Financing arrangements (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020
1.25% €1,250 million notes due 2022 (1.25% 2022 euro Notes)	—		1,527
2.70% notes due 2022 (2.70% 2022 Notes)	—		500
2.65% notes due 2022 (2.65% 2022 Notes)	—		1,500
3.625% notes due 2022 (3.625% 2022 Notes)	—		750
0.41% CHF700 million bonds due 2023 (0.41% 2023 Swiss franc Bonds)	767		791
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		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)	853		916
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)	643		649
2.20% notes due 2027 (2.20% 2027 Notes)	1,750		1,750
3.20% notes due 2027 (3.20% 2027 Notes)	1,000		1,000
1.65% notes due in 2028 (1.65% 2028 Notes)	1,250		—
4.00% £700 million notes due 2029 (4.00% 2029 pound sterling Notes)	947		957
2.45% notes due 2030 (2.45% 2030 Notes)	1,250		1,250
2.30% notes due 2031 (2.30% 2031 Notes)	1,250		1,250
2.00% notes due 2032 (2.00% 2032 Notes)	1,250		—
6.375% notes due 2037 (6.375% 2037 Notes)	478		478
6.90% notes due 2038 (6.90% 2038 Notes)	254		254
6.40% notes due 2039 (6.40% 2039 Notes)	333		333
3.15% notes due 2040 (3.15% 2040 Notes)	2,000		2,000
5.75% notes due 2040 (5.75% 2040 Notes)	373		373
2.80% notes due 2041 (2.80% 2041 Notes)	1,150		—
4.95% notes due 2041 (4.95% 2041 Notes)	600		600
5.15% notes due 2041 (5.15% 2041 Notes)	729		729
5.65% notes due 2042 (5.65% 2042 Notes)	415		415
5.375% notes due 2043 (5.375% 2043 Notes)	185		185
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		2,250
4.663% notes due 2051 (4.663% 2051 Notes)	3,541		3,541
3.00% notes due 2052 (3.00% 2052 Notes)	1,350		—
2.77% notes due 2053 (2.77% 2053 Notes)	940		940
Other notes due 2097	100		100
Unamortized bond discounts, premiums and issuance costs, net	(1,213)		(1,188)
Fair value adjustments	284		566
Other	15		5
Total carrying value of debt	33,309		32,986
Less current portion	(87)		(91)
Total long-term debt	$	33,222	$	32,895

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, 2021			December 31, 2020
Notes	Notional amounts		Effective interest rates	Notional amounts		Effective interest rates
3.625% 2022 Notes	$	—	N/A	$	750	LIBOR + 2.7%
3.625% 2024 Notes	1,400		LIBOR + 3.2%	1,400		LIBOR + 3.2%
3.125% 2025 Notes	1,000		LIBOR + 1.8%	1,000		LIBOR + 1.8%
2.60% 2026 Notes	1,250		LIBOR + 1.8%	1,250		LIBOR + 1.8%
2.45% 2030 Notes	1,000		LIBOR + 1.0%	—		N/A
2.30% 2031 Notes	500		LIBOR + 0.8%	—		N/A
4.663% 2051 Notes	1,500		LIBOR +4.1%	1,500		LIBOR + 4.1%
Total notional amounts	$	6,650		$	5,900

N/A = not applicable

Schedule of Long-term Debt Instruments Exchanged

The following principal amounts of each series of Old Notes were validly tendered and subsequently canceled 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, 2021, are as follows (in millions):

Maturity dates	Amounts
2022	$	—
2023	1,517
2024	1,400
2025	1,500
2026	2,746
Thereafter	27,075
Total	$	34,238