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Debt and Credit Facilities

3 Months Ended

Mar. 31, 2017

Long-term Debt, Unclassified [Abstract]

Debt And Credit Facilities

DEBT AND CREDIT FACILITIES

In January 2017 we sold $500 of senior unsecured notes with an interest rate of 1.800% due on January 15, 2019. Our commercial paper program allows us to have a maximum of $1,500 in commercial paper outstanding with maturities up to 397 days from the date of issuance. On March 31, 2017 there were no amounts outstanding under our commercial paper program.

We have lines of credit issued by various financial institutions that are available to fund our day-to-day operating needs. Certain of our credit facilities require us to comply with financial and other covenants. We were in compliance with all covenants on March 31, 2017.

Summary of Total Debt
					March			December
Senior unsecured notes:					2017			2016
	Rate		Due
	1.300%		04/01/2018		$	599		$	598
	1.800%		01/15/2019		498			—
	2.000%		03/08/2019		747			746
	4.375%		01/15/2020		497			497
	2.625%		03/15/2021		745			745
	3.375%		05/15/2024		600			602
	3.375%		11/01/2025		745			744
	3.500%		03/15/2026		987			987
	4.100%		04/01/2043		391			391
	4.375%		05/15/2044		394			395
	4.625%		03/15/2046		980			979
Commercial paper					—			200
Other					36			30
Total debt					$	7,219		$	6,914
Less current maturities					35			228
Total long-term debt					$	7,184		$	6,686
Unamortized debt issuance costs					$	45		$	45
Available borrowing capacity					$	1,532		$	1,551
Fair value of debt					$	7,304		$	6,762

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 2 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 that took into account the underlying terms of the debt instruments.

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20,22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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- References

No definition available.

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