SHORT-TERM AND LONG-TERM DEBT

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

SHORT-TERM AND LONG-TERM DEBT

SHORT-TERM AND LONG-TERM DEBT

Short-term debt consisted of outstanding lines of credit of $51 million and $49 million at June 30, 2019 and December 31, 2018, respectively. Long-term debt consisted of the following (in millions of dollars):

	As of June 30, 2019						As of December 31, 2018
	Carrying Value			Fair Value			Carrying Value			Fair Value
4.60% senior notes due 2045	$	1,000		$	1,112		$	1,000		$	1,026
3.75% senior notes due 2046	400			393			400			357
4.20% senior notes due 2047	400			425			400			383
British pound term loan	167			167			174			174
Euro term loan	125			125			126			126
Canadian dollar revolving credit facility	46			46			44			44
Other	45			45			49			49
Subtotal	2,183			2,313			2,193			2,159
Less current maturities	(81		)	(81		)	(81		)	(81		)
Debt issuance costs and discounts, net of amortization	(22		)	(22		)	(22		)	(22		)
Long-term debt (less current maturities)	$	2,080		$	2,210		$	2,090		$	2,056

The estimated fair value of the Company’s senior notes was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as level 2 inputs within the fair value hierarchy. The carrying value of other long-term debt approximates fair value due to their variable interest rates.