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Debt (Notes)
 3 Months Ended
Mar. 31, 2020
Debt [Abstract]  
Debt Debt
Long-term debt consisted of the following:
 
 
 
 
 
March 31,
2020
 
December 31,
2019
 
Effective
Interest Rate
 
 
 
 
 
(in millions)
 
 
2020 USD Notes
 
3.300
%
Senior Notes due March 2027
 
$
1,000

 
$
—

 
3.420
%
 
 
3.350
%
Senior Notes due March 2030
 
1,500

 
—

 
3.390
%
 
 
3.850
%
Senior Notes due March 2050
 
1,500

 
—

 
3.896
%
 
 
 
 
 
 
 
 
 
 
2019 USD Notes
 
2.950
%
Senior Notes due June 2029
 
1,000

 
1,000

 
3.030
%
 
 
3.650
%
Senior Notes due June 2049
 
1,000

 
1,000

 
3.689
%
 
 
2.000
%
Senior Notes due March 2025
 
750

 
750

 
2.147
%
 
 
 
 
 
 
 
 
 
 
2018 USD Notes
 
3.500
%
Senior Notes due February 2028
 
500

 
500

 
3.598
%
 
 
3.950
%
Senior Notes due February 2048
 
500

 
500

 
3.990
%
 
 
 
 
 
 
 
 
 
 
2016 USD Notes
 
2.000
%
Senior Notes due November 2021
 
650

 
650

 
2.236
%
 
 
2.950
%
Senior Notes due November 2026
 
750

 
750

 
3.044
%
 
 
3.800
%
Senior Notes due November 2046
 
600

 
600

 
3.893
%
 
 
 
 
 
 
 
 
 
 
2015 Euro Notes 1
 
1.100
%
Senior Notes due December 2022
 
776

 
785

 
1.265
%
 
 
2.100
%
Senior Notes due December 2027
 
886

 
896

 
2.189
%
 
 
2.500
%
Senior Notes due December 2030
 
166

 
169

 
2.562
%
 
 
 
 
 
 
 
 
 
 
2014 USD Notes
 
3.375
%
Senior Notes due April 2024
 
1,000

 
1,000

 
3.484
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12,578

 
8,600

 
 
Less: Unamortized discount and debt issuance costs
(112
)
 
(73
)
 
 
Long-term debt
$
12,466

 
$
8,527

 
 
1 
Relates to euro-denominated debt issuance of €1.650 billion in December 2015
In March 2020, the Company issued $1 billion principal amount of notes due March 2027, $1.5 billion principal amount of notes due March 2030 and $1.5 billion principal amount notes due March 2050 (collectively the “2020 USD Notes”). The net proceeds from the issuance of the 2020 USD Notes, after deducting the original issue discount, underwriting discount and offering expenses, were $3.959 billion.
The outstanding debt described above is not subject to any financial covenants and it may be redeemed in whole, or in part, at the Company’s option at any time for a specified make-whole amount. These notes are senior unsecured obligations and would rank equally with any future unsecured and unsubordinated indebtedness. The proceeds of the notes are to be used for general corporate purposes.