XML 34 R17.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Debt Financing Arrangements | 12 Months Ended
--- | ---
Dec. 31, 2017
Debt Disclosure [Abstract] |
Debt Financing Arrangements | Debt Financing Arrangements
| December 31, 2017 |  | December 31, 2016
| (In millions)
2.5% Notes $1 billion face amount, due in 2026 | $ | 992 |  |  | $ | 991 |
1.75% Notes €600 million face amount, due in 2023 | 714 |  |  | 627 |
Floating Rate Notes €500 million face amount, due in 2019 | 599 |  |  | 526 |
4.479% Debentures $516 million face amount, due in 2021 | 501 |  |  | 510 |
3.75% Notes $500 million face amount, due in 2047 | 492 |  |  | — |
5.375% Debentures $470 million face amount, due in 2035 | 460 |  |  | 459 |
4.016% Debentures $570 million face amount, due in 2043 | 383 |  |  | 380 |
4.535% Debentures $528 million face amount due in 2042 | 379 |  |  | 377 |
5.765% Debentures $378 million face amount, due in 2041 | 378 |  |  | 378 |
5.935% Debentures $383 million face amount, due in 2032 | 378 |  |  | 378 |
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 | 150 |  |  | 149 |
6.45% Debentures $127 million face amount, due in 2038 | 126 |  |  | 125 |
6.75% Debentures $118 million face amount, due in 2027 | 117 |  |  | 117 |
5.45% Notes $559 million face amount, due in 2018 | — |  |  | 560 |
8.375% Debentures $261 million face amount, due in 2017 | — |  |  | 260 |
Other | 490 |  |  | 463 |
Total long-term debt including current maturities | 6,636 |  |  | 6,777 |
Current maturities | (13 | ) |  | (273 | )
Total long-term debt | $ | 6,623 |  |  | $ | 6,504 |
On September 29, 2017, the Company redeemed $559 million aggregate principal amount of 5.45% notes due on March 15, 2018 and incurred an early extinguishment charge of $11 million in the year ended December 31, 2017. On September 14, 2017, the Company issued $500 million aggregate principal amount of 3.75% notes due in 2047. Proceeds before expenses were $493 million. On April 15, 2017, the Company retired $261 million aggregate principal amount of 8.375% notes that matured on April 15, 2017. 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. Discount amortization expense, net of premium amortization, of $11 million, $9 million, and $8 million for the years ended December 31, 2017, 2016, and 2015, respectively, were included in interest expense related to the Company’s long-term debt. At December 31, 2017, the fair value of the Company’s long-term debt exceeded the carrying value by $1.2 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, 2017, are $13 million, $618 million, $14 million, $670 million, and $8 million, respectively. At December 31, 2017, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $7.7 billion, of which $5.5 billion was unused. The weighted average interest rates on short-term borrowings outstanding at December 31, 2017 and 2016, were 2.35% and 5.66%, respectively. Of the Company’s total lines of credit, $5.0 billion support a commercial paper borrowing facility, against which there was $0.7 billion of commercial paper outstanding at December 31, 2017. 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, 2017. The Company had outstanding standby letters of credit and surety bonds at December 31, 2017 and 2016, totaling $1.2 billion and $1.1 billion, respectively. The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $1.6 billion in funding resulting from the sale of accounts receivable. As of December 31, 2017, the Company utilized $1.4 billion of its facility under the Programs (see Note 19 for more information on the Programs).

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration