Financing arrangements (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Carrying values and the fixed contractual coupon rates of long-term borrowings

Our borrowings consisted of the following (in millions):

	December 31,
	2020		2019
4.50% notes due 2020 (4.50% 2020 Notes)	—		300
2.125% notes due 2020 (2.125% 2020 Notes)	—		750
Floating Rate Notes due 2020	—		300
2.20% notes due 2020 (2.20% 2020 Notes)	—		700
3.45% notes due 2020 (3.45% 2020 Notes)	—		900
4.10% notes due 2021 (4.10% 2021 Notes)	—		1,000
1.85% notes due 2021 (1.85% 2021 Notes)	—		750
3.875% notes due 2021 (3.875% 2021 Notes)	—		1,750
1.25% €1,250 million notes due 2022 (1.25% 2022 euro Notes)	1,527		1,402
2.70% notes due 2022 (2.70% 2022 Notes)	500		500
2.65% notes due 2022 (2.65% 2022 Notes)	1,500		1,500
3.625% notes due 2022 (3.625% 2022 Notes)	750		750
0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds)	791		725
2.25% notes due 2023 (2.25% 2023 Notes)	750		750
3.625% notes due 2024 (3.625% 2024 Notes)	1,400		1,400
1.90% notes due 2025 (1.90% 2025 Notes)	500		—
3.125% notes due 2025 (3.125% 2025 Notes)	1,000		1,000
2.00% €750 million notes due 2026 (2.00% 2026 euro Notes)	916		841
2.60% notes due 2026 (2.60% 2026 Notes)	1,250		1,250
5.50% £475 million notes due 2026 (5.50% 2026 pound sterling Notes)	649		630
2.20% notes due 2027 (2.20% 2027 Notes)	1,750		—
3.20% notes due 2027 (3.20% 2027 Notes)	1,000		1,000
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes)	957		928
2.45% notes due 2030 (2.45% 2030 Notes)	1,250		—
2.30% notes due 2031 (2.30% 2031 Notes)	1,250		—
6.375% notes due 2037 (6.375% 2037 Notes)	478		552
6.90% notes due 2038 (6.90% 2038 Notes)	254		291
6.40% notes due 2039 (6.40% 2039 Notes)	333		466
3.15% notes due 2040 (3.15% 2040 Notes)	2,000		—
5.75% notes due 2040 (5.75% 2040 Notes)	373		412
4.95% notes due 2041 (4.95% 2041 Notes)	600		600
5.15% notes due 2041 (5.15% 2041 Notes)	729		974
5.65% notes due 2042 (5.65% 2042 Notes)	415		487
5.375% notes due 2043 (5.375% 2043 Notes)	185		261
4.40% notes due 2045 (4.40% 2045 Notes)	2,250		2,250
4.563% notes due 2048 (4.563% 2048 Notes)	1,415		1,415
3.375% notes due 2050 (3.375% 2050 Notes)	2,250		—
4.663% notes due 2051 (4.663% 2051 Notes)	3,541		3,541
2.77% notes due 2053 (2.77% 2053 Notes)	940		—
Other notes due 2097	100		100
Unamortized bond discounts, premiums and issuance costs, net	(1,188)		(868)
Fair value adjustments	566		296
Other	5		—
Total carrying value of debt	32,986		29,903
Less current portion	(91)		(2,953)
Total long-term debt	$	32,895	$	26,950

Schedule of interest rate derivatives

The effective interest rates on notes for which we have entered into interest rate swap contracts and the related notional amounts of these contracts were as follows (dollar amounts in millions):

	December 31, 2020			December 31, 2019
Notes	Notional amounts		Effective interest rates	Notional amounts		Effective interest rates
3.45% 2020 Notes	$	—	LIBOR + 1.1%	$	900	LIBOR + 1.1%
4.10% 2021 Notes	—		LIBOR + 1.7%	1,000		LIBOR + 1.7%
3.875% 2021 Notes	—		LIBOR + 2.0%	1,750		LIBOR + 2.0%
3.625% 2022 Notes	750		LIBOR + 2.7%	750		LIBOR + 1.6%
3.625% 2024 Notes	1,400		LIBOR + 3.2%	1,400		LIBOR + 1.4%
3.125% 2025 Notes	1,000		LIBOR + 1.8%	1,000		LIBOR + 0.9%
2.60% 2026 Notes	1,250		LIBOR + 1.8%	1,250		LIBOR + 0.3%
4.663% 2051 Notes(1)	1,500		LIBOR + 2.6%	1,500		LIBOR + 0.0%
Total notional amounts	$	5,900		$	9,550

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(1)     Excludes an additional 1.5% of interest for the difference between the coupon rate paid to noteholders and the fixed rate received under the interest rate swap contracts.

Schedule of Long-term Debt Instruments Exchanged

The following principal amounts of each series of Old Notes were validly tendered and subsequently cancelled in connection with the Exchange Offer (in millions):

	Principal amount exchanged
6.375% 2037 Notes	$	74
6.90% 2038 Notes	37
6.40% 2039 Notes	133
5.75% 2040 Notes	39
5.15% 2041 Notes	245
5.65% 2042 Notes	72
5.375% 2043 Notes	76

Aggregate contractual maturities of long-term debt obligations

The aggregate contractual maturities of all borrowings due subsequent to December 31, 2020, are as follows (in millions):

Maturity dates	Amounts
2021	$	—
2022	4,277
2023	1,541
2024	1,400
2025	1,500
Thereafter	24,890
Total	$	33,608