Debt And Financing Arrangements

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Debt And Financing Arrangements

Debt and Financing Arrangements

At March 31, 2018, the fair value of the Company’s long-term debt exceeded the carrying value by $0.8 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At March 31, 2018, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $8.1 billion, of which $5.1 billion was unused.  Of the Company’s total lines of credit, $5.0 billion support a commercial paper borrowing facility, against which there was $1.4 billion of commercial paper outstanding at March 31, 2018.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $1.7 billion, as amended, in funding resulting from the sale of accounts receivable, of which $0.3 billion was unused as of March 31, 2018 (see Note 15 for more information about the Programs).