DEBT (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Summary of Outstanding Debt

Outstanding debt at June 30, 2021 consists of the following (in millions): 

June 30, 2021	Outstanding  Principal  Amount		Unamortized Debt Discount and Debt Issuance Cost		Carrying  Value
Current liabilities:
0.9% Convertible Senior Notes due September 2021	$	1,000	$	(5)	$	995
0.8% (€1 billion) Senior Notes due March 2022	1,186		(1)		1,185
Total short-term debt	$	2,186	$	(6)	$	2,180
Long-term debt:
2.15% (€750 million) Senior Notes due November 2022	$	889	$	(1)	$	888
2.75% Senior Notes due March 2023	500		(1)		499
2.375% (€1 billion) Senior Notes due September 2024	1,186		(6)		1,180
3.65% Senior Notes due March 2025	500		(2)		498
0.1% (€950 million) Senior Notes due March 2025	1,126		(5)		1,121
0.75% Convertible Senior Notes due May 2025	863		(113)		750
3.6% Senior Notes due June 2026	1,000		(4)		996
1.8% (€1 billion) Senior Notes due March 2027	1,186		(3)		1,183
3.55% Senior Notes due March 2028	500		(2)		498
0.5% (€750 million) Senior Notes due March 2028	889		(5)		884
4.625% Senior Notes due April 2030	1,500		(11)		1,489
Total long-term debt	$	10,139	$	(153)	$	9,986

Outstanding debt at December 31, 2020 consists of the following (in millions): 

December 31, 2020	Outstanding  Principal  Amount		Unamortized Debt Discount and Debt Issuance Cost		Carrying  Value
Current Liabilities:
0.9% Convertible Senior Notes due September 2021	$	1,000	$	(15)	$	985
Long-term debt:
0.8% (€1 billion) Senior Notes due March 2022	$	1,223	$	(1)	$	1,222
2.15% (€750 million) Senior Notes due November 2022	919		(4)		915
2.75% Senior Notes due March 2023	500		(1)		499
2.375% (€1 billion) Senior Notes due September 2024	1,223		(7)		1,216
3.65% Senior Notes due March 2025	500		(2)		498
4.1% Senior Notes due April 2025	1,000		(5)		995
0.75% Convertible Senior Notes due May 2025	863		(128)		735
3.6% Senior Notes due June 2026	1,000		(4)		996
1.8% (€1 billion) Senior Notes due March 2027	1,223		(2)		1,221
4.5% Senior Notes due April 2027	750		(5)		745
3.55% Senior Notes due March 2028	500		(2)		498
4.625% Senior Notes due April 2030	1,500		(11)		1,489
Total long-term debt	$	11,201	$	(172)	$	11,029

Summary of Interest Expense

The following table summarizes the interest expenses and weighted-average effective interest rates related to the convertible senior notes (in millions, except for interest rates). The remaining period for amortization of debt discount and debt issuance costs is the period until the stated maturity date for the respective debt.

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2021			2020			2021			2020
Coupon interest expense	$	4		$	4		$	8		$	7
Amortization of debt discount and debt issuance costs	10			17			24			29
Total interest expense	$	14		$	21		$	32		$	36
Weighted-average effective interest rate	3.5		%	3.2		%	3.7		%	3.3		%

The following table summarizes the interest expenses related to other senior notes (in millions):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Coupon interest expense	$	60	$	70	$	138	$	110
Amortization of debt discount and debt issuance costs	4		2		6		4
Total interest expense	$	64	$	72	$	144	$	114

Schedule of other senior notes

The following table summarizes the information related to other senior notes outstanding at June 30, 2021:

Other Senior Notes	Date of Issuance	Effective Interest Rate (1)		Timing of Interest Payments
0.8% Senior Notes due March 2022	March 2017	0.94	%	Annually in March
2.15% Senior Notes due November 2022	November 2015	2.27	%	Annually in November
2.75% Senior Notes due March 2023	August 2017	2.88	%	Semi-annually in March and September
2.375% Senior Notes due September 2024	September 2014	2.54	%	Annually in September
3.65% Senior Notes due March 2025	March 2015	3.76	%	Semi-annually in March and September
0.1% Senior Notes due March 2025	March 2021	0.30	%	Annually in March
3.6% Senior Notes due June 2026	May 2016	3.70	%	Semi-annually in June and December
1.8% Senior Notes due March 2027	March 2015	1.86	%	Annually in March
3.55% Senior Notes due March 2028	August 2017	3.63	%	Semi-annually in March and September
0.5% Senior Notes due March 2028	March 2021	0.63	%	Annually in March
4.625% Senior Notes due April 2030	April 2020	4.72	%	Semi-annually in April and October

(1) Represents the coupon interest rate adjusted for deferred debt issuance costs, premiums or discounts existing at the origination of the debt.