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Borrowings and Credit Arrangements (Tables)
12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Schedule of debt maturities
 
 
 
As of December 31,
 
Semi-annual Coupon Rate
in millions, except interest rates
Issuance Date
Maturity Date
2017
 
2016
 
January 2017 Notes
November 2004
January 2017
$

 
$
250

 
5.125
%
August 2018 Term Loan
August 2013
August 2018

 
150

 
 
October 2018 Notes
August 2013
October 2018
*

 
600

 
2.650
%
January 2020 Notes
December 2009
January 2020
850

 
850

 
6.000
%
May 2020 Notes
May 2015
May 2020
600

 
600

 
2.850
%
August 2020 Term Loan
August 2015
August 2020

 
600

 
 
May 2022 Notes
May 2015
May 2022
500

 
500

 
3.375
%
October 2023 Notes
August 2013
October 2023
450

 
450

 
4.125
%
May 2025 Notes
May 2015
May 2025
750

 
750

 
3.850
%
November 2035 Notes
November 2005
November 2035
350

 
350

 
7.000
%
January 2040 Notes
December 2009
January 2040
300

 
300

 
7.375
%
Unamortized Debt Issuance Discount
 
2018 - 2040
(6
)
 
(8
)
 
 
Unamortized Deferred Financing Costs
 
2018 - 2040
(18
)
 
(24
)
 
 
Unamortized Gain on Fair Value Hedges
 
2020-2025
38

 
51

 
 
Capital Lease Obligation
 
Various
1

 
1

 
 
Long-term debt
 
 
$
3,815

 
$
5,420

 
 
*As of December 31, 2017, the $600 million under the October 2018 Notes is outstanding and classified as short-term debt.
 
Note:
The table above does not include unamortized amounts related to interest rate contracts designated as cash flow hedges.

Summary of term loan and revolving credit facility agreement compliance with debt covenants
 
Covenant
Requirement as of December 31, 2017
 
Actual as of
December 31, 2017
Maximum leverage ratio (1)
3.5 times
 
2.2 times
(1) Ratio of total debt to consolidated EBITDA, as defined by the credit agreement, for the preceding four consecutive fiscal quarters.