Borrowings and Credit Arrangements (Tables)

3 Months Ended

Mar. 31, 2020

Short-term Debt [Line Items]

Schedule of Long-term Debt Instruments [Table Text Block]

(in millions, except interest rates)	Issuance Date	Maturity Date	As of						Coupon Rate (1)
			March 31, 2020			December 31, 2019
December 2020 Term Loan (3)	December 2019	December 2020	400			—
May 2022 Notes	May 2015	May 2022	500			500			3.375%
August 2022 Term Loan	August 2019	August 2022	—			1,000
October 2023 Notes	August 2013	October 2023	244			244			4.125%
Revolving Credit Facility	n/a	December 2023	1,360			—
March 2024 Notes	February 2019	March 2024	850			850			3.450%
May 2025 Notes	May 2015	May 2025	523			523			3.850%
March 2026 Notes	February 2019	March 2026	850			850			3.750%
December 2027 Notes	November 2019	December 2027	988			1,011			0.625%
March 2028 Notes	February 2018	March 2028	434			434			4.000%
March 2029 Notes	February 2019	March 2029	850			850			4.000%
November 2035 Notes (2)	November 2005	November 2035	350			350			7.000%
March 2039 Notes	February 2019	March 2039	750			750			4.550%
January 2040 Notes	December 2009	January 2040	300			300			7.375%
March 2049 Notes	February 2019	March 2049	1,000			1,000			4.700%
Unamortized Debt Issuance Discount and Deferred Financing Costs		2020 - 2049	(79		)	(83		)
Unamortized Gain on Fair Value Hedges		2020 - 2023	7			7
Finance Lease Obligation		Various	7			6
Long-term debt			$	9,331		$	8,592

Note: The table above does not include unamortized amounts related to interest rate contracts designated as cash flow hedges.

(1) Coupon rates are semi-annual, except for the December 2027 Notes, which bears an annual coupon, and the August 2022 Term Loan and Revolving Credit Facility, which are variable-rate instruments based on LIBOR.

(2) Corporate credit rating improvements may result in a decrease in the adjusted interest rate on our November 2035 Notes to the extent that our lowest credit rating is above BBB- or Baa3. The interest rates on our November 2035 Notes will be permanently reinstated to the issuance rate if the lowest credit ratings assigned to these senior notes is either A- or A3 or higher.

(3)

We have classified the $400 million of term loan borrowings due in December 2020 as non-current, due to the repayment prior to the issuance of our unaudited condensed consolidated financial statements for the period ending March 31, 2020 using proceeds from our April 2021 Term Loan that does not require repayment within one year from the balance sheet date.

Summary Of Term Loan And Revolving Credit Facility Agreement Compliance With Debt Covenants [Table Text Block]

	Covenant Requirement	Actual
	as of March 31, 2020	as of March 31, 2020
Maximum permitted leverage ratio (1)	4.50 times	4.10 times

(1)

Ratio of total debt to consolidated EBITDA, as defined by the credit agreements, for the preceding four consecutive fiscal quarters.

Transfer of Financial Assets Accounted for as Sales [Table Text Block]

Factoring Arrangements	As of March 31, 2020				As of December 31, 2019
	Amount De-recognized		Average Interest Rate		Amount De-recognized		Average Interest Rate
Euro denominated	$	147	1.9	%	$	171	1.4	%
Yen denominated	197		0.6	%	226		0.6	%

Commercial Paper [Member]

Short-term Debt [Line Items]

Schedule of Short-term Debt [Table Text Block]

Commercial Paper

Our commercial paper program is backed by the 2018 Facility, as discussed above. Outstanding commercial paper directly reduces borrowing capacity under the 2018 Facility. In the first quarter of 2020, we refinanced $1.360 billion of commercial paper using proceeds from the revolving credit facility.

	As of
(in millions, except maturity and yield)	March 31, 2020			December 31, 2019
Commercial paper outstanding (at par)	$	—		$	711
Maximum borrowing capacity	2,750			2,750
Borrowing capacity available	1,390			2,039
Weighted average maturity	0 days			55 days
Weighted average yield	—		%	2.21		%