Debt And Financing Arrangements

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Debt And Financing Arrangements

Debt and Financing Arrangements

On September 12, 2018, the Company issued €650 million ($754 million as of September 30, 2018) aggregate principal amount of 1.0% Notes due in 2025. Net proceeds before expenses were $747 million.

At September 30, 2018, the fair value of the Company’s long-term debt exceeded the carrying value by $0.7 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At September 30, 2018, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $8.8 billion, of which $6.8 billion was unused.  Of the Company’s total lines of credit, $5.0 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was $0.4 billion of U.S. commercial paper outstanding at September 30, 2018. There was no commercial paper outstanding under the European program at September 30, 2018.

The Company has accounts receivable securitization programs (the “Programs”). The Programs, as amended, provide the Company with up to $1.8 billion in funding resulting from the sale of accounts receivable, of which $0.3 billion was unused as of September 30, 2018 (see Note 16 for more information about the Programs).