Long-Term Debt and Short-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2019

Long-Term Debt and Short-Term Borrowings

Schedule of Long-Term Debt

Long-Term Debt

(Millions)	Currency/	Effective		Final	Carrying Value
Description / 2019 Principal Amount	Fixed vs. Floating	Interest Rate		Maturity Date	2019		2018
Medium-term note (repaid in 2019)	USD Floating	—	%	2019	$	—	$	596
Medium-term note (repaid in 2019)	USD Fixed	—	%	2019		—		25
Third lien senior secured notes subject to in-substance defeasance ($445 million)	USD Fixed	12.50	%	2020		463		—
Medium-term note (650 million Euros)	Euro Floating	—	%	2020		726		743
Medium-term note ($300 million)	USD Floating	2.16	%	2020		299		294
Medium-term note ($200 million)	USD Floating	1.98	%	2020		200		197
Eurobond (300 million Euros)	Euro Floating	—	%	2021		346		357
Eurobond (300 million Euros)	Euro Fixed	1.97	%	2021		334		341
Medium-term note ($600 million)	USD Fixed	1.63	%	2021		599		599
Medium-term note ($200 million)	USD Fixed	3.07	%	2021		199		199
Medium-term note ($200 million)	USD Floating	1.90	%	2021		204		201
Medium-term note (500 million Euros)	Euro Fixed	0.45	%	2022		557		570
Medium-term note ($600 million)	USD Fixed	2.17	%	2022		597		596
Medium-term note ($450 million)	USD Fixed	2.76	%	2022		449		—
Medium-term note (600 million Euros)	Euro Fixed	1.14	%	2023		665		680
Medium-term note ($650 million)	USD Fixed	2.26	%	2023		648		648
Registered note ($500 million)	USD Fixed	1.86	%	2023		497		—
Medium-term note ($300 million)	USD Floating	2.21	%	2024		299		299
Medium-term note ($300 million)	USD Fixed	3.30	%	2024		299		298
Medium-term note ($500 million)	USD Fixed	2.98	%	2024		503		—
Medium-term note ($550 million)	USD Fixed	3.04	%	2025		547		547
Registered note ($750 million)	USD Fixed	2.12	%	2025		743		—
Medium-term note (750 million Euros)	Euro Fixed	1.66	%	2026		826		844
Medium-term note ($650 million)	USD Fixed	2.37	%	2026		643		642
Medium-term note ($850 million)	USD Fixed	2.95	%	2027		842		841
30-year debenture ($220 million)	USD Fixed	6.44	%	2028		226		226
Medium-term note ($600 million)	USD Fixed	3.62	%	2028		597		597
Medium-term note ($800 million)	USD Fixed	3.38	%	2029		796		—
Registered note ($1 billion)	USD Fixed	2.50	%	2029		984		—
Medium-term note (500 million Euros)	Euro Fixed	1.90	%	2030		549		562
Medium-term note (500 million Euros)	Euro Fixed	1.54	%	2031		554		567
30-year bond ($555 million)	USD Fixed	5.73	%	2037		551		551
Floating rate note ($96 million)	USD Floating	1.58	%	2041		96		95
Medium-term note ($325 million)	USD Fixed	4.05	%	2044		314		314
Floating rate note ($55 million)	USD Floating	1.54	%	2044		53		53
Medium-term note ($500 million)	USD Fixed	3.37	%	2046		475		474
Medium-term note ($500 million)	USD Fixed	3.68	%	2047		492		491
Medium-term note ($650 million)	USD Fixed	4.07	%	2048		637		637
Medium-term note ($500 million)	USD Fixed	3.78	%	2048		506		—
Registered note ($1 billion)	USD Fixed	3.37	%	2049		968		—
Other borrowings	Various	1.63	%	2020-2040		76		72
Total long-term debt					$	19,359	$	14,156
Less: current portion of long-term debt						1,841		745
Long-term debt (excluding current portion)					$	17,518	$	13,411

Schedule of Post-Swap Borrowing (Long-Term Debt, Including Current Portion)

Post-Swap Borrowing (Long-Term Debt, Including Current Portion)

	2019				2018
	Carrying		Effective		Carrying		Effective
(Millions)	Value		Interest Rate		Value		Interest Rate
Fixed-rate debt	$	17,061	3.01	%	$	11,249	2.67	%
Floating-rate debt		2,298	1.06	%		2,907	1.44	%
Total long-term debt, including current portion	$	19,359			$	14,156

Schedule of Short-Term Borrowings and Current Portion of Long-Term Debt

Short-Term Borrowings and Current Portion of Long-Term Debt

	Effective		Carrying Value
(Millions)	Interest Rate		2019		2018
Current portion of long-term debt	3.85	%	$	1,841	$	745
U.S. dollar commercial paper	1.61	%		150		435
Japan subsidiary credit facility	0.13	%		632		—
Germany subsidiary credit facility	0.25	%		168		—
Other borrowings	4.85	%		4		31
Total short-term borrowings and current portion of long-term debt			$	2,795	$	1,211

Schedule of Maturities of Long-Term Debt

Future Maturities of Long-term Debt

Maturities of long-term debt in the table below reflect the impact of put provisions associated with certain debt instruments and are net of the unaccreted debt issue costs such that total maturities equal the carrying value of long-term debt as of December 31, 2019. The maturities of long-term debt for the periods subsequent to December 31, 2019 are as follows (in millions):

										After
2020		2021		2022		2023		2024		2024		Total
$	1,841	$	1,682	$	1,603	$	1,811	$	1,101	$	11,321	$	19,359