DEBT AND CREDIT FACILITIES

In March 2018 we issued $600 of senior unsecured notes with a fixed interest rate of 3.650% due on March 7, 2028. Our annual interest expense arising from the issuance of the notes will be reduced by the benefit from the cash flow hedges that were terminated in conjunction with the issuance. Refer to Note 4 for further information. In April 2018 we repaid $600 of our senior unsecured notes with a coupon of 1.300%. In November 2018 we issued €300 of senior unsecured notes with a floating interest rate (Three Month EURIBOR plus 28 bps) due on November 30, 2020, €550 of senior unsecured notes with a fixed interest rate of 1.125% due on November 30, 2023, €750 of senior unsecured notes with a fixed interest rate of 2.125% due on November 30, 2027 and €650 of senior unsecured notes with a fixed interest rate of 2.625% due on November 30, 2030. In January 2019 we repaid $500 of our senior unsecured notes with a coupon of 1.800% that were 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 December 31, 2018 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 December 31, 2018.



Summary of Total Debt
			2018		2017
Senior unsecured notes:
	Rate	Due
	1.300%	April 1, 2018	$	—	$	600
	1.800%	January 15, 2019	500		499
	2.000%	March 8, 2019	750		748
	4.375%	January 15, 2020	499		498
	Variable	November 30, 2020	343		—
	2.625%	March 15, 2021	747		746
	1.125%	November 30, 2023	627		—
	3.375%	May 15, 2024	584		598
	3.375%	November 1, 2025	746		745
	3.500%	March 15, 2026	990		988
	2.125%	November 30, 2027	853		—
	3.650%	March 7, 2028	595		—
	2.625%	November 30, 2030	733		—
	4.100%	April 1, 2043	391		391
	4.375%	May 15, 2044	395		394
	4.625%	March 15, 2046	980		980
Commercial paper			—		—
Other			126		35
Total debt			$	9,859	$	7,222
Less current maturities			1,373		632
Total long-term debt			$	8,486	$	6,590

Unamortized debt issuance costs			$	50	$	39
Borrowing capacity on existing facilities			$	1,548	$	1,547
Fair value of senior unsecured notes			$	9,746	$	7,521

The fair value of the senior unsecured notes 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.

Interest expense, including required fees incurred on outstanding debt and credit facilities that were included in other expense, totaled $264, $247, and $228 in 2018, 2017 and 2016.