Debt (Tables)

12 Months Ended

Dec. 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		December 31, 2021		Interest Rate		December 31, 2020		Interest Rate
Long-Term Debt
Floating Rate Notes:
Senior notes due 2023	LIBOR plus 0.87%		$	400	1.100	%	$	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)			7				10
Unamortized premium/(discount) and debt issuance costs			(30)				(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				—
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.

Schedule of expected future principal maturities

The following table presents expected future principal maturities as of the date indicated (in millions):

	December 31, 2021
Fiscal Years:
2022	$	1,355
2023	1,150
2024	750
2025	800
2026	750
Thereafter	4,300
Total future maturities	$	9,105