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Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Carrying value of outstanding debt
The following table summarizes the carrying value of our outstanding debt (in millions, except percentages):
CouponAs ofEffectiveAs ofEffective
 RateDecember 31, 2020 Interest RateDecember 31, 2019 Interest Rate
Long-Term Debt
Floating Rate Notes:
Senior notes due 2023LIBOR plus 0.87%400 1.187 %400 2.913 %
Fixed Rate Notes:
Senior notes due 20203.250%— — %500 3.389 %
Senior notes due 20202.150%— — %500 2.344 %
Senior notes due 20212.875%— — %750 2.993 %
Senior notes due 20223.800%750 3.989 %750 3.989 %
Senior notes due 20222.600%1,000 2.678 %1,000 2.678 %
Senior notes due 20232.750%750 2.866 %750 2.866 %
Senior notes due 20243.450%750 3.531 %750 3.531 %
Senior notes due 20251.900%800 1.803 %— — %
Senior notes due 20273.600%850 3.689 %850 3.689 %
Senior notes due 20302.700%950 2.623 %— — %
Senior notes due 20424.000%750 4.114 %750 4.114 %
Senior notes due 20566.000%750 6.547 %750 6.547 %
Total senior notes7,750 7,750 
Hedge accounting fair value adjustments (1)
10 15 
Unamortized premium/(discount) and debt issuance costs(20)(44)
Other long-term borrowings5 17 
Less: Current portion of long-term debt— (1,000)
Total long-term debt7,745 6,738 
Short-Term Debt
Current portion of long-term debt— 1,000 
Unamortized premium/(discount) and debt issuance costs— (1)
Other short-term borrowings18 21 
Total short-term debt18 1,020 
Total Debt$7,763 $7,758 
(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.
Schedule of expected future principal maturities
Expected future principal maturities as of December 31, 2020 are as follows (in millions):
Fiscal Years:
2021$750 
20221,750 
20231,150 
2024750 
2025800 
Thereafter2,550 
Total future maturities$7,750