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Debt (Tables)

6 Months Ended

Jun. 30, 2018

Debt

Long-term Debt

		June 30,			December 31,			June 30,
		2018			2017			2017
Secured Credit Agreement:
Revolving Credit Facility:
Revolving Loans		$	397		$	—		$	—
Term Loans:
Term Loan A			908
Previous Secured Credit Agreement:
Revolving Credit Facility:
Revolving Loans									209
Term Loans:
Term Loan A						1,148			1,370
Term Loan A (€279 million)									303
Senior Notes:
6.75%, due 2020 (€500 million)			580			594			569
4.875%, due 2021 (€330 million)			383			392			375
5.00%, due 2022			496			496			496
4.00%, due 2023			306			305
5.875%, due 2023			686			685			684
3.125%, due 2024 (€725 million)			833			849			819
6.375%, due 2025			295			295			294
5.375%, due 2025			297			297			297
Senior Debentures:
7.80%, due 2018									22
Capital Leases			50			54			58
Other			167			17			22
Total long-term debt			5,398			5,132			5,518
Less amounts due within one year			21			11			47
Long-term debt		$	5,377		$	5,121		$	5,471

Information related to accounts receivable securitization program

		June 30,			December 31,			June 30,
		2018			2017			2017
Balance (included in short-term loans)		$	147		$	133		$	182
Weighted average interest rate			0.98	%		0.76	%		0.74	%

Fair values of the Company's significant fixed rate debt obligations

Fair values at June 30, 2018 of the Company’s significant fixed rate debt obligations are as follows:

		Principal			Indicated
		Amount			Market Price			Fair Value
Senior Notes:
6.75%, due 2020 (€500 million)		$	583		$	113.13		$	660
4.875%, due 2021 (€330 million)			384			110.13			423
5.00%, due 2022			500			99.72			499
5.875%, due 2023			700			101.63			711
4.00%, due 2023			310			93.65			290
3.125%, due 2024 (€725 million)			845			101.27			856
6.375%, due 2025			300			103.31			310
5.375%, due 2025			300			101.63			305

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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