Debt (Tables)

9 Months Ended

Sep. 30, 2014

Debt (Tables) [Abstract]

Long Term Debt Obligations

The following table summarizes the Company's long-term obligations as of September 30, 2014 and December 31, 2013 (in millions):

	September 30,			December 31,
	2014			2013
Senior unsecured notes(1)	$	2,482		$	2,453
Capital lease obligations(2)	59			56
Subtotal	2,541			2,509
Less — current portion	(2		)	(1		)
Long-term obligations	$	2,539		$	2,508

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(1) The carrying amount includes the unamortized net discount on debt issuances and adjustments of $11 millionand$18 millionas ofSeptember 30, 2014 and December 31, 2013, respectively, related to the change in the fair value of interest rate swaps designated as fair value hedges. See Note6for further information regarding derivatives.

(2) Capital lease obligations, primarily related to manufacturing facilities, totaled $59 million and $56 million as of September 30, 2014 and December 31, 2013, respectively.

Schedule of Short-term Debt

The following table summarizes the Company's short-term borrowings and current portion of long-term obligations as of September 30, 2014 and December 31, 2013 (in millions):

	September 30,		December 31,
	2014		2013
Commercial paper	$	—	$	65
Current portion of long-term obligations	2		1
Short-term borrowings and current portion of long-term obligations	$	2	$	66

Schedule of Long-term Debt Instruments

The Company's senior unsecured notes consisted of the following (in millions):

			Principal Amount		Carrying Amount
			September 30,		September 30,		December 31,
Issuance	Maturity Date	Rate	2014		2014		2013
2016 Notes	January 15, 2016	2.90%	$	500	$	500	$	500
2018 Notes	May 1, 2018	6.82%	724		724		724
2019 Notes	January 15, 2019	2.60%	250		249		248
2020 Notes	January 15, 2020	2.00%	250		243		241
2021 Notes	November 15, 2021	3.20%	250		246		241
2022 Notes	November 15, 2022	2.70%	250		256		247
2038 Notes	May 1, 2038	7.45%	250		264		252
			$	2,474	$	2,482	$	2,453

Amount Utilized and Available for Revolver

The following table provides amounts utilized and available under the Revolver and each sublimit arrangement type as of September 30, 2014 (in millions):

	Amount Utilized		Balances Available
Revolver	$	—	$	499
Letters of credit	1		74
Swingline advances	—		50