Debt and Lines of Credit

6 Months Ended

Jun. 30, 2016

8. Debt and lines of credit

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, 2016, 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 2021. 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, 2016, our credit facility was undrawn and we had no commercial paper outstanding.

Long-term debt

In May 2016, we issued a principal amount of $500 million of fixed-rate long-term debt due in 2022. We incurred $3 million of issuance and other related costs, which are amortized to Interest and debt expense over the term of the debt. The proceeds of the offering were $499 million, net of the original issuance discount, and were used toward the repayment of a portion of $1.0 billion of maturing debt retired in May.

Long-term debt outstanding as of June 30, 2016, and December 31, 2015, is as follows:

	June 30,			December 31,
	2016			2015
Notes due 2016 at 2.375%	$	—		$	1,000
Notes due 2017 at 0.875%		250			250
Notes due 2017 at 6.60% (assumed with National acquisition)		375			375
Notes due 2018 at 1.00%		500			500
Notes due 2019 at 1.65%		750			750
Notes due 2020 at 1.75%		500			500
Notes due 2021 at 2.75%		250			250
Notes due 2022 at 1.85%		500			—
Notes due 2023 at 2.25%		500			500
Total debt		3,625			4,125
Net unamortized discounts, premiums and debt issuance costs		(13	)		(5	)
Total debt, including net unamortized discounts, premiums and debt issuance costs		3,612			4,120
Current portion of long-term debt		(637	)		(1,000	)
Long-term debt	$	2,975		$	3,120

Interest and debt expense was $21 million and $24 million for the second quarters of 2016 and 2015, respectively, and $43 million and $46 million for the first six months of 2016 and 2015, respectively. This was net of the amortization of the debt discounts, premiums and other debt issuance costs. Capitalized interest was not material.