020	300		300		296		300		300		300
3.875% notes due October 2020	450		452		452		450		450		455
1.950% notes due October 2020	900		899		900		900		899		900
4.700% notes due February 2021	400		406		407		400		403		410
2.125% notes due March 2021	750		749		750		750		749		753
Floating rate notes due June 2021	350		349		347		350		349		350
3.150% notes due June 2021	400		399		406		400		399		407
3.375% notes due November 2021	500		510		512		500		501		512
2.875% notes due December 2021	750		768		764		750		753		765
2.875% notes due March 2022	1,100		1,114		1,130		1,100		1,087		1,121
3.350% notes due July 2022	1,000		998		1,034		1,000		998		1,036
2.375% notes due October 2022	900		896		912		900		896		911
0.000% notes due November 2022	15		13		14		15		13		14
2.750% notes due February 2023	625		646		640		625		624		638
2.875% notes due March 2023	750		797		777		750		770		770
3.500% notes due June 2023	750		747		788		750		747		786
3.500% notes due February 2024	750		746		794		750		746		792
2.375% notes due August 2024	750		747		767		750		747		760
3.750% notes due July 2025	2,000		1,991		2,161		2,000		1,990		2,161
3.700% notes due December 2025	300		298		323		300		298		325
3.100% notes due March 2026	1,000		996		1,056		1,000		996		1,048
3.450% notes due January 2027	750		746		804		750		746		804
3.375% notes due April 2027	625		620		668		625		620		667
2.950% notes due October 2027	950		939		992		950		939		988
3.850% notes due June 2028	1,150		1,143		1,281		1,150		1,142		1,269
3.875% notes due December 2028	850		843		953		850		843		941
2.875% notes due August 2029	1,000		1,104		1,047		1,000		993		1,029
4.625% notes due July 2035	1,000		992		1,190		1,000		992		1,215
5.800% notes due March 2036	850		838		1,107		850		838		1,129
6.500% notes due June 2037	500		492		691		500		492		712
6.625% notes due November 2037	650		641		910		650		641		940
6.875% notes due February 2038	1,100		1,077		1,613		1,100		1,076		1,631
3.500% notes due August 2039	1,250		1,241		1,348		1,250		1,241		1,313
5.700% notes due October 2040	300		296		405		300		296		396
5.950% notes due February 2041	350		345		484		350		345		475
4.625% notes due November 2041	600		589		742		600		589		716
4.375% notes due March 2042	502		484		601		502		484		580
3.950% notes due October 2042	625		608		711		625		607		688
4.250% notes due March 2043	750		735		885		750		735		856
4.750% notes due July 2045	2,000		1,973		2,547		2,000		1,973		2,463
4.200% notes due January 2047	750		738		881		750		738		861
4.250% notes due April 2047	725		717		853		725		717		839
3.750% notes due October 2047	950		934		1,050		950		934		1,023
4.250% notes due June 2048	1,350		1,330		1,592		1,350		1,330		1,569
4.450% notes due December 2048	1,100		1,086		1,333		1,100		1,086		1,316
3.700% notes due August 2049	1,250		1,235		1,385		1,250		1,235		1,344
3.875% notes due August 2059	1,250		1,229		1,372		1,250		1,228		1,350
Total short-term borrowings and long-term debt	$	50,631	$	50,509	$	55,388	$	39,817	$	39,474	$	44,234

The Company’s long-term debt obligations also included $1.1 billion and $1.2 billion of other financing obligations, of which $309 million and $322 million were classified as current as of March 31, 2020 and December 31, 2019, respectively.

Commercial Paper and Bank Credit Facilities

Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers. As of March 31, 2020, the Company’s outstanding commercial paper had a weighted average annual interest rate of 2.4%.

The Company has $4.4 billion five-year, $4.4 billion three-year and $3.8 billion 364-day revolving bank credit facilities with 25 banks, which mature in December 2024, December 2022 and December 2020, respectively. These facilities provide liquidity support for the Company’s commercial paper program and are available for general corporate purposes. The annual interest rates, which are variable based on term, are calculated based on the London Interbank Offered Rate (LIBOR) plus a credit spread based on the Company’s senior unsecured credit ratings. As of March 31, 2020, the Company had drawn $1.8 billion, $4.4 billion and $3.8 billion at annual interest rates of 1.6%, 1.6% and 1.7% on its $4.4 billion five-year, $4.4 billion three-year and $3.8 billion 364-day revolving bank credit facilities, respectively.

Debt Covenants

The Company’s bank credit facilities contain various covenants, including covenants requiring the Company to maintain a defined debt to debt-plus-shareholders’ equity ratio of not more than 60%. The Company was in compliance with its debt covenants as of March 31, 2020.