Debt and Lines of Credit

6 Months Ended

Jun. 30, 2019

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 June 30, 2019, 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, 2019, our credit facility was undrawn, and we had no commercial paper outstanding.

Long-term debt

In the first quarter of 2019, we issued an aggregate principal amount of $750 million of fixed-rate, long-term debt due in 2039. We incurred $7 million of issuance and other related costs. We received $743 million in proceeds, net of the original issuance discount, to be used for general corporate purposes.

Long-term debt outstanding is as follows:

	June 30,			December 31,
	2019			2018
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
Notes due 2039 at 3.875%		750			—
Notes due 2048 at 4.15%		1,500			1,500
Total debt		5,850			5,100
Net unamortized discounts, premiums and issuance costs		(43	)		(32	)
Total debt, including net unamortized discounts, premiums and issuance costs		5,807			5,068
Current portion of long-term debt		(1,249	)		(749	)
Long-term debt	$	4,558		$	4,319

Interest and debt expense was $44 million and $30 million for the second quarters of 2019 and 2018, respectively, and $82 million and $53 million for the first six months of 2019 and 2018, respectively. This was net of the amortized discounts, premiums and issuance costs. Capitalized interest was not material.