Debt and Credit Facilities

12 Months Ended

Dec. 31, 2019

Long-term Debt, Unclassified [Abstract]

DEBT AND CREDIT FACILITIES

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, 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, 2019 there were no amounts outstanding under our commercial paper program.



Summary of Total Debt
			2019		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	333		343
	2.625%	March 15, 2021	749		747
	1.125%	November 30, 2023	609		627
	3.375%	May 15, 2024	587		584
	0.250%	December 3, 2024	938		—
	3.375%	November 1, 2025	746		746
	3.500%	March 15, 2026	991		990
	2.125%	November 30, 2027	829		853
	3.650%	March 7, 2028	596		595
	0.750%	March 1, 2029	884		—
	2.625%	November 30, 2030	712		733
	1.000%	December 3, 2031	823		—
	4.100%	April 1, 2043	391		391
	4.375%	May 15, 2044	395		395
	4.625%	March 15, 2046	981		980
Other			26		126
Total debt			$	11,090	$	9,859
Less current maturities			859		1,373
Total long-term debt			$	10,231	$	8,486



		2019		2018
Unamortized debt issuance costs	$	58	$	50
Borrowing capacity on existing facilities	$	1,546	$	1,548
Fair value of senior unsecured notes	$	11,910	$	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 of our debt is classified within Level 2 of the fair value hierarchy.

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

In December 2019 we issued €850 of senior unsecured notes with a fixed interest rate of 0.250% due on December 3, 2024, €800 of senior unsecured notes with a fixed interest rate of 0.750% due on March 1, 2029 and €750 of senior unsecured notes with a fixed interest rate of 1.000% due on December 3, 2031. Our annual interest expense arising from the issuance of the 2029 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. The 2024 and 2031 notes are subject to a Special Mandatory Redemption in which we will be required to redeem the notes in whole at a price equal to 101% of the aggregate principal amount plus accrued and unpaid interest if we do not consummate the Wright tender offer on or before February 4, 2021.

In January 2020 we repaid $500 of senior unsecured notes with a coupon of 4.375% that were due on January 15, 2020.

Interest expense, including required fees incurred on outstanding debt and credit facilities that were included in other expense, totaled $287, $264, and $247 in 2019, 2018 and 2017.