Debt

6 Months Ended

Jun. 28, 2020

DEBT

Debt consisted of the following:



		June 28, 2020		December 31, 2019
Fixed-rate notes due:	Interest rate:
May 2020	2.875%	$	—	$	2,000
May 2021	3.000%	2,000		2,000
July 2021	3.875%	500		500
November 2022	2.250%	1,000		1,000
May 2023	3.375%	750		750
August 2023	1.875%	500		500
November 2024	2.375%	500		500
April 2025	3.250%	750		—
May 2025	3.500%	750		750
August 2026	2.125%	500		500
April 2027	3.500%	750		—
November 2027	2.625%	500		500
May 2028	3.750%	1,000		1,000
April 2030	3.625%	1,000		—
April 2040	4.250%	750		—
November 2042	3.600%	500		500
April 2050	4.250%	750		—
Floating-rate notes due:
May 2020	3-month LIBOR + 0.29%	—		500
May 2021	3-month LIBOR + 0.38%	500		500
Commercial paper	2.104%	1,243		—
Other	Various	481		505
Total debt principal		14,724		12,005
Less unamortized debt issuance costs and discounts		133		75
Total debt		14,591		11,930
Less current portion		4,121		2,920
Long-term debt		$	10,470	$	9,010

In March 2020, we issued $4 billion of fixed-rate notes. The proceeds were used to repay $2.5 billion of fixed- and floating-rate notes that matured in May 2020 and for general corporate purposes, including the repayment of a portion of our borrowings under our commercial paper program as they mature. We also amended two of our credit facilities to, among other things, extend their expiration dates.

On June 28, 2020, we had $1.2 billion of commercial paper outstanding with a dollar-weighted average interest rate of 2.104%. Separately, we have $5 billion in committed bank credit facilities for general corporate purposes and working capital needs and to support our commercial paper issuances. These credit facilities include a $2 billion 364-day facility expiring in March 2021, a $2 billion multi-year facility expiring in March 2023 and a $1 billion multi-year facility expiring in March 2025. We may renew or replace these credit facilities in whole or in part at or prior to their expiration dates. We also have an effective shelf registration on file with the Securities and Exchange Commission that allows us to access the debt markets.

Our financing arrangements contain a number of customary covenants and restrictions. We were in compliance with all covenants and restrictions on June 28, 2020.