Debt and Interest Rate Derivatives (Tables)

9 Months Ended

Sep. 30, 2020

Debt and Interest Rate Derivatives

Components of Debt

The following table summarizes the major components of debt as of each balance sheet date (in millions) and provides the maturities and interest rate ranges of each major category as of September 30, 2020:

	September 30,		December 31,
	2020		2019
Commercial paper program (weighted average interest rate of 0.5% as of September 30, 2020)	$	600	$	—
Senior notes, maturing through 2049, interest rates ranging from 2.4% to 7.75% (weighted average interest rate of 4.1% as of September 30, 2020 and 3.9% as of December 31, 2019)		6,365		9,965
Canadian senior notes, C$500 million maturing September 2026, interest rate of 2.6%		375		385
Tax-exempt bonds, maturing through 2048, fixed and variable interest rates ranging from 0.17% to 4.3% (weighted average interest rate of 1.9% as of September 30, 2020 and 2.3% as of December 31, 2019)		2,491		2,523
Financing leases and other, maturing through 2071, weighted average interest rate of 4.7%		651		710
Debt issuance costs, discounts and other		(60)		(85)
		10,422		13,498
Current portion of long-term debt		167		218
	$	10,255	$	13,280