Debt (Tables)

9 Months Ended

Sep. 30, 2021

The following table summarizes the carrying value of our outstanding debt as of the dates indicated (in millions, except percentages):


	Coupon		As of		Effective		As of		Effective
	Rate		September 30, 2021		Interest Rate		December 31, 2020		Interest Rate
Long-Term Debt
Floating Rate Notes:
Senior notes due 2023	LIBOR plus 0.87%		$	400	1.100	%	$	400	1.187	%

Fixed Rate Notes:




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 2026	1.400	%	750		1.252	%	—		—	%
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 2031	2.600	%	750		2.186	%	—		—	%
Senior notes due 2042	4.000	%	750		4.114	%	750		4.114	%
Senior notes due 2051	3.650	%	1,000		2.517	%	—		—	%
Senior notes due 2056	6.000	%	—		—	%	750		6.547	%
Total senior notes			9,105				7,750
Hedge accounting fair value adjustments (1)			9				10
Unamortized premium/(discount) and debt issuance costs			(32)				(20)

Less: Current portion of long-term debt			(1,355)				—
Total long-term debt			7,727				7,740

Short-Term Debt
Current portion of long-term debt			1,355				—


Unamortized premium/(discount) and debt issuance costs			—				—
Other short-term borrowings			—				6
Total short-term debt			1,355				6
Total Debt			$	9,082			$	7,746

(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.