Debt

9 Months Ended

Sep. 30, 2020

The Company’s debt consisted of the following:



(In millions)	September 30, 2020		December 31, 2019
Short-term and current maturities of long-term debt:
Lines of credit	$	121	$	150
Finance lease and other financing obligations	244		137
Total short-term and current maturities of long-term debt	$	365	$	287

Long-term debt:
2.7% senior notes due 2020	$	—	$	850
4.75% senior notes due 2021	400		400
3.5% senior notes due 2022	700		700
3.8% senior notes due 2023	1,000		1,000
0.375% senior notes due 2023	584		559
2.75% senior notes due 2024	2,000		2,000
3.85% senior notes due 2025	900		900
2.25% senior notes due 2025	676		687
3.2% senior notes due 2026	2,000		2,000
1.125% senior notes due 2027	584		559
2.25% senior notes due 2027	1,000		—
4.2% senior notes due 2028	1,000		1,000
3.5% senior notes due 2029	3,000		3,000
1.625% senior notes due 2030	584		559
2.65% senior notes due 2030	1,000		—
3.0% senior notes due 2031	676		687
4.4% senior notes due 2049	2,000		2,000
Receivable securitized loan	500		500
Term loan facility	1,750		3,950
Unamortized discount and deferred financing costs	(161)		(160)
Revolving credit facility	219		174
Finance lease and other financing obligations	482		247
Total long-term debt	$	20,894	$	21,612

The Company was in compliance with all financial debt covenants during the first nine months of 2020. Annual maturities of the Company’s total debt were as follows at September 30, 2020:


(In millions)
Year ending December 31,
Remainder of 2020	$	282
2021	177
2022	1,346
2023	2,334
2024	3,843
Thereafter	13,438
Total principal payments	21,420
Unamortized discount and deferred financing costs	(161)
Total debt	$	21,259

On May 13, 2020, the Company completed an offering of $2.0 billion of senior notes comprised of $1.0 billion aggregate principal amount of 2.25% senior notes due in June 2027 and $1.0 billion aggregate principal amount of 2.65% senior notes due in June 2030. The senior notes pay interest semi-annually on June 1 and December 1, commencing on December 1, 2020. The indentures governing the senior notes contain covenants that, among other matters, limit (i) the Company’s ability to consolidate or merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to, another person, (ii) the Company’s and certain of its subsidiaries’ ability to create or assume liens, and (iii) the Company’s and certain of its subsidiaries’ ability to engage in sale and leaseback transactions. The Company may, at its option, redeem the senior notes, in whole or from time to time in part, at any time prior to the applicable maturity date. The Company used the net proceeds from these senior notes offerings to repay the outstanding principal balance of $850 million under its 2.7% senior notes due in June 2020 and outstanding borrowings under its amended and restated revolving credit facility totaling $1.1 billion.

The Company maintains an amended and restated revolving credit facility, which matures in September 2023, with aggregate commitments available for $3.5 billion of total capacity. At September 30, 2020, the 4.75% senior notes due in June 2021 were classified in the consolidated balance sheet as long-term and within the debt maturity schedule above as maturing in September 2023, the date that the Company’s revolving credit facility expires, as the Company has the intent to refinance this debt on a long-term basis and the ability to do so under its revolving credit facility.