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Debt | 12 Months Ended
--- | ---
Dec. 31, 2017
Debt Disclosure [Abstract] |
Debt | Debt Our long-term debt consisted of the following (in millions):
|  | December 31,
|  | 2017 |  |  | 2016 |
Notes |  |  |  |
1.85% due 2018 |  | $ | 750 |  |  | $ | 750 |
4.25% due 2019 |  | 900 |  |  | 900 |
2.50% due 2020 |  | 1,250 |  |  | 1,250 |
3.35% due 2021 |  | 900 |  |  | 900 |
3.10% due 2023 |  | 500 |  |  | 500 |
2.90% due 2025 |  | 750 |  |  | 750 |
3.55% due 2026 |  | 2,000 |  |  | 2,000 |
3.60% due 2035 |  | 500 |  |  | 500 |
4.50% and 6.15% due 2036 |  | 1,054 |  |  | 1,152 |
4.85% due 2041 |  | 239 |  |  | 600 |
4.07% due 2042 |  | 1,336 |  |  | 1,336 |
3.80% due 2045 |  | 1,000 |  |  | 1,000 |
4.70% due 2046 |  | 1,326 |  |  | 2,000 |
4.09% due 2052 |  | 1,578 |  |  | — |
Other notes with rates from 5.50% to 8.50%, due 2023 to 2040 |  | 1,415 |  |  | 1,656 |
Total debt |  | 15,498 |  |  | 15,294 |
Less: unamortized discounts and issuance costs |  | (1,235 | ) |  | (1,012 | )
Total debt, net |  | 14,263 |  |  | 14,282 |
Less: current portion |  | (750 | ) |  | — |
Long-term debt, net |  | $ | 13,513 |  |  | $ | 14,282 |
Revolving Credit Facilities On October 9, 2015, we entered into a $2.5 billion revolving credit facility (the 5-year Facility) with various banks. The 5‑year Facility was amended in October 2017 to extend its expiration date by one year from October 9, 2021 to October 9, 2022. The 5‑year Facility is available for general corporate purposes. The undrawn portion of the 5-year Facility is also available to serve as a backup facility for the issuance of commercial paper. We may request and the banks may grant, at their discretion, an increase in the borrowing capacity under the 5-year Facility of up to an additional $500 million. There were no borrowings outstanding under the 5-year Facility as of December 31, 2017 and 2016. Borrowings under the 5-year Facility are unsecured and bear interest at rates based, at our option, on a Eurodollar Rate or a Base Rate, as defined in the 5-year Facility’s agreement. Each bank’s obligation to make loans under the 5-year Facility is subject to, among other things, our compliance with various representations, warranties, and covenants, including covenants limiting our ability and certain of our subsidiaries’ ability to encumber assets and a covenant not to exceed a maximum leverage ratio, as defined in the 5‑year Facility agreement. As of December 31, 2017 and 2016, we were in compliance with all covenants contained in the 5-year Facility agreement, as well as in our debt agreements. Long-Term Debt In September 2017, we issued notes totaling approximately $1.6 billion with a fixed interest rate of 4.09% maturing in September 2052 (the New Notes) in exchange for outstanding notes totaling approximately $1.4 billion with fixed interest rates ranging from 4.70% to 8.50% maturing 2029 to 2046 (the Old Notes). In connection with the exchange of principal, we paid a premium of $237 million, substantially all of which was in the form of New Notes. This premium will be amortized as additional interest expense over the term of the New Notes using the effective interest method. We may, at our option, redeem some or all of the New Notes at any time by paying the principal amount of notes being redeemed plus a make-whole premium and accrued and unpaid interest. Interest on the New Notes is payable on March 15 and September 15 of each year, beginning on March 15, 2018. The New Notes are unsecured senior obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness. We made interest payments of approximately $610 million, $600 million and $375 million during the years ended December 31, 2017, 2016 and 2015, respectively. In September 2016, we repaid $500 million of long-term notes with a fixed interest rate of 2.13% according to their scheduled maturities. In May 2016, we repaid $452 million of long-term notes with a fixed interest rate of 7.65% according to their scheduled maturities. We also had related variable interest rate swaps with a notional amount of $450 million mature, which did not have a significant impact on net earnings or comprehensive income. Commercial Paper We have agreements in place with financial institutions to provide for the issuance of commercial paper backed by our $2.5 billion 5-year Facility. During 2017 and 2016, we borrowed and fully repaid amounts under our commercial paper programs. There were no commercial paper borrowings outstanding as of December 31, 2017 and 2016. However, we may as conditions warrant issue commercial paper backed by our credit facility to manage the timing of cash flows and to fund a portion of our defined benefit pension contributions of approximately $5.0 billion in 2018.

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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 + Details
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