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Debt and lines of credit | 9 Months Ended
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Sep. 30, 2019
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, 2019, 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, 2019, our credit facility was undrawn, and we had no commercial paper outstanding. Long-term debt We retired $750 million of maturing debt in August 2019. In the first quarter of 2019, we issued a principal amount of $750 million of fixed-rate, long-term debt due in 2039. We incurred $7 million of issuance and other related costs. We received $743 million in proceeds, net of the original issuance discount, to be used for general corporate purposes. In the third quarter of 2019, we issued a principal amount of $750 million of fixed-rate, long-term debt due in 2029. We incurred $5 million of issuance and other related costs. We received $748 million in proceeds, net of the original issuance discount, to be used for general corporate purposes. Long-term debt outstanding is as follows:
| September 30, |  | December 31,
| 2019 |  | 2018
Notes due 2019 at 1.65% | $ | — |  |  | $ | 750 |
Notes due 2020 at 1.75% | 500 |  |  | 500 |
Notes due 2021 at 2.75% | 550 |  |  | 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 2027 at 2.90% | 500 |  |  | 500 |
Notes due 2029 at 2.25% | 750 |  |  | — |
Notes due 2039 at 3.875% | 750 |  |  | — |
Notes due 2048 at 4.15% | 1,500 |  |  | 1,500 |
Total debt | 5,850 |  |  | 5,100 |
Net unamortized discounts, premiums and issuance costs | (49) |  |  | (32) |
Total debt, including net unamortized discounts, premiums and issuance costs | 5,801 |  |  | 5,068 |
Current portion of long-term debt | (499) |  |  | (749) |
Long-term debt | $ | 5,302 |  |  | $ | 4,319 |
Interest and debt expense was $43 million and $36 million for the third quarters of 2019 and 2018, respectively, and $125 million and $89 million for the first nine months of 2019 and 2018, respectively. This was net of the amortized discounts, premiums and issuance costs. Capitalized interest was not material.

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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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