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Debt and lines of credit
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt and lines of credit Debt and lines of credit
Short-term borrowings
We maintain a line of credit to support commercial paper borrowings, if any, and to provide additional liquidity through bank loans. As of September 30, 2021, we had a variable-rate revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $2 billion until March 2024. The interest rate on borrowings under this credit facility, if drawn, is indexed to the applicable London Interbank Offered Rate (LIBOR). As of September 30, 2021, our credit facility was undrawn, and we had no commercial paper outstanding.
Long-term debt
In September 2021, we issued three series of senior unsecured notes for an aggregate principal amount of $1.50 billion, consisting of:

•$500 million of 1.125% notes due in 2026;
•$500 million of 1.90% notes due in 2031; and
•$500 million of 2.70% notes due in 2051.

We incurred $10 million of issuance costs. The proceeds of the offering were $1.50 billion, net of the original issuance discounts, which will be used for general corporate purposes.
In February 2021, we retired $550 million of maturing debt.
Long-term debt outstanding is as follows:
September 30,December 31,
20212020
Notes due 2021 at 2.75%
$— $550 
Notes due 2022 at 1.85%
500 500 
Notes due 2023 at 2.25%
500 500 
Notes due 2024 at 2.625%
300 300 
Notes due 2025 at 1.375%
750 750 
Notes due 2026 at 1.125%
500 — 
Notes due 2027 at 2.90%
500 500 
Notes due 2029 at 2.25%
750 750 
Notes due 2030 at 1.75%
750 750 
Notes due 2031 at 1.90%
500 — 
Notes due 2039 at 3.875%
750 750 
Notes due 2048 at 4.15%
1,500 1,500 
Notes due 2051 at 2.70%
500 — 
Total debt7,800 6,850 
Net unamortized discounts, premiums and issuance costs(61)(52)
Total debt, including net unamortized discounts, premiums and issuance costs7,739 6,798 
Current portion of long-term debt(500)(550)
Long-term debt$7,239 $6,248 
Interest and debt expense was $45 million and $49 million for the third quarters of 2021 and 2020, respectively, and $135 million and $142 million for the first nine months of 2021 and 2020, respectively. This was net of the amortized discounts, premiums and issuance costs. Capitalized interest was not material.