Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Company’s outstanding debt

The Company’s outstanding debt is as follows:

December 31,
(In millions)	2020		2019
Short-term:
Current portion of long-term debt	$	517	$	1,215
	517		1,215
Long-term:
Senior notes – 2.35% due 2020	—		500
Senior notes – 3.50% due 2020	—		698
Senior notes – 4.80% due 2021	500		499
Senior notes – Floating rate due 2021	—		298
Senior notes – 2.75% due 2022	499		498
Senior notes – 3.30% due 2023	349		349
Senior notes – 4.05% due 2023	249		249
Senior notes – 3.50% due 2024	598		597
Senior notes – 3.875% due 2024	995		994
Senior notes – 3.50% due 2025	498		497
Senior notes – 1.349% due 2026	677		609
Senior notes – 3.75% due 2026	597		597
Senior notes – 4.375% due 2029	1,499		1,499
Senior notes – 1.979% due 2030	664		607
Senior notes – 2.25% due 2030	737		—
Senior notes – 5.875% due 2033	298		298
Senior notes – 4.75% due 2039	495		494
Senior notes – 4.35% due 2047	493		492
Senior notes – 4.20% due 2048	592		592
Senior notes – 4.90% due 2049	1,237		1,237
Mortgage – 5.70% due 2035	331		345
Other	5		7
	11,313		11,956
Less current portion	517		1,215
	$	10,796	$	10,741

Estimated fair value of short-term and long-term debt

The fair value amounts shown below are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or need to dispose of the financial instrument.

	December 31, 2020				December 31, 2019
(In millions of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short-term debt	$	517	$	523	$	1,215	$	1,229
Long-term debt	$	10,796	$	12,858	$	10,741	$	11,953