Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Summary of Outstanding Debt

	2017						2016
	Principal			Carrying			Principal			Carrying
	outstanding			amount			outstanding			amount
Short-term debt	62			62			33			33
Long-term debt
Senior secured borrowings:
Revolving credit facilities	122			122			—			—
Term loan facilities
U.S. dollar at LIBOR plus 1.50% due 2022	741			735			654			649
Euro at EURIBOR plus 1.50% due 20221	324			324			61			61
Farm credit facility at LIBOR plus 2.00% due 2019	—			—			351			347
Senior notes and debentures:
€650 at 4.0% due 2022	781			774			684			676
U. S. dollar at 4.50% due 2023	1,000			992			1,000			991
€600 at 2.625% due 2024	720			713			631			623
€600 at 3.375% due 2025	720			711			631			622
U.S. dollar at 4.25% due 2026	400			393			400			393
U.S. dollar at 7.375% due 2026	350			347			350			347
U.S. dollar at 7.50% due 2096	40			40			45			45
Other indebtedness in various currencies
Fixed rate with rates in 2017 from 3.94% to 7.5% due through 2036	96			96			122			122
Variable rate with average rates in 2017 of 2.81% due through 2019	5			5			2			2
Capital lease obligations	29			29			—			—
Total long-term debt	5,328			5,281			4,931			4,878
Less: current maturities	(64		)	(64		)	(162		)	(161		)
Total long-term debt, less current maturities	$	5,264		$	5,217		$	4,769		$	4,717

(1) €270 and €58 at December 31, 2017 and 2016.

Schedule of Weighted Average Interest Rates

The weighted average interest rates were as follows:

	2017		2016		2015
Short-term debt	1.4	%	2.7	%	3.0	%
Revolving credit facilities	3.3	%	3.8	%	4.4	%