Commercial Paper and Long-Term Debt (Notes)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Commercial Paper and Long-Term Debt [Text Block]

Commercial Paper and Long-Term Debt

Commercial paper and senior unsecured long-term debt consisted of the following:

	June 30, 2019						December 31, 2018
(in millions, except percentages)	Par Value		Carrying Value		Fair Value		Par Value		Carrying Value		Fair Value
Commercial paper	$	6,984	$	6,973	$	6,973	$	—	$	—	$	—
1.700% notes due February 2019	—		—		—		750		750		749
1.625% notes due March 2019	—		—		—		500		500		499
2.300% notes due December 2019	500		498		500		500		494		497
2.700% notes due July 2020	1,500		1,498		1,506		1,500		1,498		1,494
Floating rate notes due October 2020	300		299		300		300		299		298
3.875% notes due October 2020	450		449		457		450		443		456
1.950% notes due October 2020	900		898		896		900		897		884
4.700% notes due February 2021	400		404		413		400		398		412
2.125% notes due March 2021	750		748		749		750		747		734
Floating rate notes due June 2021	350		349		350		350		349		347
3.150% notes due June 2021	400		399		407		400		399		400
3.375% notes due November 2021	500		500		512		500		489		503
2.875% notes due December 2021	750		752		761		750		735		748
2.875% notes due March 2022	1,100		1,082		1,117		1,100		1,051		1,091
3.350% notes due July 2022	1,000		997		1,034		1,000		997		1,005
2.375% notes due October 2022	900		895		903		900		894		872
0.000% notes due November 2022	15		13		13		15		12		13
2.750% notes due February 2023	625		622		633		625		602		611
2.875% notes due March 2023	750		772		764		750		750		739
3.500% notes due June 2023	750		747		782		750		746		756
3.500% notes due February 2024	750		745		786		750		745		755
3.750% notes due July 2025	2,000		1,990		2,136		2,000		1,989		2,025
3.700% notes due December 2025	300		298		320		300		298		303
3.100% notes due March 2026	1,000		996		1,030		1,000		995		965
3.450% notes due January 2027	750		746		789		750		746		742
3.375% notes due April 2027	625		619		653		625		619		611
2.950% notes due October 2027	950		939		966		950		938		898
3.850% notes due June 2028	1,150		1,142		1,246		1,150		1,142		1,163
3.875% notes due December 2028	850		843		927		850		842		861
4.625% notes due July 2035	1,000		992		1,149		1,000		992		1,060
5.800% notes due March 2036	850		838		1,090		850		838		1,003
6.500% notes due June 2037	500		492		693		500		492		638
6.625% notes due November 2037	650		641		915		650		641		841
6.875% notes due February 2038	1,100		1,076		1,591		1,100		1,076		1,437
5.700% notes due October 2040	300		296		385		300		296		355
5.950% notes due February 2041	350		345		462		350		345		426
4.625% notes due November 2041	600		588		684		600		588		627
4.375% notes due March 2042	502		484		556		502		484		503
3.950% notes due October 2042	625		607		655		625		607		596
4.250% notes due March 2043	750		735		820		750		734		744
4.750% notes due July 2045	2,000		1,973		2,369		2,000		1,973		2,116
4.200% notes due January 2047	750		738		820		750		738		745
4.250% notes due April 2047	725		717		797		725		717		719
3.750% notes due October 2047	950		933		974		950		933		869
4.250% notes due June 2048	1,350		1,329		1,500		1,350		1,329		1,349
4.450% notes due December 2048	1,100		1,088		1,267		1,100		1,087		1,132
Total commercial paper and long-term debt	$	41,401	$	41,085	$	44,650	$	35,667	$	35,234	$	36,591

The Company’s long-term debt obligations included $1.2 billion and $1.3 billion of other financing obligations, of which $329 million and $229 million were classified as current as of June 30, 2019 and December 31, 2018, respectively.

Long-term Debt

In July 2019, the Company issued $5.5 billion of senior unsecured notes consisting of the following:

(in millions, except percentages)	Par Value
2.375% notes due August 2024	$	750
2.875% notes due August 2029	1,000
3.500% notes due August 2039	1,250
3.700% notes due August 2049	1,250
3.875% notes due August 2059	1,250

Commercial Paper and Bank Credit Facilities

Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers. As of June 30, 2019, the Company’s outstanding commercial paper had a weighted average annual interest rate of 2.6%.

The Company has $3.5 billion five-year, $3.5 billion three-year and $3.0 billion 364-day revolving bank credit facilities with 26 banks, which mature in December 2023, December 2021 and December 2019, respectively. The Company additionally has a $2.5 billion 364-day revolving bank credit facility with 6 banks that matures in May 2020. These facilities provide liquidity support for the Company’s commercial paper program and are available for general corporate purposes. As of June 30, 2019, no amounts had been drawn on any of the bank credit facilities. The annual interest rates, which are variable based on term, are calculated based on the London Interbank Offered Rate (LIBOR) plus a credit spread based on the Company’s senior unsecured credit ratings. If amounts had been drawn on the bank credit facilities as of June 30, 2019, annual interest rates would have ranged from 2.9% to 3.1%.

Debt Covenants

The Company’s bank credit facilities contain various covenants, including covenants requiring the Company to maintain a defined debt to debt-plus-shareholders’ equity ratio of not more than 60%. The Company was in compliance with its debt covenants as of June 30, 2019.