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Capital Structure Financial Policies - (Tables)
12 Months Ended
Dec. 31, 2018
CAPITAL STRUCTURE FINANCIAL POLICIES  
Schedule of components of ratios

                                                                                                                                                                                                                               

($ millions)

 

Capital
Measure
Target

 

December 31,
2018

 

December 31,
2017

 


Components of ratios

 

 

 

 

 

 

 


 

Short-term debt

 

 

 

3 231

 

2 136

 


 

Current portion of long-term debt

 

 

 

229

 

71

 


 

Long-term debt

 

 

 

13 890

 

13 372

 


 

 

Total debt

 

 

 

17 350

 

15 579

 


 

Less: Cash and cash equivalents

 

 

 

2 221

 

2 672

 


 

 

Net debt

 

 

 

15 129

 

12 907

 


 

Shareholders' equity

 

 

 

44 005

 

45 383

 


 

Total capitalization (total debt plus shareholders' equity)

 

 

 

61 355

 

60 962

 


 

Funds from operations(1)

 

 

 

10 172

 

9 139

 


Net debt to funds from operations

 

<3.0 times

 

1.5

 

1.4

 


Total debt to total debt plus shareholders' equity

 

 

 

28%

 

26%

 


 

   

(1)         Funds from operations is calculated as cash flow from operating activities before changes in non-cash working capital, and is a non-GAAP financial measure.