Debt And Financing Arrangements

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt And Financing Arrangements

Debt and Financing Arrangements

At September 30, 2019, the fair value of the Company’s long-term debt exceeded the carrying value by $1.7 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At September 30, 2019, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $8.5 billion, of which $5.5 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 $1.1 billion of commercial paper outstanding at September 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 $0.1 billion was unused as of September 30, 2019 (see Note 17 for more information about the Programs).