Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt [Table] [Abstract]

Short-term and Long-term Debt

(In millions)	2016		2015
Short-term:
Commercial paper	$	-	$	100
Current maturities of long-term debt		250		-
Other, including capital leases		26		49
Total short-term debt	$	276	$	149
Long-term:
Uncollateralized debt:
$250 million, 5.375% Notes due 2017	$	-	$	249
$131 million, 6.35% Notes due 2018		131		131
$250 million, 4.375% Notes due 2020 (1)		252		254
$300 million, 5.125% Notes due 2020 (1)		301		303
$78 million, 6.37% Notes due 2021		78		78
$300 million, 4.5% Notes due 2021 (1)		302		304
$750 million, 4% Notes due 2022		744		743
$100 million, 7.65% Notes due 2023		100		100
$17 million, 8.3% Notes due 2023		17		17
$900 million, 3.25% Notes due 2025		893		892
$300 million, 7.875% Debentures due 2027		299		299
$83 million, 8.3% Step Down Notes due 2033		82		82
$500 million, 6.15% Notes due 2036		498		498
$300 million, 5.875% Notes due 2041		296		295
$750 million, 5.375% Notes due 2042		743		743
Other, including capital leases		20		32
Total long-term debt	$	4,756	$	5,020
(1) The Company has entered into interest rate swap contracts hedging a portion of these fixed-rate debt instruments. See Note 12 for further information about the Company’s interest rate risk management and these derivative instruments.

Maturities of long-term debt and capital leases

	Scheduled Maturities
(In millions)	Long-term Debt (1)		Capital Leases
2017	$	255	$	21
2018	$	131	$	10
2019	$	-	$	10
2020	$	549	$	-
2021	$	378	$	-
Maturities after 2021	$	3,694	$	-
(1) Long-term debt maturity amounts exclude capital leases.

(In millions)	Operating Lease Payments
2017	$	135
2018	$	119
2019	$	96
2020	$	81
2021	$	66
2022 and thereafter	$	164

The Company also has capital lease arrangements. See Note 17 and Note 5 for further information on assets recorded under capital leases and the related obligations.