Option Grant and Exercise Terms
Table of Contents
6.Debt
As of December 31, 2021, the Company had aggregate outstanding notes of $15,393 million, net of $92 million of issuance costs, with varying maturities
(the "Notes"). Of the outstanding balance, $700 million, net of issuance costs, is classified as short-term debt on the Consolidated Balance Sheets. As of
December 31, 2020, the Company had aggregate outstanding long-term notes of $16,309 million, net of $107 million of issuance costs. Each of the Notes were
issued at par and are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates. A portion of the outstanding Notes is
denominated in foreign currency (comprised of €5,170 million) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement gain
totaling $431 million for the year ended December 31, 2021).
The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of
December 31, 2021 and December 31, 2020:
Principal Amount at Par
December 31,
2021
December 31,
2020
Level 2 Fair Value as of
December 31,
Issuance Date
Maturity
2021
December 31,
2020
(in millions)
(in millions)
5.375% Senior Notes
$
$
500
February 2013
5.500% Senior Notes
700
700
February 2015
5.750% Senior Notes
400
400
February 2014
February 2021
February 2022
March 2024
$
502
704
735
437
449
5.875% Senior Notes
800
800
February 2015
February 2025
899
921
3.000% Senior Notes (1)
535
574
April 2020
June 2025
581
616
3.625% Senior Notes
500
500
April 2020
June 2025
529
535
4.375% Senior Notes
1,000
1,000
October 2016
November 2026
1,111
1,110
3.625% Senior Notes (1)
1,480
1,588
May 2017
May 2027
1,702
1,776
4.875% Senior Notes
1,600
1,600
October 2017
April 2028
1,829
1,807
5.875% Senior Notes
1,900
1,900
April 2018
November 2028
2,293
2,280
4.625% Senior Notes (1)
1,252
1,344
October 2018
May 2029
1,565
1,630
6.375% Senior Notes
800
800
October 2018
May 2029
999
995
3.875% Senior Notes (1)
1,366
1,466
April 2019
November 2029
1,651
1,700
5.375% Senior Notes
900
900
April 2019
3.625% Senior Notes (1)
4.875% Senior Notes
1,252
1,344
1,000
$
15,485
$
1,000
16,416
October 2019
October 2019
November 2029
June 2030
1,068
1,061
1,493
1,533
June 2030
1,169
1,155
$
18,030
$
18,805
(1) The following Senior Notes have a principal amount denominated in euro: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million,
4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million.
Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash
equal to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the
principal amount thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the
Company's ability to create, incur or allow certain liens; enter into sale and lease-back transactions; create, assume, incur or guarantee additional indebtedness
of certain of the Company's subsidiaries; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's and its
subsidiaries assets, to another person. As of December 31, 2021 and December 31, 2020, the Company was in compliance with all related covenants.
Revolving Credit Facility
On June 17, 2021, the Company amended its unsecured revolving credit facility ("Revolving Credit Agreement") to, among other things, extend the
maturity date from March 29, 2024 to June 17, 2026 and to increase the size of the facility from
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