Debt and Credit Facilities

9 Months Ended

Sep. 30, 2016

Long-term Debt, Unclassified [Abstract]

DEBT AND CREDIT FACILITIES

In March 2016 we sold $3,500 of senior unsecured notes. In September 2016 we repaid all $750 of our senior unsecured notes that were due on September 30, 2016.

In September 2016 we increased the amount of commercial paper issuable under the commercial paper program by $250 to a maximum of $1,500 outstanding with maturities up to 397 days from the date of issuance. On September 30, 2016 outstanding commercial paper totaled $100, the weighted-average original maturity of the commercial paper outstanding was approximately 50 days, and the weighted average annualized interest rate of short-term debt was approximately 0.7%.

We have lines of credit issued by various financial institutions that are available to fund our day-to-day operating needs. In August 2016 we entered into a new senior unsecured revolving credit facility that replaces our previous agreement dated August 29, 2014. The primary changes were to increase the aggregate principal amount of the commitments by $250 to $1,500 and to extend the maturity date to August 19, 2021.

Certain of our credit facilities require us to comply with financial and other covenants. We were in compliance with all covenants on September 30, 2016.

The following table is a summary of our total debt and other debt information.



			September		December
			2016		2015
Senior unsecured notes:
	Rate	Due
	2.000%	09/30/2016	$	—	$	749
	1.300%	04/01/2018	598		597
	2.000%	03/08/2019	746		—
	4.375%	01/15/2020	497		496
	2.625%	03/15/2021	745		—
	3.375%	05/15/2024	631		606
	3.375%	11/01/2025	744		744
	3.500%	03/15/2026	986		—
	4.100%	04/01/2043	391		390
	4.375%	05/15/2044	394		394
	4.625%	03/15/2046	979		—
Commercial paper			100		—
Other			37		22
Total debt			$	6,848	$	3,998
Less current maturities			135		768
Total long-term debt			$	6,713	$	3,230

Unamortized debt issuance costs			$	46	$	24
Available borrowing capacity under all existing facilities			$	1,560	$	1,236
Fair value of debt			$	7,118	$	4,009

The fair value of debt (excluding the interest rate hedge) was based on the quoted interest rates for similar types and amounts of borrowings. Substantially all of our debt was classified within Level 1 of the fair value hierarchy. The fair value of the debt was estimated using rates with identical terms and maturities based on quoted active market prices and yields, which took into account the underlying terms of the debt instruments.

On January 1, 2016 we retrospectively adopted ASU 2015-03, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. The adoption of this update resulted in the reclassification of $24 of unamortized debt issuance costs, principally from other noncurrent assets, to a reduction of long-term debt on our Consolidated Balance Sheets on December 31, 2015.