Debt (Tables)

3 Months Ended

Mar. 31, 2021

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	March 31, 2021		Interest Rate		December 31, 2020		Interest Rate
Long-Term Debt
Floating Rate Notes:
Senior notes due 2023	LIBOR plus 0.87%	$	400	1.184	%	$	400	1.187	%
Senior notes due 2022	3.800%	750		3.989	%	750		3.989	%
Senior notes due 2022	2.600%	605		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 2025	1.900%	800		1.803	%	800		1.803	%
Senior notes due 2027	3.600%	850		3.689	%	850		3.689	%
Senior notes due 2030	2.700%	950		2.623	%	950		2.623	%
Senior notes due 2042	4.000%	750		4.114	%	750		4.114	%
Senior notes due 2056	6.000%	—		—	%	750		6.547	%
Total senior notes		6,605				7,750
Hedge accounting fair value adjustments (1)		10				10
Unamortized premium/(discount) and debt issuance costs		(12)				(20)
Other long-term borrowings		2				5
Less: Current portion of long-term debt		(750)				—
Total long-term debt		5,855				7,745
Short-Term Debt
Current portion of long-term debt		750				—
Commercial paper		400				—
Other short-term borrowings		22				18
Total short-term debt		1,172				18
Total Debt		$	7,027			$	7,763

(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.