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Debt and Credit Facilities

9 Months Ended

Sep. 30, 2019

Long-term Debt, Unclassified [Abstract]

Debt And Credit Facilities

DEBT AND CREDIT FACILITIES

In January 2019 we repaid $500 of our senior unsecured notes with a coupon of 1.800% that were due on January 15, 2019. In March 2019 we repaid $750 of our senior unsecured notes with a coupon of 2.000% that were due on March 8, 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 September 30, 2019 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 September 30, 2019.

Summary of Total Debt				September 2019				December 2018
Senior unsecured notes:
	Rate		Due
	1.800%		January 15, 2019	$	—			$	500
	2.000%		March 8, 2019	—				750
	4.375%		January 15, 2020	500				499
	Variable		November 30, 2020	329				343
	2.625%		March 15, 2021	748				747
	1.125%		November 30, 2023	602				627
	3.375%		May 15, 2024	587				584
	3.375%		November 1, 2025	746				746
	3.500%		March 15, 2026	991				990
	2.125%		November 30, 2027	819				853
	3.650%		March 7, 2028	595				595
	2.625%		November 30, 2030	704				733
	4.100%		April 1, 2043	391				391
	4.375%		May 15, 2044	395				395
	4.625%		March 15, 2046	981				980
Other				27				126
Total debt				$	8,415			$	9,859
Less current maturities of debt				526				1,373
Total long-term debt				$	7,889			$	8,486
Unamortized debt issuance costs				$	45			$	50
Available borrowing capacity				$	1,547			$	1,548
Fair value of senior unsecured notes				$	9,280			$	9,746

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 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://fasb.org/us-gaap/role/ref/legacyRef
-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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