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Debt Financing Arrangements | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Debt Financing Arrangements | Debt Financing Arrangements
| December 31, 2016 |  | December 31, 2015
| (In millions)
2.5% Notes $1 billion, due in 2026 | $ | 991 |  |  | $ | — |
1.75% Notes €600 million, due in 2023 | 627 |  |  | 644 |
5.45% Notes $562 million face amount, due in 2018 | 560 |  |  | 561 |
Floating Rate Notes €500 million, due in 2019 | 526 |  |  | 541 |
4.479% Debentures $516 million face amount, due in 2021 | 510 |  |  | 516 |
5.375% Debentures $470 million face amount, due in 2035 | 459 |  |  | 459 |
5.765% Debentures $378 million face amount, due in 2041 | 378 |  |  | 378 |
5.935% Debentures $383 million face amount, due in 2032 | 378 |  |  | 377 |
4.016% Debentures $570 million face amount, due in 2043 | 380 |  |  | 377 |
4.535% Debentures $528 million face amount due in 2042 | 377 |  |  | 374 |
8.375% Debentures $261 million face amount, due in 2017 | 260 |  |  | 260 |
7.0% Debentures $164 million face amount, due in 2031 | 163 |  |  | 163 |
6.625% Debentures $160 million face amount, due in 2029 | 159 |  |  | 159 |
6.95% Debentures $159 million face amount, due in 2097 | 155 |  |  | 155 |
7.5% Debentures $150 million face amount, due in 2027 | 149 |  |  | 149 |
6.45% Debentures $127 million face amount, due in 2038 | 125 |  |  | 125 |
6.75% Debentures $118 million face amount, due in 2027 | 117 |  |  | 117 |
Other | 463 |  |  | 436 |
Total long-term debt including current maturities | 6,777 |  |  | 5,791 |
Current maturities | (273 | ) |  | (12 | )
Total long-term debt | $ | 6,504 |  |  | $ | 5,779 |
On August 11, 2016, the Company issued $1.0 billion aggregate principal amount of 2.5% Notes due in 2026. Proceeds before expenses were $993 million. On June 24, 2015, the Company issued €500 million ($563 million) aggregate principal amount of Floating Rate Notes due in 2019 and €600 million ($675 million) aggregate principal amount of 1.75% Notes due in 2023. Proceeds before expenses were €499 million ($562 million) and €594 million ($669 million) from the Floating Rate Notes and the 1.75% Notes, respectively. At December 31, 2016, the Company designated €1.1 billion of these Notes as a hedge of its net investment in a foreign subsidiary. On July 1, 2015, the Company accepted for repurchase $794 million aggregate principal amount of certain of its outstanding debentures (the “Debentures”) validly tendered and not withdrawn. Pursuant to the terms of its previously announced cash tender offers, the Company paid aggregate total consideration of $961 million for the Debentures accepted for repurchase. In September 2015, the Company redeemed $141 million of its 5.45% outstanding debentures for $156 million. These cash tender offers and the debt redemption were financed by the Euro-denominated debt issued on June 24, 2015. The Company recognized a debt extinguishment charge of $189 million, including transaction expenses of $7 million, in the quarter ended September 30, 2015 pertaining to these transactions. The debt issuance and the debt repurchase transactions in 2015 as discussed above resulted in a net increase in long-term debt of $0.3 billion. Discount amortization expense, net of premium amortization, of $9 million, $8 million, and $11 million for the years ended December 31, 2016, 2015, and 2014, respectively, were included in interest expense related to the Company’s long-term debt. At December 31, 2016, the fair value of the Company’s long-term debt exceeded the carrying value by $1.0 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards). The aggregate maturities of long-term debt for the five years after December 31, 2016, are $273 million, $574 million, $542 million, $12 million, and $677 million, respectively. At December 31, 2016, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $6.9 billion, of which $5.8 billion was unused. The weighted average interest rates on short-term borrowings outstanding at December 31, 2016 and 2015, were 5.66% and 5.50%, respectively. Of the Company’s total lines of credit, $4.0 billion support a commercial paper borrowing facility, against which there was no commercial paper outstanding at December 31, 2016. The Company’s credit facilities and certain debentures require the Company to comply with specified financial and non-financial covenants including maintenance of minimum tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements. The Company is in compliance with these covenants as of December 31, 2016. The Company had outstanding standby letters of credit and surety bonds at December 31, 2016 and 2015, totaling $1.1 billion and $0.8 billion, respectively. The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $1.5 billion in funding resulting from the sale of accounts receivable. As of December 31, 2016, the Company utilized $1.0 billion of its facility under the Programs (see Note 19 for more information on the Programs).

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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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