Debt and Credit Facilities

12 Months Ended

Dec. 31, 2017

Long-term Debt, Unclassified [Abstract]

DEBT AND CREDIT FACILITIES

In January 2017 we issued $500 of senior unsecured notes with a fixed interest rate of 1.800% due on January 15, 2019. Our commercial paper program allows us to have a maximum of $1,500 in commercial paper outstanding with maturities up to 397 days from the date of issuance. On December 31, 2017 there were no amounts outstanding under our commercial paper program.

We have lines of credit issued by various financial institutions that are available to fund our day-to-day operating needs. Certain of our credit facilities require us to comply with financial and other covenants. We were in compliance with all covenants on December 31, 2017.



Summary of Total Debt
			2017		2016
Senior unsecured notes:
	Rate	Due
	1.300%	April 1, 2018	$	600	$	598
	1.800%	January 15, 2019	499		—
	2.000%	March 8, 2019	748		746
	4.375%	January 15, 2020	498		497
	2.625%	March 15, 2021	746		745
	3.375%	May 15, 2024	598		602
	3.375%	November 1, 2025	745		744
	3.500%	March 15, 2026	988		987
	4.100%	April 1, 2043	391		391
	4.375%	May 15, 2044	394		395
	4.625%	March 15, 2046	980		979
Commercial paper			—		200
Other			35		30
Total debt			$	7,222	$	6,914
Less current maturities			632		228
Total long-term debt			$	6,590	$	6,686

Unamortized debt issuance costs			$	39	$	45
Borrowing capacity on existing facilities			$	1,547	$	1,551
Fair value of senior unsecured notes			$	7,521	$	6,762

The fair value of the senior unsecured notes was estimated using quoted interest rates, maturities and amounts of borrowings based on quoted active market prices and yields that took into account the underlying terms of the debt instruments. Substantially all of our debt is classified within Level 2 of the fair value hierarchy.

Interest expense, including required fees incurred on outstanding debt and credit facilities that were included in other expense, totaled $247, $228, and $108 in 2017, 2016 and 2015.