Debt and Lines of Credit

3 Months Ended

Mar. 31, 2018

7. 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 March 31, 2018, 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 2023. 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, 2018, our credit facility was undrawn, and we had no commercial paper outstanding.

Long-term debt

On April 30, 2018, we agreed to issue $1.30 billion principal amount of debt that we expect to use for general corporate purposes, including to replenish our cash on hand following the repayment of maturing debt. The offering is expected to close on May 7, 2018.

Long-term debt outstanding is as follows:

	March 31,			December 31,
	2018			2017
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%		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 2027 at 2.90%		500			500
Total debt		4,100			4,100
Net unamortized discounts, premiums and debt issuance costs		(22	)		(23	)
Total debt, including net unamortized discounts, premiums and debt issuance costs		4,078			4,077
Current portion of long-term debt		(500	)		(500	)
Long-term debt	$	3,578		$	3,577

Interest and debt expense was $23 million and $18 million for the first quarters of 2018 and 2017, respectively. This was net of the amortization of the debt discounts, premiums and debt issuance costs. Capitalized interest was not material.