Debt

12 Months Ended

Dec. 31, 2020

Our total debt consisted of the following (in millions):


	2020		2019
Notes
2.50% due 2020	$	—	$	1,250
3.35% due 2021	500		900
3.10% due 2023	500		500
2.90% due 2025	750		750
3.55% due 2026	2,000		2,000
1.85% due 2030	400		—
3.60% due 2035	500		500
4.50% and 6.15% due 2036	1,054		1,054
4.07% due 2042	1,336		1,336
3.80% due 2045	1,000		1,000
4.70% due 2046	1,326		1,326
2.80% due 2050	750		—
4.09% due 2052	1,578		1,578
Other notes with rates from 4.85% to 9.13%, due 2022 to 2041	1,605		1,618
Total debt	13,299		13,812
Less: unamortized discounts and issuance costs	(1,130)		(1,158)
Total debt, net	12,169		12,654
Less: current portion	(500)		(1,250)
Long-term debt, net	$	11,669	$	11,404

Revolving Credit Facilities

At December 31, 2020, we had a $2.5 billion revolving credit facility (the credit facility) with various banks that is available for general corporate purposes. Effective August 24, 2019, we extended the expiration date of the credit facility from August 24, 2023 to August 24, 2024. The undrawn portion of the credit facility also serves as a backup facility for the issuance of commercial paper. The total amount outstanding at any point in time under the combination of our commercial paper program and the credit facility cannot exceed the amount of the credit facility. We may request and the banks may grant, at their discretion, an increase in the borrowing capacity under the credit facility of up to an additional $500 million. There were no borrowings outstanding under the credit facility as of December 31, 2020 and 2019.

Borrowings under the credit facility are unsecured and bear interest at rates based, at our option, on a Eurodollar Rate or a Base Rate, as defined in the credit facility’s agreement. Each bank’s obligation to make loans under the credit facility is subject to, among other things, our compliance with various representations, warranties and covenants, including covenants limiting our ability and certain of our subsidiaries’ ability to encumber assets and a covenant not to exceed a maximum leverage ratio, as defined in the credit facility agreement. As of December 31, 2020 and 2019, we were in compliance with all covenants contained in the credit facility agreement, as well as in our debt agreements.

Long-Term Debt

In May 2020, we issued a total of $1.2 billion of senior unsecured notes, consisting of $400 million aggregate principal amount of 1.85% Notes due in 2030 (the “2030 Notes”) and $750 million aggregate principal amount of 2.80% Notes due in 2050 (the “2050 Notes” and, together with the 2030 Notes, the “Notes”). Interest on the Notes is payable semi-annually in arrears on June 15 and December 15 of each year beginning on December 15, 2020. We may, at our option, redeem the Notes of any series in whole or in part at any time and from time to time at a redemption price equal to the greater of 100% of the principal amount of the notes to be redeemed or an applicable “make-whole” amount, plus accrued and unpaid interest to the date of redemption.

In June 2020, we used the net proceeds from the offering plus cash on hand to redeem $750 million of the outstanding $1.25 billion in aggregate principal amount of our 2.50% Notes due in 2020, and $400 million of the outstanding $900 million in aggregate principal amount of our 3.35% Notes due in 2021 at their redemption price.

In October 2020, we repaid $500 million of long-term notes with a fixed interest rate of 2.50% due November 2020. In November 2019, we repaid $900 million of long-term notes with a fixed interest rate of 4.25% according to their scheduled maturities.

We made interest payments of approximately $567 million, $625 million and $635 million during the years ended December 31, 2020, 2019 and 2018, respectively.

Short-Term Debt and Commercial Paper

As of December 31, 2020, we had $500 million of short-term borrowings due within one year, which are scheduled to mature in September 2021. As of December 31, 2019, we had $1.3 billion of short-term borrowings due within one year, which were scheduled to mature in November 2020.

We have agreements in place with financial institutions to provide for the issuance of commercial paper. The outstanding balance of commercial paper can fluctuate daily and the amount outstanding during the period may be greater or less than the amount reported at the end of the period. There were no commercial paper borrowings outstanding as of December 31, 2020 and we did not issue or repay any during 2020. We may, as conditions warrant, continue to issue commercial paper backed by our revolving credit facility to manage the timing of cash flows.