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Debt and Redeemable Preferred Securities of Subsidiaries
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Debt and Redeemable Preferred Securities of Subsidiaries
Debt and Redeemable Preferred Securities of Subsidiaries
Long-term debt is composed of the following:
 
Weighted-
Average
Interest
Rate
 
Maturities
 
December 31
 
2017
 
2016
Notes and debentures
3.7%
 
2018 - 2047
 
$
6,577

 
$
7,101

Industrial development revenue bonds
1.6%
 
2018 - 2045
 
264

 
264

Bank loans and other financings in various currencies
7.3%
 
2018 - 2028
 
37

 
37

Total long-term debt
 
 
 
 
6,878

 
7,402

Less current portion
 
 
 
 
406

 
963

Long-term portion
 
 
 
 
$
6,472

 
$
6,439


Scheduled maturities of long-term debt for the next five years are $407 in 2018, $714 in 2019, $760 in 2020, $251 in 2021 and $298 in 2022.
In December 2017, we redeemed $500 aggregate principal amount of 7.50% notes originally due November 1, 2018.  As a result, we recognized a charge of $24 in other (income) and expense, net.
In September 2017, we issued €500 aggregate principal amount of 0.625% notes due September 7, 2024. Proceeds from the offering were used to repay a portion of our outstanding commercial paper indebtedness.
In May 2017, we issued $350 aggregate principal amount of 3.90% notes due May 4, 2047. Proceeds from the offering were used for general corporate purposes, including repayment of a portion of our outstanding commercial paper indebtedness.
In July 2016, we issued $500 aggregate principal amount of 3.20% notes due July 30, 2046. Proceeds from the offering were used for general corporate purposes, including repayment of a portion of our outstanding commercial paper indebtedness.
In February 2016, we issued $400 aggregate principal amount of 1.40% notes due February 15, 2019 and $400 aggregate principal amount of 2.75% notes due February 15, 2026. Proceeds from the offering were used for general corporate purposes, including repayment of a portion of our outstanding notes and commercial paper indebtedness.
In August 2015, we issued $250 aggregate principal amount of 2.15% notes due August 2020 and $300 aggregate principal amount of 3.05% notes due August 2025. Proceeds from the offering were used to repay $300 of notes due in August 2015 and to pay down a portion of our outstanding commercial paper balance.
In February 2015, we issued $250 aggregate principal amount of 1.85% notes due March 2020 and $250 aggregate principal amount of 2.65% notes due March 2025. Proceeds from the offering were used for general corporate purposes, including pension contribution payments.
We maintain a $2.0 billion revolving credit facility which expires in 2021.  This facility, currently unused, supports our commercial paper program, and would provide liquidity in the event our access to the commercial paper markets is unavailable for any reason.
Our subsidiary in Central America has outstanding redeemable preferred securities that are held by a noncontrolling interest and another noncontrolling interest holds certain redeemable preferred securities issued by one of our subsidiaries in North America.