Debt (Tables)

12 Months Ended

Dec. 31, 2021

The following is a summary of outstanding debt (in millions):


As of December 31	2021		2020
Commercial paper	$	665	$	—
2.80% Senior Notes due March 2021 (1)	—		400
2.20% Senior Notes due November 2022 (2)	499		498
4.00% Senior Notes due November 2023	349		349
3.50% Senior Notes due June 2024	598		597
3.875% Senior Notes due December 2025	748		747
2.875% Senior Notes due May 2026 (EUR 500M)	563		606
8.205% Junior Subordinated Notes due January 2027	521		521
4.50% Senior Notes due December 2028	347		347
3.75% Senior Notes due May 2029	745		744
2.80% Senior Notes due May 2030	993		992
2.05% Senior Notes due August 2031	396		—
2.60% Senior Notes due December 2031	496		—
6.25% Senior Notes due September 2040	296		296
4.25% Senior Notes due December 2042	201		200
4.45% Senior Notes due May 2043	247		247
4.60% Senior Notes due June 2044	544		544
4.75% Senior Notes due May 2045	593		593
2.90% Senior Notes due August 2051	591		—
Other	—		48
Total debt	9,392		7,729
Less: Short-term debt and current portion of long-term debt	1,164		448
Total long-term debt	$	8,228	$	7,281

(1)The 2.80% Senior Notes due March 2021 were repaid in full on February 16, 2021.

(2)The 2.20% Senior Notes due November 2021 were reclassified as Short-term debt and current portion of long-term debt in the Consolidated Statement of Financial Position as of December 31, 2021.

Repayments of Long-term Debt

Repayments of total debt as of December 31, 2021 are as follows (in millions):


2022	$	1,165
2023	350
2024	600
2025	750
2026	566
Thereafter	6,077
Total Repayments	9,508
Unamortized discounts, premiums, and debt issuance costs	(116)
Total Debt	$	9,392

Schedule of Commercial Paper

Commercial paper outstanding, which is included in Short-term debt and current portion of long-term debt in the Company’s Consolidated Statements of Financial Position, is as follows (in millions):


As of December 31	2021		2020
Commercial paper outstanding	$	665	$	—

The weighted average commercial paper outstanding and its related interest rates are as follows (in millions, except percentages):


	Years Ended December 31
	2021			2020
Weighted average commercial paper outstanding	$	273		$	343
Weighted average interest rate of commercial paper outstanding	0.01		%	1.47		%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details