Annual report pursuant to Section 13 and 15(d)

DEBT AND BORROWING ARRANGEMENTS (Tables)

v3.20.4
DEBT AND BORROWING ARRANGEMENTS (Tables)
 12 Months Ended
Dec. 31, 2020
Debt and Borrowing Arrangements Disclosure [Abstract]  
Components of long-term debt
The Company's long-term debt consisted of the following (in millions except average rate data):
December 31, 2020 December 31, 2019
Amount
Average
Rate 1
Amount
Average
Rate1
U.S. dollar notes due 2023–2093 $ 22,550  2.0  % $ 14,621  2.4  %
U.S. dollar debentures due 2022–2098 1,342  5.1  1,366  4.9 
U.S. dollar zero coupon notes due 20202
—  —  168  8.4 
Australian dollar notes due 2020–2024 400  2.5  677  2.4 
Euro notes due 2021–2040 13,821  0.3  12,807  0.5 
Swiss franc notes due 2022–2028 1,236  2.7  1,129  3.7 
Other, due through 20983
615  5.2  548  6.2 
Fair value adjustments4
646               N/A 453                N/A
Total5,6
40,610  1.6  % 31,769  1.9  %
Less: Current portion 485    4,253   
Long-term debt $ 40,125    $ 27,516   
1    Rates represent the weighted-average effective interest rate on the balances outstanding as of year end, as adjusted for the effects of interest rate swap agreements, cross-currency swap agreements and fair value adjustments, if applicable. Refer to Note 5 for a more detailed discussion on interest rate management.
2    As of December 31, 2019, the amount shown is net of an unamortized discount of $3 million.
3    As of December 31, 2020, the amount shown includes $473 million of debt instruments and finance leases that are due through 2031.
4    Amounts represent the changes in fair values due to changes in benchmark interest rates. Refer to Note 5 for additional information about our fair value hedging strategy.
5    As of December 31, 2020 and 2019, the fair value of our long-term debt, including the current portion, was $43,218 million and $32,725 million, respectively.
6    The above notes and debentures include various restrictions, none of which is presently significant to our Company.
Schedule of Maturities of Long-term Debt
Maturities of long-term debt for the five years succeeding December 31, 2020 are as follows (in millions):
Maturities of
Long-Term Debt
2021 $ 485 
2022 1,391 
2023 4,272 
2024 2,061 
2025 2,753