Borrowings

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Borrowings

Borrowings

The following table is a summary of the Company’s borrowings at September 30, 2021 and December 31, 2020:

In millions	September 30, 2021		December 31, 2020
Long-term debt
3.35% senior notes due March 2021	$	—	$	2,038
Floating rate notes due March 2021 (0.950% at December 31, 2020)	—		1,000
4.125% senior notes due May 2021	—		222
2.125% senior notes due June 2021	—		1,750
4.125% senior notes due June 2021	—		203
5.45% senior notes due June 2021	—		187
3.5% senior notes due July 2022	1,500		1,500
2.75% senior notes due November 2022	1,000		1,000
2.75% senior notes due December 2022	1,250		1,250
4.75% senior notes due December 2022	399		399
3.7% senior notes due March 2023	2,336		2,336
2.8% senior notes due June 2023	1,300		1,300
4% senior notes due December 2023	414		414
3.375% senior notes due August 2024	650		650
2.625% senior notes due August 2024	1,000		1,000
3.5% senior notes due November 2024	750		750
5% senior notes due December 2024	299		299
4.1% senior notes due March 2025	950		950
3.875% senior notes due July 2025	2,828		2,828
2.875% senior notes due June 2026	1,750		1,750
3% senior notes due August 2026	750		750
3.625% senior notes due April 2027	750		750
6.25% senior notes due June 2027	372		372
1.3% senior notes due August 2027	2,250		2,250
4.3% senior notes due March 2028	5,000		7,050
3.25% senior notes due August 2029	1,750		1,750
3.75% senior notes due April 2030	1,500		1,500
1.75% senior notes due August 2030	1,250		1,250
1.875% senior notes due February 2031	1,250		1,250
2.125% senior notes due September 2031	1,000		—
4.875% senior notes due July 2035	652		652
6.625% senior notes due June 2036	771		771
6.75% senior notes due December 2037	533		533
4.78% senior notes due March 2038	5,000		5,000
6.125% senior notes due September 2039	447		447
4.125% senior notes due April 2040	1,000		1,000
2.7% senior notes due August 2040	1,250		1,250
5.75% senior notes due May 2041	133		133
4.5% senior notes due May 2042	500		500
4.125% senior notes due November 2042	500		500
5.3% senior notes due December 2043	750		750
4.75% senior notes due March 2044	375		375
5.125% senior notes due July 2045	3,500		3,500
3.875% senior notes due August 2047	1,000		1,000
5.05% senior notes due March 2048	8,000		8,000
4.25% senior notes due April 2050	750		750
Finance lease liabilities	1,207		1,083
Other	321		326
Total debt principal	58,987		65,318
Debt premiums	224		238
Debt discounts and deferred financing costs	(818)		(909)
	58,393		64,647
Less:
Current portion of long-term debt	(1,561)		(5,440)
Long-term debt	$	56,832	$	59,207

Long-term Borrowings

2021 Notes

On August 18, 2021, the Company issued $1.0 billion aggregate principal amount of 2.125% unsecured senior notes due September 15, 2031 for total proceeds of $987 million, net of discounts, underwriting fees and offering expenses. The net proceeds of this offering were used for the purchase of senior notes in connection with the Company’s cash tender offer in August 2021 as described below.

Early Extinguishments of Debt

In August 2021, the Company purchased approximately $2.0 billion of its outstanding 4.3% senior notes due 2028 through a cash tender offer. In connection with the purchase of such senior notes, the Company paid a premium of $332 million in excess of the aggregate principal amount of the senior notes that were purchased, wrote-off $26 million of unamortized deferred financing costs and incurred $5 million in fees, for a total loss on early extinguishment of debt of $363 million.

In August 2020, the Company purchased $6.0 billion of its outstanding senior notes through cash tender offers. The senior notes purchased included the following: $723 million of its 4.0% senior notes due 2023, $2.3 billion of its 3.7% senior notes due 2023 and $3.0 billion of its 4.1% senior notes due 2025. In connection with the purchase of such senior notes, the Company paid a premium of $706 million in excess of the aggregate principal amount of the senior notes that were purchased, wrote-off $47 million of unamortized deferred financing costs and incurred $13 million in fees, for a total loss on early extinguishment of debt of $766 million.