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Debt and Redeemable Preferred Securities of Subsidiaries | 12 Months Ended
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Dec. 31, 2019
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
| 2019 |  | 2018
Notes and debentures | 3.5% |  | 2020 - 2047 |  | $ | 6,749 |  |  | $ | 6,756 |
Industrial development revenue bonds | 1.3% |  | 2023 - 2045 |  | 169 |  |  | 169 |
Bank loans and other financings in various currencies | 6.8% |  | 2020 - 2038 |  | 54 |  |  | 35 |
Total long-term debt |  |  |  |  | 6,972 |  |  | 6,960 |
Less current portion |  |  |  |  | 759 |  |  | 713 |
Long-term portion |  |  |  |  | $ | 6,213 |  |  | $ | 6,247 |
Scheduled maturities of long-term debt for the next five years are $761 in 2020, $258 in 2021, $310 in 2022, $468 in 2023 and $552 in 2024. In April 2019, we issued $700 aggregate principal amount of 3.20% notes due April 25, 2029. Proceeds from the offering were used for general corporate purposes, including the repayment of a portion of our outstanding commercial paper indebtedness. In October 2018, we issued $500 aggregate principal amount of 3.95% notes due November 1, 2028. Proceeds from the offering were used for general corporate purposes, including repayment of a portion of our outstanding commercial paper indebtedness. 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. We maintain a $2.0 billion revolving credit facility which expires in June 2023 and a $750 revolving credit facility which expires in June 2020. These facilities, currently unused, support our commercial paper program, and would provide liquidity in the event our access to the commercial paper markets is unavailable for any reason. In February 2020, we issued $500 aggregate principal amount of 2.875% notes due February 7, 2050. Proceeds from the offering were used for general corporate purposes including the repayment of a portion of our commercial paper indebtedness. Our subsidiary in Central America has outstanding redeemable preferred securities that are held by a noncontrolling interest.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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