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Debt | 9 Months Ended
--- | ---
Sep. 30, 2015
Debt Disclosure [Abstract] |
Debt |
8. | Debt
Debt consists of (in millions):
|  | September 30, 2015 |  |  | December 31, 2014 |
Senior Notes, interest at 6.125% payable semiannually, principal due on August 15, 2015 |  | $ | — |  |  | $ | 151 |
Senior Notes, interest at 1.35% payable semiannually, principal due on December 1, 2017 |  |  | 500 |  |  |  | 500 |
Senior Notes, interest at 2.6% payable semiannually, principal due on December 1, 2022 |  |  | 1,396 |  |  |  | 1,396 |
Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042 |  |  | 1,096 |  |  |  | 1,096 |
Commercial paper |  |  | 946 |  |  |  | — |
Other |  |  | 45 |  |  |  | 23 |
Total debt |  |  | 3,983 |  |  |  | 3,166 |
Less current portion |  |  | 2 |  |  |  | 152 |
Long-term debt |  | $ | 3,981 |  |  | $ | 3,014 |
On August 15, 2015, the Company repaid $151 million of its 6.125% unsecured Senior Notes using available cash balances. During the second quarter of 2015, the Company exercised its accordion option to increase aggregate borrowing capacity under its five-year unsecured revolving credit facility by an additional $1.0 billion, bringing the aggregate borrowing capacity to $4.5 billion. The facility expires September 28, 2018. The Company also has a commercial paper program under which borrowings are classified as long-term since the program is supported by the $4.5 billion, five-year revolving credit facility. At September 30, 2015, there were $946 million in commercial paper borrowings, and there were $84 million in outstanding letters of credit issued under the credit facility, resulting in $3,470 million of funds available under this revolving credit facility. Interest under this multicurrency facility is based upon LIBOR, NIBOR or EURIBOR plus 0.875% subject to a ratings-based grid, or the U.S. prime rate. The credit facility contains a financial covenant regarding maximum debt to capitalization and the Company was in compliance at September 30, 2015. The Company also had $2,959 million of additional outstanding letters of credit at September 30, 2015 that are under various bilateral letter of credit facilities. Other letters of credit are issued as bid bonds, advanced payment bonds and performance bonds. The fair value of the Company’s debt is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At September 30, 2015 and December 31, 2014, the fair value of the Company’s unsecured Senior Notes approximated $2,704 million and $2,974 million, respectively. At September 30, 2015 and December 31, 2014, the carrying value of the Company’s unsecured Senior Notes approximated $2,992 million and $3,143 million, respectively. The carrying value of the Company’s variable rate borrowings approximates fair value.

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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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