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Debt

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Debt

DEBT

Debt consisted of the following:

		June 30, 2019				December 31, 2018
Fixed-rate notes due:	Interest rate:
May 2020	2.875%	$	2,000			$	2,000
May 2021	3.000%	2,000				2,000
July 2021	3.875%	500				500
November 2022	2.250%	1,000				1,000
May 2023	3.375%	750				750
August 2023	1.875%	500				500
November 2024	2.375%	500				500
May 2025	3.500%	750				750
August 2026	2.125%	500				500
November 2027	2.625%	500				500
May 2028	3.750%	1,000				1,000
November 2042	3.600%	500				500
Floating-rate notes due:
May 2020	3-month LIBOR + 0.29%	500				500
May 2021	3-month LIBOR + 0.38%	500				500
Commercial paper	2.482%	2,250				850
Other	Various	276				168
Total debt principal		14,026				12,518
Less unamortized debt issuance costs     and discounts		91				101
Total debt		13,935				12,417
Less current portion		4,960				973
Long-term debt		$	8,975			$	11,444

Our fixed- and floating-rate notes are fully and unconditionally guaranteed by several of our 100%-owned subsidiaries. See Note Q for condensed consolidating financial statements. We have the option to redeem the fixed-rate notes prior to their maturity in whole or in part for the principal plus any accrued but unpaid interest and applicable make-whole amounts.

On June 30, 2019, we had $2.3 billion of commercial paper outstanding with a dollar-weighted average interest rate of 2.482%. We have $5 billion in committed bank credit facilities to support our commercial paper issuances and for general corporate purposes and working capital needs. These credit facilities include a $2 billion 364-day facility expiring in March 2020, a $1 billion multi-year facility expiring in November 2020 and a $2 billion multi-year facility expiring in March 2023. We may renew or replace these credit facilities in whole or in part at or prior to their expiration dates. Our credit facilities are guaranteed by several of our 100%-owned subsidiaries. We also have an effective shelf registration on file with the Securities and Exchange Commission 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 and restrictions on June 30, 2019.

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- References

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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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