DEBT

Debt consisted of the following:



		April 3, 2016		December 31, 2015
Fixed-rate notes due:	Interest rate
July 2016	2.250%	500		500
November 2017	1.000%	900		900
July 2021	3.875%	500		500
November 2022	2.250%	1,000		1,000
November 2042	3.600%	500		500
Other	Various	26		25
Total debt - principal		3,426		3,425
Less unamortized debt issuance costs and discounts		26		26
Total debt		3,400		3,399
Less current portion		501		501
Long-term debt		$	2,899	$	2,898

Our fixed-rate notes are fully and unconditionally guaranteed by several of our 100-percent-owned subsidiaries (see Note O for condensed consolidating financial statements). We have the option to redeem the notes prior to their maturity in whole or part for the principal plus any accrued but unpaid interest and applicable make-whole amounts.

On April 3, 2016, we had no commercial paper outstanding, but we maintain the ability to access the commercial paper market in the future. We have $2 billion in committed bank credit facilities for general corporate purposes and working capital needs. These credit facilities include a $1 billion multi-year facility expiring in July 2018 and a $1 billion multi-year facility expiring in November 2020. These facilities are required by rating agencies to support our commercial paper issuances. We may renew or replace, in whole or part, these credit facilities at or prior to their expiration dates. Our bank credit facilities are guaranteed by several of our 100-percent-owned subsidiaries. We also have an effective shelf registration on file with the SEC that allows us to access the debt markets.

Fixed-rate notes of $500 mature in July 2016. As we approach the maturity date of this debt, we will determine whether to repay these notes with cash on hand or refinance the obligation.

Our financing arrangements contain a number of customary covenants and restrictions. We were in compliance with all material covenants on April 3, 2016.