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Debt (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Carrying value of outstanding debt

The following table summarizes the carrying value of our outstanding debt (in millions, except percentages):
 
 
Coupon
 
As of
 
Effective
 
As of
 
Effective
 
 
 Rate
 
September 30, 2019
 
 Interest Rate
 
December 31, 2018
 
 Interest Rate
Long-Term Debt
 
 
 
 
 
 
 
 
 
 
Floating Rate Notes:
 
 
 
 
 
 
 
 
 
 
Senior notes due 2019
 
LIBOR plus 0.48%
 
$
—

 
—
%
 
$
400

 
3.123
%
Senior notes due 2023
 
LIBOR plus 0.87%
 
400

 
3.244
%
 
400

 
3.499
%
 
 
 
 
 
 
 
 
 
 
 
Fixed Rate Notes:
 
 
 
 
 
 
 
 
 
 
Senior notes due 2019
 
2.200%
 
—

 
—
%
 
1,150

 
2.346
%
Senior notes due 2020
 
3.250%
 
500

 
3.389
%
 
500

 
3.389
%
Senior notes due 2020
 
2.150%
 
500

 
2.344
%
 
500

 
2.344
%
Senior notes due 2021
 
2.875%
 
750

 
2.993
%
 
750

 
2.993
%
Senior notes due 2022
 
3.800%
 
750

 
3.989
%
 
750

 
3.989
%
Senior notes due 2022
 
2.600%
 
1,000

 
2.678
%
 
1,000

 
2.678
%
Senior notes due 2023
 
2.750%
 
750

 
2.866
%
 
750

 
2.866
%
Senior notes due 2024
 
3.450%
 
750

 
3.531
%
 
750

 
3.531
%
Senior notes due 2027
 
3.600%
 
850

 
3.689
%
 
850

 
3.689
%
Senior notes due 2042
 
4.000%
 
750

 
4.114
%
 
750

 
4.114
%
Senior notes due 2056
 
6.000%
 
750

 
6.547
%
 
750

 
6.547
%
Total senior notes
 
 
 
7,750

 
 
 
9,300

 
 
Hedge accounting fair value adjustments (1)
 
 
 
16

 
 
 
(10
)
 
 
Unamortized discount and debt issuance costs
 
 
 
(47
)
 
 
 
(55
)
 
 
Other long-term borrowings
 
 
 
16

 
 
 
—

 
 
Less: Current portion of long-term debt
 
 
 
(500
)
 
 
 
(1,550
)
 
 
Total long-term debt
 
 
 
7,235

 
 
 
7,685

 
 
 
 
 
 
 
 
 
 
 
 
 
Short-Term Debt
 
 
 
 
 
 
 
 
 
 
Current portion of long-term debt
 
 
 
500

 
 
 
1,550

 
 
Hedge accounting fair value adjustments (1)
 
 
 
—

 
 
 
(7
)
 
 
Unamortized discount and debt issuance costs
 
 
 
(1
)
 
 
 
(1
)
 
 
Other short-term borrowings
 
 
 
19

 
 
 
4

 
 
Total short-term debt
 
 
 
518

 
 
 
1,546

 
 
Total Debt
 
 
 
$
7,753

 
 
 
$
9,231

 
 

(1)
Includes the fair value adjustments to debt associated with terminated interest rate swaps which are being recorded as a reduction to interest expense over the remaining term of the related notes.