Debt and Credit Facilities

3 Months Ended

Mar. 31, 2020

Long-term Debt, Unclassified [Abstract]

Debt And Credit Facilities

DEBT AND CREDIT FACILITIES

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, 2020.

Our commercial paper program allows us to have a maximum of $1,500 in commercial paper outstanding with maturities up to 397 days from the date of issuance. On March 31, 2020 there were no amounts outstanding under our commercial paper program.

Summary of Total Debt			March 2020		December 2019
Senior unsecured notes:
	Rate	Due
	4.375%	January 15, 2020	$	—	$	500
	Variable	November 30, 2020	328		333
	2.625%	March 15, 2021	749		749
	1.125%	November 30, 2023	599		609
	3.375%	May 15, 2024	588		587
	0.250%	December 3, 2024	923		938
	3.375%	November 1, 2025	746		746
	3.500%	March 15, 2026	991		991
	2.125%	November 30, 2027	815		829
	3.650%	March 7, 2028	596		596
	0.750%	March 1, 2029	869		884
	2.625%	November 30, 2030	700		712
	1.000%	December 3, 2031	809		823
	4.100%	April 1, 2043	392		391
	4.375%	May 15, 2044	395		395
	4.625%	March 15, 2046	981		981
Other			26		26
Total debt			$	10,507	$	11,090
Less current maturities of debt			1,103		859
Total long-term debt			$	9,404	$	10,231

	March 2020		December 2019
Unamortized debt issuance costs	$	56	$	58
Available secured borrowing capacity	$	1,403	$	1,403
Fair value of senior unsecured notes	$	10,904	$	11,910

The fair value of the senior unsecured notes was estimated using quoted interest rates, maturities and amounts of borrowings based on quoted active market prices and yields that took into account the underlying terms of the debt instruments. Substantially all of our debt is classified within Level 2 of the fair value hierarchy.

In January 2020 we repaid $500 of senior unsecured notes with a coupon of 4.375% that were due on January 15, 2020.

On April 30, 2020 we amended our primary credit facility. The principal change was to increase the leverage ratio financial covenant from 3.5:1 to 4.5:1 at the end of each fiscal quarter ending on or prior to June 30, 2021.

On April 30, 2020 we entered into a credit agreement that provides for up to $1,500 of borrowings in U.S. Dollars pursuant to a 364-day revolving credit facility, which matures on April 29, 2021 and is available for working capital and general corporate purposes.