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Debt | 3 Months Ended
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Apr. 02, 2017
Debt Disclosure [Abstract] |
Debt | DEBT Debt consisted of the following:
|  | April 2, 2017 |  | December 31, 2016
Fixed-rate notes due: | Interest rate |  |  |
November 2017 | 1.000% | $ | 900 |  |  | $ | 900 |
July 2021 | 3.875% | 500 |  |  | 500 |
November 2022 | 2.250% | 1,000 |  |  | 1,000 |
August 2023 | 1.875% | 500 |  |  | 500 |
August 2026 | 2.125% | 500 |  |  | 500 |
November 2042 | 3.600% | 500 |  |  | 500 |
Other | Various | 25 |  |  | 24 |
Total debt - principal |  | 3,925 |  |  | 3,924 |
Less unamortized debt issuance costs and discounts |  | 36 |  |  | 36 |
Total debt |  | 3,889 |  |  | 3,888 |
Less current portion |  | 901 |  |  | 900 |
Long-term debt |  | $ | 2,988 |  |  | $ | 2,988 |
Our fixed-rate notes are fully and unconditionally guaranteed by several of our 100-percent-owned subsidiaries. See Note P for condensed consolidating financial statements. We have the option to redeem the notes prior to their maturity in whole or in part for the principal plus any accrued but unpaid interest and applicable make-whole amounts. Fixed-rate notes of $900 mature in November of 2017. As we approach the maturity date of this debt, we will determine whether to repay these notes with cash on hand or refinance the obligation. On April 2, 2017, we had no commercial paper outstanding, but we maintain the ability to access the commercial paper market in the future. We have $2 billion in committed bank credit facilities for general corporate purposes and working capital needs. These credit facilities include a $1 billion multi-year facility expiring in July 2018 and a $1 billion multi-year facility expiring in November 2020. These facilities are required by credit rating agencies to support our commercial paper issuances. We may renew or replace these credit facilities in whole or in part at or prior to their expiration dates. Our bank credit facilities are guaranteed by several of our 100-percent-owned subsidiaries. We also have an effective shelf registration on file with the SEC that allows us to access the debt markets. Our financing arrangements contain a number of customary covenants and restrictions. We were in compliance with all covenants on April 2, 2017.

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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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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