Debt and Lines of Credit

3 Months Ended

Mar. 31, 2017

8. Debt and lines of credit

Short-term borrowings

We maintain a line of credit to support commercial paper borrowings and to provide additional liquidity through bank loans. As of March 31, 2017, 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 2022. The interest rate on borrowings under this credit facility, if drawn, is indexed to the applicable London Interbank Offered Rate (LIBOR). As of March 31, 2017, our credit facility was undrawn and we had no commercial paper outstanding.

Long-term debt

We retired $250 million of maturing debt in March 2017.

On April 27, 2017, we agreed to issue $600 million principal amount of debt, a portion of which we expect to use for repayment of maturing debt, with the remainder used for general corporate purposes. The offering is expected to close on May 4, 2017.

Long-term debt outstanding is as follows:

	March 31,			December 31,
	2017			2016
Notes due 2017 at 0.875%	$	—		$	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			500
Notes due 2023 at 2.25%		500			500
Total debt		3,375			3,625
Net unamortized discounts, premiums and debt issuance costs		(17	)		(16	)
Total debt, including net unamortized discounts, premiums and debt issuance costs		3,358			3,609
Current portion of long-term debt		(378	)		(631	)
Long-term debt	$	2,980		$	2,978

Interest and debt expense was $18 million and $22 million for the first quarters of 2017 and 2016, respectively. This was net of the amortization of the debt discounts, premiums and debt issuance costs. Capitalized interest was not material.