Debt And Financing Arrangements

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Debt And Financing Arrangements

Debt and Financing Arrangements

At June 30, 2019, 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 June 30, 2019, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $8.9 billion, of which $5.8 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 $1.5 billion of U.S. and European commercial paper outstanding at June 30, 2019.

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 $0.4 billion was unused as of June 30, 2019 (see Note 17 for more information about the Programs).