Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Short-Term Debt

Short-term debt

	2019	2018
Short-term bank borrowings	—	—
Current portion of long-term debt (*)	—	1,107
Total	—	1,107

^(*) 

Net of adjustment for debt issuance costs.

Schedule of Outstanding Debt

The following table summarizes the outstanding long-term debt as of December 31, 2019 and 2018:

	2019				2018
	Maturities	Amount		Effective rate	Amount		Effective rate
Fixed-rate 4.125% senior unsecured notes	Jun, 2020	—		4.125	600		4.125
Fixed-rate 4.125% senior unsecured notes	Jun, 2021	1,350		4.125	1,350		4.125
Fixed-rate 4.625% senior unsecured notes	Jun, 2022	400		4.625	400		4.625
Fixed-rate 3.875% senior unsecured notes	Sep, 2022	1,000		3.875	1,000		3.875
Fixed-rate 4.625% senior unsecured notes	Jun, 2023	900		4.625	900		4.625
Fixed-rate 4.875% senior unsecured notes	Mar, 2024	1,000		4.875	1,000		4.875
Fixed-rate 5.35% senior unsecured notes	Mar, 2026	500		5.350	500		5.350
Fixed-rate 3.875% senior unsecured notes	Jun, 2026	750		3.875	—		—
Fixed-rate 5.55% senior unsecured notes	Dec, 2028	500		5.550	500		5.550
Fixed-rate 4.3% senior unsecured notes	Jun, 2029	1,000		4.300	—		—
Fixed-rate 1% cash convertible notes	Dec, 2019	—		1.000	1,150		1.000
Floating-rate revolving credit facility (RCF)	Jun, 2024	—			—		—
Total principal		7,400			7,400
Liabilities arising from capital lease transactions		—			27
Unamortized discounts, premiums and debt issuance costs		(35	)		(31	)
Fair value of embedded cash conversion option		—			(42	)
Total debt, including unamortized discounts, premiums, debt issuance costs and fair value adjustments		7,365			7,354
Current portion of long-term debt		—			(1,107	)
Long-term debt		7,365			6,247

Schedule of Long-Term Debt

	Range of interest rates		Average rate of interest		Principal amount outstanding 2019	Due in 2020	Due after 2020	Due after 2024	Average remaining term (in years)	Principal amount outstanding 2018
USD notes	3.9%-5.6%		4.5	%	7,400	—	7,400	2,750	4.7	6,250
2019 Cash Convertible Senior Notes	1.0	%	1.0	%	—	—	—	—		1,150
Revolving Credit Facility (1)	—	%	—	%	—	—	—	—		—
Bank borrowings	—	%	—	%	—	—	—	—		—
Liabilities arising from capital lease transactions										27
			4.5	%	7,400	—	7,400	2,750	4.7	7,427

(1)

We do not have any borrowings under the $1,500 million Revolving Credit Facility as of December 31, 2019 and 2018.

Principal Amounts of Long-Term Debt

As of December 31, 2019, the following principal amounts of long-term debt are due in the next 5 years:

2020	—
2021	1,350
2022	1,400
2023	900
2024	1,000
Due after 5 years	2,750
	7,400

Summary of Principal Amount, Unamortized Debt Discount and Net Carrying Amount of Liability Component

The principal amount, unamortized debt discount and net carrying amount of the liability component of the 2019 Cash Convertible Senior Notes as of December 31, 2018 was as follows:

(in millions)	2018
Principal amount of 2019 Cash Convertible Senior Notes	1,150
Unamortized debt discount of 2019 Cash Convertible Senior Notes	45
Net liability of 2019 Cash Convertible Senior Notes	1,105

Summary of Effective Interest Rate, Contractual Interest Expense and Amortization of Debt Discount

The effective interest rate, contractual interest expense and amortization of debt discount for the 2019 Cash Convertible Senior Notes for fiscal 2018 were as follows:

(in millions, except percentage)	2018
Effective interest rate	5.14	%
Contractual interest expense	12
Amortization of debt discount	44