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Long-Term Debt and Short-Term Borrowings (Tables)
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of long-term debt Long-term debt and short-term borrowings as of December 31 consisted of the following:
Long-Term Debt
(Millions)Currency/
Fixed vs. Floating
Effective
Interest Rate
Final
Maturity Date
Carrying Value
Description / 2021 Principal Amount20212020
Eurobond (repaid in 2021) EUR Fixed — %2021 367 
Eurobond (repaid in 2021) EUR Floating — %2021 374 
Medium-term note (repaid in 2021) USD Fixed — %2021 449 
Medium-term note (€500 million)
 EUR Fixed 0.45 %2022567 612 
Medium-term note ($600 million)
 USD Fixed 2.17 %2022599 598 
Medium-term note (€600 million)
 EUR Fixed 1.14 %2023679 731 
Registered note ($500 million)
 USD Fixed 1.86 %2023499 498 
Medium-term note ($650 million)
 USD Fixed 2.26 %2023649 649 
Medium-term note ($300 million)
 USD Fixed 3.30 %2024299 299 
Medium-term note ($500 million)
 USD Fixed 2.98 %2024501 502 
Medium-term note ($300 million)
 USD Floating 0.42 %2024300 299 
Medium-term note ($550 million)
 USD Fixed 3.04 %2025548 548 
Registered note ($750 million)
 USD Fixed 2.12 %2025746 744 
Registered note ($500 million)
 USD Fixed 2.67 %2025498 498 
Medium-term note (€750 million)
 EUR Fixed 1.65 %2026842 908 
Medium-term note ($650 million)
 USD Fixed 2.37 %2026645 644 
Medium-term note ($850 million)
 USD Fixed 2.95 %2027844 843 
Floating rate note ($19 million)
 USD Floating — %202719 19 
30-year debenture ($220 million)
 USD Fixed 6.44 %2028224 225 
Floating rate note ($250 million)
 USD Floating 2.07 %2028240 — 
Floating rate note ($150 million)
 USD Floating 2.02 %2028144 — 
Floating rate note ($100 million)
 USD Floating 2.11 %202896 — 
Medium-term note ($600 million)
 USD Fixed 3.62 %2028598 598 
Floating rate note ($150 million)
 USD Floating 2.53 %2028147 — 
Floating rate note ($150 million)
 USD Floating 2.48 %2028147 — 
Registered note ($1 billion)
 USD Fixed 2.50 %2029988 986 
Medium-term note ($800 million)
 USD Fixed 3.38 %2029797 796 
Medium-term note (€500 million)
 EUR Fixed 1.90 %2030560 604 
Registered note ($600 million)
 USD Fixed 3.09 %2030596 595 
Medium-term note (€500 million)
 EUR Fixed 1.54 %2031563 608 
30-year bond ($555 million)
 USD Fixed 5.73 %2037551 551 
Floating rate note ($52 million)
 USD Floating — %204052 51 
Floating rate note ($96 million)
 USD Floating — %204196 96 
Medium-term note ($325 million)
 USD Fixed 4.05 %2044315 315 
Floating rate note ($54 million)
 USD Floating — %204453 53 
Medium-term note ($500 million)
 USD Fixed 3.37 %2046477 476 
Medium-term note ($500 million)
 USD Fixed 3.68 %2047492 492 
Medium-term note ($650 million)
 USD Fixed 4.07 %2048638 637 
Medium-term note ($500 million)
 USD Fixed 3.78 %2048505 505 
Registered note ($500 million)
 USD Fixed 3.37 %2049485 969 
Registered note ($350 million)
 USD Fixed 3.72 %2050346 642 
Other borrowingsVarious0.19 %2022-20292 
Total long-term debt17,347 18,783 
Less: current portion of long-term debt1,291 794 
Long-term debt (excluding current portion)$16,056 $17,989 
Schedule of post-swap borrowing (long-term debt, including current portion)
Post-Swap Borrowing (Long-Term Debt, Including Current Portion)
20212020
(Millions)Carrying
Value
Effective
Interest Rate
Carrying
Value
Effective
Interest Rate
Fixed-rate debt$16,053 2.80 %$17,889 2.80 %
Floating-rate debt1,294 1.43 %894 0.06 %
Total long-term debt, including current portion$17,347 $18,783 
Schedule of short-term borrowings and current portion of long-term debt
Short-Term Borrowings and Current Portion of Long-Term Debt
Effective
Interest Rate
Carrying Value
(Millions)20212020
Current portion of long-term debt1.20 %$1,291 $794 
U.S. dollar commercial paper % — 
Other borrowings4.10 %16 12 
Total short-term borrowings and current portion of long-term debt$1,307 $806 
Schedule of maturities of long-term debt The maturities of long-term debt for the periods subsequent to December 31, 2021 are as follows (in millions):
20222023202420252026After 2026Total
$1,291 $1,923 $1,100 $1,792 $1,487 $9,754 $17,347