Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The Company’s outstanding debt is as follows:

(In millions)	March 31, 2021		December 31, 2020
Short-term:
Current portion of long-term debt	$	1,015	$	517
	1,015		517
Long-term:
Senior notes – 4.80% due 2021	500		500
Senior notes – 2.75% due 2022	499		499
Senior notes – 3.30% due 2023	349		349
Senior notes – 4.05% due 2023	249		249
Senior notes – 3.50% due 2024	598		598
Senior notes – 3.875% due 2024	995		995
Senior notes – 3.50% due 2025	498		498
Senior notes – 1.349% due 2026	650		677
Senior notes – 3.75% due 2026	598		597
Senior notes – 4.375% due 2029	1,499		1,499
Senior notes – 1.979% due 2030	638		664
Senior notes – 2.250% due 2030	738		737
Senior notes – 5.875% due 2033	298		298
Senior notes – 4.75% due 2039	495		495
Senior notes – 4.35% due 2047	493		493
Senior notes – 4.20% due 2048	592		592
Senior notes – 4.90% due 2049	1,237		1,237
Mortgage – 5.70% due 2035	327		331
Other	4		5
	11,257		11,313
Less current portion	1,015		517
	$	10,242	$	10,796

Estimated Fair Value Of Significant Financial Instruments

The estimated fair value of the Company’s short-term and long-term debt is provided below. Certain estimates and judgments were required to develop the fair value amounts. 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.

	March 31, 2021				December 31, 2020
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short-term debt	$	1,015	$	1,026	$	517	$	523
Long-term debt	$	10,242	$	11,555	$	10,796	$	12,858