Borrowings and Credit Arrangements (Tables)

12 Months Ended

Dec. 31, 2018

Line of Credit Facility [Line Items]

Line of Credit Facility, Borrowing Capacity, Description

Commercial Paper

	As of December 31,
	2018			2017
Commercial paper outstanding (in millions)	$	1,248		$	1,197
Maximum borrowing capacity (in millions)	2,750			2,250
Borrowing capacity available (in millions)	1,502			1,053
Weighted average maturity (in days)	27			38
Weighted average yield	3.04		%	1.85		%

Schedule of debt maturities

	Issuance Date	Maturity Date	As of December 31,						Semi-annual Coupon Rate
(in millions, except interest rates)			2018			2017
January 2020 Notes	December 2009	January 2020	$	850		$	850		6.000%
May 2020 Notes	May 2015	May 2020	600			600			2.850%
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%
March 2028 Notes	February 2018	March 2028	1,000			—			4.000%
November 2035 Notes (1)	November 2005	November 2035	350			350			7.000%
January 2040 Notes	December 2009	January 2040	300			300			7.375%
Unamortized Debt Issuance Discount and Deferred Financing Costs		2020 - 2040	(29		)	(24		)
Unamortized Gain on Fair Value Hedges		2020-2025	26			38
Capital Lease Obligation		Various	6			1
Long-term debt			$	4,803		$	3,815

Note: The table above does not include unamortized amounts related to interest rate contracts designated as cash flow hedges.

(1) Corporate credit rating improvements may result in a decrease in the adjusted interest rate on our November 2035 Notes to the extent that our lowest credit rating is above BBB- or Baa3. The interest rates on our November 2035 Notes will be permanently reinstated to the issuance rate if the lowest credit ratings assigned to these senior notes is either A- or A3 or higher.

Summary of term loan and revolving credit facility agreement compliance with debt covenants

All existing credit arrangements described above require that we maintain certain financial covenants, as follows:

	Covenant Requirement as of December 31, 2018	Actual as of December 31, 2018
Maximum leverage ratio (1)	3.75 times	2.56 times

(1) Ratio of total debt to consolidated EBITDA, as defined by the agreements, for the preceding four consecutive fiscal quarters.

Transfer of Financial Assets Accounted for as Sales [Table Text Block]

consolidated balance sheets, are aggregated by contract denominated currency below (in millions):

	As of December 31, 2018						As of December 31, 2017
Factoring Arrangements	Capacity (1)		Amount De-recognized		Weighted Average Interest Rate		Capacity (1)		Amount De-recognized		Weighted Average Interest Rate
Euro denominated	$	474	$	165	2.7	%	$	456	$	171	1.8	%
Yen denominated (2)	273		195		0.9	%	195		157		1.3	%

(1) The capacities are translated from local currency to U.S. dollar using the spot rates on the last business day of each period.

(2) The factoring arrangements denominated in Japanese yen consist of two arrangements, one with a maximum capacity of 22.000 billion yen, which has been discontinued in the second quarter of 2018, and a new arrangement with a maximum capacity of 30.000 billion yen entered into in March 2018.