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SHORT-TERM AND LONG-TERM DEBT

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

SHORT-TERM AND LONG-TERM DEBT

SHORT-TERM AND LONG-TERM DEBT

Short-term debt consisted of outstanding lines of credit of $52 million and $49 million at March 31, 2019 and December 31, 2018 respectively. Long-term debt consisted of the following (in millions of dollars):

	As of March 31, 2019								As of December 31, 2018
	Carrying Value				Fair Value				Carrying Value				Fair Value
4.60% senior notes due 2045	$	1,000			$	1,075			$	1,000			$	1,026
3.75% senior notes due 2046	400				374				400				357
4.20% senior notes due 2047	400				401				400				383
British pound term loan	172				172				174				174
Euro term loan	123				123				126				126
Canadian dollar revolving credit facility	45				45				44				44
Other	41				41				49				49
Subtotal	2,181				2,231				2,193				2,159
Less current maturities	(82		)		(82		)		(81		)		(81		)
Debt issuance costs and discounts, net of amortization	(22		)		(22		)		(22		)		(22		)
Long-term debt (less current maturities)	$	2,077			$	2,127			$	2,090			$	2,056

The estimated fair value of the Company’s senior notes was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as level 2 inputs within the fair value hierarchy. The carrying value of other long-term debt approximates fair value due to their variable interest rates.

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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

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