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Debt | 6 Months Ended
--- | ---
Jun. 30, 2019
Debt Disclosure [Abstract] |
Debt | 8.Debt
|  | June 30, |  |  | December 31, |
|  | 2019 |  |  | 2018 |
$1.4 billion in Senior Notes, interest at 2.60% payable semiannually, principal due on December 1, 2022 |  | $ | 1,395 |  |  | $ | 1,394 |
$1.1 billion in Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042 |  |  | 1,088 |  |  |  | 1,088 |
Total |  | $ | 2,483 |  |  | $ | 2,482 |
The Company has a $3.0 billion, five-year unsecured revolving credit facility, which expires on June 27, 2022. The Company has the right to increase the aggregate commitments under this agreement to an aggregate amount of up to $4.0 billion upon the consent of only those lenders holding any such increase. Interest under the multicurrency facility is based upon LIBOR, NIBOR or CDOR plus 1.125% subject to a ratings-based grid or the U.S. prime rate. The credit facility contains a financial covenant regarding maximum debt-to-capitalization ratio of 60%. As of June 30, 2019, the Company was in compliance with a debt-to-capitalization ratio of 24.6%. The Company has a commercial paper program under which borrowings are classified as long-term since the program is supported by the $3.0 billion, five-year credit facility. At June 30, 2019, there were no commercial paper borrowings, and there were no outstanding letters of credit issued under the credit facility, resulting in $3.0 billion of funds available under this credit facility. The Company had $491 million of outstanding letters of credit at June 30, 2019, primarily in the U.S. and Norway, that are under various bilateral letter of credit facilities. Letters of credit are issued as bid bonds, advanced payment bonds and performance bonds. At June 30, 2019 and December 31, 2018, the fair value of the Company’s unsecured Senior Notes approximated $2,355 million and $2,211 million, respectively. 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 of similar instruments.

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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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