DEBT, CREDIT FACILITIES AND LEASE COMMITMENTS (Tables)

12 Months Ended

Dec. 31, 2017

Debt Credit Facilities And Lease Commitments [Abstract]

Schedule of Debt Outstanding

At December 31, 2017 and 2016, the company had the following debt outstanding:

as of December 31 (in millions)	Effectiveinterest rate in 20171			20172			20162
Variable-rate loan due 2020		1.0	%	$	300		$	294
1.7% notes due 2021		1.9	%		398			397
2.4% notes due 2022		2.5	%		206			208
1.3% notes due in 2025		1.2	%		714			—
2.6% notes due 2026		2.7	%		744			744
7.65% debentures due 2027		7.7	%		5			5
6.625% debentures due 2028		6.7	%		99			99
6.25% notes due 2037		6.3	%		265			265
3.65% notes due 2042		3.7	%		6			6
4.5% notes due 2043		4.5	%		255			255
3.5% notes due 2046		3.6	%		439			439
Other		—			81			70
Total debt and capital lease obligations					3,512			2,782
Current portion					(3	)		(3	)
Long-term portion				$	3,509		$	2,779

¹ Excludes the effect of any related interest rate swaps.

² Book values include any discounts, premiums and adjustments related to hedging instruments.

Future Minimum Lease Payments and Debt Maturities

Future Minimum Lease Payments and Debt Maturities

as of and for the years ended December 31 (in millions)	Operating leases		Debtmaturities and capital leases
2018	$	129	$	3
2019		107		2
2020		84		302
2021		69		402
2022		63		210
Thereafter		246		2,612
Total obligations and commitments		698		3,531
Discounts, premiums, and adjustments relating to hedging instruments		—		(19	)
Total debt and lease obligations	$	698	$	3,512