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SHORT-TERM AND LONG-TERM DEBT | 9 Months Ended
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Sep. 30, 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 $51 million and $49 million at September 30, 2019 and December 31, 2018, respectively. Long-term debt consisted of the following (in millions of dollars):
| As of September 30, 2019 |  | As of December 31, 2018
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
4.60% senior notes due 2045 | $ | 1,000 |  |  | $ | 1,178 |  |  | $ | 1,000 |  |  | $ | 1,026 |
3.75% senior notes due 2046 | 400 |  |  | 417 |  |  | 400 |  |  | 357 |
4.20% senior notes due 2047 | 400 |  |  | 448 |  |  | 400 |  |  | 383 |
British pound term loan | 157 |  |  | 157 |  |  | 174 |  |  | 174 |
Euro term loan | 120 |  |  | 120 |  |  | 126 |  |  | 126 |
Canadian dollar revolving credit facility | 45 |  |  | 45 |  |  | 44 |  |  | 44 |
Other | 36 |  |  | 36 |  |  | 49 |  |  | 49 |
Subtotal | 2,158 |  |  | 2,401 |  |  | 2,193 |  |  | 2,159 |
Less current maturities | (219 | ) |  | (219 | ) |  | (81 | ) |  | (81 | )
Debt issuance costs and discounts, net of amortization | (21 | ) |  | (21 | ) |  | (22 | ) |  | (22 | )
Long-term debt (less current maturities) | $ | 1,918 |  |  | $ | 2,161 |  |  | $ | 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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