Debt

Short-term debt— Short-term debt represents obligations with a maturity date of one year or less and is stated at cost which approximates fair value. Short-term debt also includes current maturities of long-term debt. Short-term debt as of December 31, 2018 and 2017 consisted of the following:



In millions	2018		2017
Commercial paper	$	—	$	849
Current maturities of long-term debt	1,350		1
Bank overdrafts	1		—
Total short-term debt	$	1,351	$	850

As of December 31, 2018, Short-term debt included $650 million related to the 1.95% notes due March 1, 2019 and $700 million related to the 6.25% notes due April 1, 2019. There was no commercial paper outstanding as of December 31, 2018. Short-term debt as of December 31, 2017 included commercial paper of $849 million.

The Company may issue commercial paper to fund general corporate needs, share repurchases, and small and medium-sized acquisitions. During the second quarter of 2016, the Company entered into a $2.5 billion, five-year line of credit agreement with a termination date of May 9, 2021 to support the potential issuances of commercial paper. No amounts were outstanding under the line of credit agreement at December 31, 2018. As of December 31, 2018, the Company was in compliance with the financial covenants of the line of credit agreement, which includes a minimum interest coverage ratio. The weighted-average interest rate on commercial paper was 1.7% and 1.0% for the years ended December 31, 2018 and 2017, respectively.

As of December 31, 2018, the Company had unused capacity of approximately $227 million under international debt facilities.

Long-term debt— Long-term debt represents obligations with a maturity date greater than one year, and excludes current maturities that have been reclassified to short-term debt. Long-term debt at carrying value and fair value as of December 31, 2018 and 2017 consisted of the following:



		2018					2017
In millions	Effective Interest Rate	Carrying Value			Fair Value		Carrying Value			Fair Value
1.95% notes due March 1, 2019	1.98%	650			649		649			649
6.25% notes due April 1, 2019	6.25%	700			706		699			736
4.88% notes due thru December 31, 2020	4.96%	4			4		4			4
3.375% notes due September 15, 2021	3.43%	349			354		348			361
1.75% Euro notes due May 20, 2022	1.86%	570			603		595			638
1.25% Euro notes due May 22, 2023	1.35%	569			596		595			624
3.50% notes due March 1, 2024	3.54%	696			712		696			734
2.65% notes due November 15, 2026	2.69%	993			933		992			980
2.125% Euro notes due May 22, 2030	2.18%	567			620		594			646
3.0% Euro notes due May 19, 2034	3.13%	560			678		586			702
4.875% notes due September 15, 2041	4.97%	636			719		636			791
3.9% notes due September 1, 2042	3.96%	1,081			1,087		1,081			1,183
Other borrowings		4			4		4			4
Total		$	7,379		$	7,665	$	7,479		$	8,052
Less: Current maturities of long-term debt		(1,350		)			(1		)
Total long-term debt		$	6,029				$	7,478

The approximate fair values of the Company’s long-term debt, including current maturities, were based on a valuation model, using Level 2 observable inputs which included market rates for comparable instruments for the respective periods.

In 2005, the Company issued $54 million of 4.88% notes due through December 31, 2020 at 100% of face value.

In 2009, the Company issued $700 million of 6.25% redeemable notes due April 1, 2019 at 99.98% of face value.

In 2011, the Company issued $350 million of 3.375% notes due September 15, 2021 at 99.552% of face value and $650 million of 4.875% notes due September 15, 2041 at 98.539% of face value.

In 2012, the Company issued $1.1 billion of 3.9% notes due September 1, 2042 at 99.038% of face value.

In February 2014, the Company issued $650 million of 0.9% notes due February 25, 2017 at 99.861% of face value, $650 million of 1.95% notes due March 1, 2019 at 99.871% of face value, and $700 million of 3.5% notes due March 1, 2024 at 99.648% of face value. The $650 million of 0.9% notes due February 25, 2017 were repaid on the due date.

In May 2014, the Company issued €500 million of 1.75% Euro notes due May 20, 2022 at 99.16% of face value and €500 million of 3.0% Euro notes due May 19, 2034 at 98.089% of face value.

In May 2015, the Company issued €500 million of 1.25% Euro notes due May 22, 2023 at 99.239% of face value and €500 million of 2.125% Euro notes due May 22, 2030 at 99.303% of face value. Net proceeds from the May 2015 debt issuances were used to repay commercial paper and for general corporate purposes.

In November 2016, the Company issued $1.0 billion of 2.65% notes due November 15, 2026 at 99.685% of face value. Net proceeds from the November 2016 debt issuance were used to repay commercial paper and for general corporate purposes.

The Company designated the €1.0 billion of Euro notes issued in May 2014 and the €1.0 billion of Euro notes issued in May 2015 as hedges of a portion of its net investment in Euro-denominated foreign operations to reduce foreign currency risk associated with the investment in these operations. Refer to Note 12. Stockholders' Equity for additional information regarding the net investment hedge.

All of the Company's notes listed above represent senior unsecured obligations ranking equal in right of payment. Scheduled maturities of long-term debt, including current maturities of long-term debt, for the future years ending December 31 are as follows:



In millions
2019	$	1,350
2020	4
2021	349
2022	570
2023	569
2024 and future years	4,537
Total	$	7,379