Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Debt

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

	2021		2020
Notes
3.35% due 2021	$	—	$	500
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		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		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		1,605
Total debt	12,799		13,299
Less: unamortized discounts and issuance costs	(1,123)		(1,130)
Total debt, net	11,676		12,169
Less: current portion	(6)		(500)
Long-term debt, net	$	11,670	$	11,669

Revolving Credit Facility

On December 31, 2021, we had a $3.0 billion revolving credit facility (the Revolving Credit Facility) with various banks with an expiration date of August 24, 2026 that is available for general corporate purposes including supporting commercial paper borrowings. We entered into this Revolving Credit Facility effective August 24, 2021 and concurrently terminated our prior $2.5 billion revolving credit facility. We may request and the banks may grant, at their discretion, an increase in the borrowing capacity under the Revolving Credit Facility of up to an additional $500 million. There were no borrowings outstanding under the credit facility as of December 31, 2021 and 2020.

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, 2021 and 2020, we were in compliance with all covenants contained in the credit facility agreement, as well as in our debt agreements.

Commercial Paper

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, 2021 and we did not issue or repay any during 2021. We may, as conditions warrant, continue to issue commercial paper backed by our revolving credit facility to manage the timing of cash flows.

Long-Term Debt

In September 2021, we repaid $500 million of long-term notes with a fixed interest rate of 3.35% according to their scheduled maturities.

We made interest payments of approximately $543 million, $567 million and $625 million during the years ended December 31, 2021, 2020 and 2019, respectively.