Credit Facilities and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Credit Facilities and Long-Term Debt

Total debt outstanding is summarized as follows:

	December 31,
(in millions)	2016			2015
3.550% Senior Notes due 2016	$	—		$	600
4.875% Senior Notes due 2021 (a)	600			600
2.250% Senior Notes due 2023 (a)	522			—
3.250% Senior Notes due 2026 (a)	500			—
4.375% Senior Notes due 2046 (a)	400			—
Commercial paper	65			—
Research and development facility agreement	38			76
Research and development finance contract	110			—
Term loan	157			—
Other	—			2
Debt issuance costs and unamortized discount (b)	(24		)	(4		)
Total debt	2,368			1,274
Less: short-term borrowings and current maturities of long-term debt	260			78
Total long-term debt	$	2,108		$	1,196

(a) The fair value of our Senior Notes (as defined below) was determined using quoted prices in active markets for identical securities, which are considered Level 1 inputs. The fair value of our Senior Notes due 2016 (as defined below) was $607 million as of December 31, 2015. The fair value of our Senior Notes due 2021 (as defined below) was $651 million and $640 million as of December 31, 2016 and 2015, respectively. The fair value of our Senior Notes due 2023 (as defined below) was $555 million as of December 31, 2016. The fair value of our Senior Notes due 2026 (as defined below) was $487 million as of December 31, 2016.The fair value of our Senior Notes due 2046 (as defined below) was $397 million as of December 31, 2016.

(b)

The debt issuance costs and unamortized discount is recognized as a reduction in the carrying value of the Senior Notes in the Consolidated Balance Sheets and is being amortized to interest expense in our Consolidated Income Statements over the expected remaining terms of the Senior Notes.