Debt And Financing Arrangements

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt And Financing Arrangements

Debt and Financing Arrangements

On March 25, 2021, the Company issued, in a private placement transaction, €500 million aggregate principal amount of Fixed-to-Floating Rate Senior Notes due September 25, 2022.

At March 31, 2021, the fair value of the Company’s long-term debt exceeded the carrying value by $1.5 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At March 31, 2021, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $11.5 billion, of which $7.0 billion was unused.  Of the Company’s total lines of credit, $6.5 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was $1.6 billion commercial paper outstanding at March 31, 2021.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $2.0 billion in funding resulting from the sale of accounts receivable, of which $0.3 billion was unused as of March 31, 2021 (see Note 15 for more information about the Programs).