Financing Arrangements

3 Months Ended

Mar. 31, 2016

FINANCING ARRANGEMENTS

Debt

We have committed credit facilities in Brazil, which provide borrowings up to 1.0 billion Brazilian reais (approximately $281 million at March 31, 2016 and $256 million at December 31, 2015) maturing all in 2017. The credit facilities contain no financial covenants and we had no borrowings outstanding under these credit facilities at March 31, 2016 and December 31, 2015.

We have a €250 million European credit facility, a $500 million short-term credit facility and a $2.0 billion long-term credit facility which provide total committed credit facilities of approximately $2.8 billion (the “Facilities”).

We had no borrowings outstanding under the Facilities at March 31, 2016 or December 31, 2015, respectively.

Notes Payable

Notes payable, which consist of short-term borrowings payable to banks or commercial paper, are generally used to fund working capital requirements. The fair value of our notes payable approximates the carrying amount due to the short maturity of these obligations. The following table summarizes the carrying value of notes payable at March 31, 2016 and December 31, 2015:



Millions of dollars	March 31, 2016		December 31, 2015
Commercial paper	$	868	$	—
Short-term borrowings to banks	130		20
Total notes payable	$	998	$	20