Debt And Financing Arrangements

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Debt And Financing Arrangements

Debt and Financing Arrangements

At March 31, 2017, the fair value of the Company’s long-term debt exceeded the carrying value by $1.0 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At March 31, 2017, the Company had lines of credit, including the accounts receivable securitization programs, totaling $6.7 billion, of which $5.1 billion was unused.  Of the Company’s total lines of credit, $4.0 billion support a commercial paper borrowing facility, against which there was $0.3 billion of commercial paper outstanding at March 31, 2017.

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 March 31, 2017, the Company utilized $1.2 billion of its facility under the Programs (see Note 16 for more information on the Programs).