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Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt

Debt

The Company's outstanding debt was as follows:

	March 31, 2020								December 31, 2019
	Principal				Carrying				Principal				Carrying
	outstanding				amount				outstanding				amount
Short-term debt	$	100			$	100			$	75			$	75
Long-term debt
Senior secured borrowings:
Revolving credit facilities	828				828				—				—
Term loan facilities
U.S. dollar at LIBOR + 1.5% due 2024	1,093				1,086				1,100				1,094
Euro at EURIBOR + 1.5% due 20241	492				492				505				504
Senior notes and debentures:
€650 at 4.0% due 2022	715				711				729				725
U. S. dollar at 4.50% due 2023	1,000				996				1,000				995
€335 at 2.25% due 2023	369				365				376				372
€500 at 0.75% due 2023	605				600				617				610
€600 at 2.625% due 2024	661				656				673				668
€600 at 3.375% due 2025	661				656				673				667
U.S. dollar at 4.25% due 2026	400				395				400				395
U.S. dollar at 4.75% due 2026	875				863				875				863
U.S. dollar at 7.375% due 2026	350				348				350				348
€500 at 2.875% due 2026	550				543				561				554
U.S. dollar at 7.50% due 2096	40				40				40				40
Other indebtedness in various currencies	130				130				45				45
Total long-term debt	8,769				8,709				7,944				7,880
Less current maturities	(78		)		(78		)		(62		)		(62		)
Total long-term debt, less current maturities	$	8,691			$	8,631			$	7,882			$	7,818

(1) €447 and €450 at March 31, 2020 and December 31, 2019

The estimated fair value of the Company’s long-term borrowings, using a market approach incorporating Level 2 inputs such as quoted market prices for the same or similar issues, was $8,792 at March 31, 2020 and $8,410 at December 31, 2019.

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- References

No definition available.

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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

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