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Debt | 3 Months Ended
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Mar. 31, 2018
Debt Disclosure [Abstract] |
Debt | Debt The Company’s outstanding debt is as follows:
(In millions) | March 31, 2018 |  |  | December 31, 2017 |
Short-term: |  |  |
Commercial paper | $ | 249 |  |  | $ | — |
Current portion of long-term debt | 263 |  |  | 262 |
| 512 |  |  | 262 |
Long-term: |  |  |
Senior notes – 2.55% due 2018 | 250 |  |  | 250 |
Senior notes – 2.35% due 2019 | 299 |  |  | 299 |
Senior notes – 2.35% due 2020 | 498 |  |  | 498 |
Senior notes – 4.80% due 2021 | 499 |  |  | 498 |
Senior notes – 2.75% due 2022 | 497 |  |  | 496 |
Senior notes – 3.30% due 2023 | 348 |  |  | 348 |
Senior notes – 4.05% due 2023 | 248 |  |  | 248 |
Senior notes – 3.50% due 2024 | 596 |  |  | 596 |
Senior notes – 3.50% due 2025 | 496 |  |  | 496 |
Senior notes – 3.75% due 2026 | 596 |  |  | 596 |
Senior notes – 5.875% due 2033 | 297 |  |  | 297 |
Senior notes – 4.35% due 2047 | 492 |  |  | 492 |
Senior notes – 4.20% due 2048 | 592 |  |  | — |
Mortgage – 5.70% due 2035 | 367 |  |  | 370 |
Other | 3 |  |  | 3 |
| 6,078 |  |  | 5,487 |
Less current portion | 263 |  |  | 262 |
| $ | 5,815 |  |  | $ | 5,225 |
The senior notes in the table above are registered by the Company with the Securities and Exchange Commission and are not guaranteed. The Company has established a short-term debt financing program of up to $1.5 billion through the issuance of commercial paper. The proceeds from the issuance of commercial paper are used for general corporate purposes. The Company had $249 million of commercial paper outstanding at March 31, 2018 at an effective interest rate of 2.44%. In March 2018, the Company issued $600 million of 4.20% senior notes due 2048. The Company used the net proceeds for general corporate purposes. In January 2017, the Company issued $500 million of 2.75% senior notes due 2022 and $500 million of 4.35% senior notes due 2047. The Company used the net proceeds for general corporate purposes, including the repayment of a $250 million debt maturity in April 2017. The Company and certain of its foreign subsidiaries maintain a $1.5 billion multi-currency five-year unsecured revolving credit facility. The interest rate on this facility is based on LIBOR plus a fixed margin which varies with the Company's credit ratings. This facility expires in November 2020 and requires the Company to maintain certain coverage and leverage ratios which are tested quarterly. There were no borrowings outstanding under this facility at March 31, 2018. Fair Value of Short-term and Long-term Debt The estimated fair value of the Company’s short-term and long-term debt is provided below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown below are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or need to dispose of the financial instrument.
| March 31, 2018 |  | December 31, 2017
(In millions) | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |
Short-term debt | $ | 512 |  |  | $ | 514 |  |  | $ | 262 |  |  | $ | 264 |
Long-term debt | $ | 5,815 |  |  | $ | 5,908 |  |  | $ | 5,225 |  |  | $ | 5,444 |
The fair value of the Company’s short-term debt consists primarily of commercial paper and term debt maturing within the next year and its fair value approximates its carrying value. The estimated fair value of a primary portion of the Company's long-term debt is based on discounted future cash flows using current interest rates available for debt with similar terms and remaining maturities. Short- and long-term debt would be classified as Level 2 in 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 + Details
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