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Debt and Credit Facilities

6 Months Ended

Jun. 30, 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 June 30, 2017 outstanding commercial paper totaled $120, the weighted average original maturity of the commercial paper outstanding was approximately 20 days and the weighted average annualized interest rate of short-term debt was approximately 1.46%.

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 June 30, 2017.

Summary of Total Debt
Senior unsecured notes:					June 2017			December 2016
	Rate		Due
	1.300%		04/01/2018		$	599		$	598
	1.800%		01/15/2019		497			—
	2.000%		03/08/2019		748			746
	4.375%		01/15/2020		498			497
	2.625%		03/15/2021		746			745
	3.375%		05/15/2024		604			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					120			200
Other					57			30
Total debt					$	7,366		$	6,914
Less current maturities					774			228
Total long-term debt					$	6,592		$	6,686
Unamortized debt issuance costs					$	43		$	45
Available borrowing capacity					$	1,518		$	1,551
Fair value of debt					$	7,449		$	6,762

The fair value of the debt (excluding the interest rate hedge) was estimated using quoted interest rates, maturities and amounts of borrowings based on quoted active market prices and yields that took into account the underlying terms of the debt instruments. Substantially all of our debt is classified within Level 2 of the fair value hierarchy.

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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 470
-URI http://asc.fasb.org/topic&trid=2208564

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- References

No definition available.

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