Debt And Financing Arrangements

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Debt And Financing Arrangements

Debt and Financing Arrangements

On August 11, 2016, the Company issued $1.0 billion aggregate principal amount of 2.5% Notes due in 2026. Proceeds before expenses were $993 million.

At September 30, 2016, the fair value of the Company’s long-term debt exceeded the carrying value by $1.4 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At September 30, 2016, the Company had lines of credit, including the accounts receivable securitization programs, totaling $7.0 billion, of which $6.1 billion was unused.  Of the Company’s total lines of credit, $4.0 billion support a commercial paper borrowing facility, against which there was no commercial paper outstanding at September 30, 2016.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $1.5 billion in funding resulting from the sale of accounts receivable. As of September 30, 2016, the Company utilized $0.7 billion of its facility under the Programs (see Note 16 for more information on the Programs).