Debt and lines of credit

6 Months Ended

Jun. 30, 2020

Short-term borrowings

We maintain a line of credit to support commercial paper borrowings, if any, and to provide additional liquidity through bank loans. As of June 30, 2020, we had a variable-rate revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $2 billion until March 2024. The interest rate on borrowings under this credit facility, if drawn, is indexed to the applicable London Interbank Offered Rate (LIBOR). As of June 30, 2020, our credit facility was undrawn, and we had no commercial paper outstanding.

Long-term debt

In the first quarter of 2020, we issued a principal amount of $750 million of fixed-rate, long-term debt due in 2025. We incurred $4 million of issuance costs. The proceeds of the offering were $749 million, net of the original issuance discount, which were used for general corporate purposes and the repayment of maturing debt.

In the second quarter of 2020, we retired $500 million of maturing debt. We also issued a principal amount of $750 million of fixed-rate, long-term debt due in 2030. We incurred $5 million of issuance costs. The proceeds of the offering were $749 million, net of the original issuance discount, to be used for general corporate purposes.

Long-term debt outstanding is as follows:


	June 30,		December 31,
	2020		2019
Notes due 2020 at 1.75%	$	—	$	500
Notes due 2021 at 2.75%	550		550
Notes due 2022 at 1.85%	500		500
Notes due 2023 at 2.25%	500		500
Notes due 2024 at 2.625%	300		300
Notes due 2025 at 1.375%	750		—
Notes due 2027 at 2.90%	500		500
Notes due 2029 at 2.25%	750		750
Notes due 2030 at 1.75%	750		—
Notes due 2039 at 3.875%	750		750
Notes due 2048 at 4.15%	1,500		1,500
Total debt	6,850		5,850
Net unamortized discounts, premiums and issuance costs	(54)		(47)
Total debt, including net unamortized discounts, premiums and issuance costs	6,796		5,803
Current portion of long-term debt	(551)		(500)
Long-term debt	$	6,245	$	5,303

Interest and debt expense was $48 million and $44 million for the second quarters of 2020 and 2019, respectively, and $93 million and $82 million for the first six months of 2020 and 2019, respectively. This was net of the amortized discounts, premiums and issuance costs. Capitalized interest was not material.