Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

Debt

The Company’s outstanding debt is as follows:

(In millions)	September 30, 2021		December 31, 2020
Short-term:
Current portion of long-term debt	$	516	$	517
	516		517
Long-term:
Senior notes – 4.80% due 2021	—		500
Senior notes – 2.75% due 2022	500		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	996		995
Senior notes – 3.50% due 2025	498		498
Senior notes – 1.349% due 2026	647		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	632		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	1,238		1,237
Mortgage – 5.70% due 2035	320		331
Other	4		5
	10,744		11,313
Less current portion	516		517
	$	10,228	$	10,796

The senior notes in the table are registered by the Company with the Securities and Exchange Commission and are not guaranteed.

On April 9, 2021, the Company increased its short-term commercial paper financing program to $2.0 billion from $1.5 billion. The Company had no commercial paper outstanding at September 30, 2021.

Credit Facilities

On April 2, 2021, the Company entered into an amended and restated multi-currency unsecured $2.8 billion five-year revolving credit facility ("New Facility"). The interest rate on the New Facility is based on LIBOR plus a fixed margin which varies with the Company’s credit ratings. The New Facility expires in April 2026 and requires the Company to maintain certain coverage and leverage ratios which are tested quarterly. The New Facility includes provisions for determining a LIBOR successor rate in the event LIBOR reference rates are no longer available or in certain other circumstances which are determined to make using an alternative rate desirable. As of September 30, 2021, the Company had no borrowings under this facility.

In connection with the New Facility, the Company terminated its previous multi-currency unsecured $1.8 billion five-year revolving credit facility and its unsecured $1 billion 364-day unsecured revolving credit facility ("364-day Facility").

In January 2020, the Company closed on a $500 million one-year and $500 million two-year term loan facilities. In the first quarter of 2020 the Company borrowed $1 billion against these facilities, which were subsequently repaid during the third and fourth quarters of 2020. These two facilities were terminated as of December 31, 2020 after repayment of the initial draw down.

Additional credit facilities, guarantees and letters of credit are maintained with various banks, primarily related to operations located outside the United States, aggregating $512 million at September 30, 2021 and $573 million at December 31, 2020. There were no outstanding borrowings under these facilities at September 30, 2021 and December 31, 2020.

Senior Notes

On April 15, 2021, the Company repaid $500 million of senior notes maturing in July 2021.

In May 2020, the Company issued $750 million of senior notes due 2030.

In March 2020, the Company repaid $500 million of maturing senior notes.

Fair Value of Short-term and Long-term Debt

The following table reflects the carrying values and estimated fair value of the Company’s short-term and long-term debt. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts 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.

	September 30, 2021				December 31, 2020
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Short-term debt	$	516	$	519	$	517	$	523
Long-term debt	$	10,228	$	11,878	$	10,796	$	12,858

The fair value of the Company's short-term debt consists primarily of term debt maturing within the next year and its fair value approximates its carrying value. The estimated fair value of the Company's long-term debt is based on discounted future cash flows using current interest rates available for debt with similar terms and remaining maturities. Short-term and long-term debt would be classified as Level 2 in the fair value hierarchy.