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Debt Financing Arrangements | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Debt Financing Arrangements | Debt Financing Arrangements
| December 31, 2018 |  | December 31, 2017
| (In millions)
2.5% Notes $1 billion face amount, due in 2026 | $ | 993 |  |  | $ | 992 |
1.0% Notes €650 million face amount, due in 2025 | 736 |  |  | — |
1.75% Notes €600 million face amount, due in 2023 | 682 |  |  | 714 |
4.5% Notes $600 million face amount, due in 2049 | 587 |  |  | — |
Floating Rate Notes €500 million face amount, due in 2019 | 572 |  |  | 599 |
4.479% Debentures $516 million face amount, due in 2021 | 493 |  |  | 501 |
3.75% Notes $500 million face amount, due in 2047 | 493 |  |  | 492 |
5.375% Debentures $470 million face amount, due in 2035 | 461 |  |  | 460 |
3.375% Notes $400 million face amount, due in 2022 | 398 |  |  | — |
4.016% Debentures $570 million face amount, due in 2043 | 386 |  |  | 383 |
4.535% Debentures $528 million face amount due in 2042 | 382 |  |  | 379 |
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 | 149 |  |  | 150 |
6.45% Debentures $127 million face amount, due in 2038 | 126 |  |  | 126 |
6.75% Debentures $118 million face amount, due in 2027 | 117 |  |  | 117 |
Other | 472 |  |  | 490 |
Total long-term debt including current maturities | 8,280 |  |  | 6,636 |
Current maturities | (582 | ) |  | (13 | )
Total long-term debt | $ | 7,698 |  |  | $ | 6,623 |
On December 3, 2018, the Company issued $600 million and $400 million aggregate principal amounts of 4.5% Notes due in 2049 and 3.375% Notes due in 2022, respectively. Net proceeds before expenses for the 4.5% and 3.375% Notes were $588 million and $399 million, respectively. On September 12, 2018, the Company issued €650 million ($744 million as of December 31, 2018) aggregate principal amount of 1.0% Notes due in 2025. Net proceeds before expenses were $747 million. 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. Discount amortization expense, net of premium amortization, of $10 million, $11 million, and $9 million for the years ended December 31, 2018, 2017, and 2016, respectively, are included in interest expense related to the Company’s long-term debt. At December 31, 2018, the fair value of the Company’s long-term debt exceeded the carrying value by $0.7 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, 2018, are $582 million, $16 million, $666 million, $409 million, and $11 million, respectively. At December 31, 2018, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $10.4 billion, of which $8.9 billion was unused. The weighted average interest rates on short-term borrowings outstanding at December 31, 2018 and 2017, were 7.95% and 2.35%, respectively. Of the Company’s total lines of credit, $5.0 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was no commercial paper outstanding at December 31, 2018. 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, 2018. The Company had outstanding standby letters of credit and surety bonds at December 31, 2018 and 2017, totaling $1.7 billion and $1.2 billion, respectively. The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $1.8 billion in funding resulting from the sale of accounts receivable. As of December 31, 2018, the Company utilized $1.5 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://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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