Debt and Credit Facilities

3 Months Ended

Mar. 31, 2016

Long-term Debt, Unclassified [Abstract]

Debt And Credit Facilities

DEBT AND CREDIT FACILITIES

In March 2016 we sold $3,500 of senior unsecured notes. Our commercial paper program allows us to have a maximum of $1,250 in commercial paper outstanding with maturities up to 397 days from the date of issuance. On March 31, 2016 there were no amounts outstanding under our commercial paper program.

Summary of Total Debt

			March		December
			2016		2015
Senior unsecured notes:
	Rate	Due
	2.000%	09/30/2016	$	750	$	749
	1.300%	04/01/2018	597		597
	2.000%	03/08/2019	745		—
	4.375%	01/15/2020	496		496
	2.625%	03/15/2021	744		—
	3.375%	05/15/2024	627		606
	3.375%	11/01/2025	744		744
	3.500%	03/15/2026	986		—
	4.100%	04/01/2043	391		390
	4.375%	05/15/2044	394		394
	4.625%	03/15/2046	979		—
Other			23		22
Total debt			$	7,476	$	3,998
Less current maturities			770		768
Total long-term debt			$	6,706	$	3,230

We have lines of credit issued by various financial institutions that are available to fund our day-to-day operating needs. Certain of our credit facilities require us to comply with financial and other covenants. We were in compliance with all covenants on March 31, 2016. On March 31, 2016 we had $1,305 of borrowing capacity available under all of our existing credit facilities.

On March 31, 2016 the total unamortized debt issuance costs incurred in connection with our outstanding notes were $50. The fair value of long-term debt (excluding the interest rate hedges) on March 31, 2016 and December 31, 2015 was $7,702 and $4,009 based on the quoted interest rates for similar types and amounts of borrowings. Substantially all of our long-term debt is classified within Level 1 of the fair value hierarchy because the fair value of the debt is estimated based on rates with identical terms and maturities, using quoted active market prices and yields, taking into account the underlying terms of the debt instruments.

On January 1, 2016 we retrospectively adopted ASU 2015-03, Interest - Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. This standard update requires an entity to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability consistent with the treatment of debt discounts. The adoption of this standard resulted in the reclassification of $24 of unamortized debt issuance costs principally from other noncurrent assets to a reduction of long term debt on our consolidated balance sheet on December 31, 2015.