Debt And Financing Arrangements

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Debt And Financing Arrangements

Debt and Financing Arrangements

On September 14, 2017, the Company issued $500 million aggregate principal amount of 3.75% notes due in 2047. Proceeds before expenses were $493 million.

On September 29, 2017, the Company redeemed $559 million aggregate principal amount of 5.45% notes due on March 15, 2018 and incurred an early extinguishment charge of $11 million in the quarter ended September 30, 2017.

At September 30, 2017, the fair value of the Company’s long-term debt exceeded the carrying value by $1.1 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At September 30, 2017, the Company had lines of credit, including the accounts receivable securitization programs, totaling $6.9 billion, of which $4.8 billion was unused.  Of the Company’s total lines of credit, $4.0 billion support a commercial paper borrowing facility, against which there was $0.6 billion of commercial paper outstanding at September 30, 2017.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $1.7 billion in funding resulting from the sale of accounts receivable. As of September 30, 2017, the Company utilized $1.4 billion of its facility under the Programs (see Note 16 for more information on the Programs).