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Debt and Redeemable Preferred Securities of Subsidiaries
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Debt and Redeemable Preferred Securities of Subsidiaries Debt and Redeemable Preferred Securities of Subsidiaries
Long-term debt is composed of the following:
 
Weighted-
Average
Interest
Rate
 
Maturities
 
December 31
 
2019
 
2018
Notes and debentures
3.5%
 
2020 - 2047
 
$
6,749

 
$
6,756

Industrial development revenue bonds
1.3%
 
2023 - 2045
 
169

 
169

Bank loans and other financings in various currencies
6.8%
 
2020 - 2038
 
54

 
35

Total long-term debt
 
 
 
 
6,972

 
6,960

Less current portion
 
 
 
 
759

 
713

Long-term portion
 
 
 
 
$
6,213

 
$
6,247


Scheduled maturities of long-term debt for the next five years are $761 in 2020, $258 in 2021, $310 in 2022, $468 in 2023 and $552 in 2024.
In April 2019, we issued $700 aggregate principal amount of 3.20% notes due April 25, 2029. Proceeds from the offering were used for general corporate purposes, including the repayment of a portion of our outstanding commercial paper indebtedness.
In October 2018, we issued $500 aggregate principal amount of 3.95% notes due November 1, 2028. Proceeds from the offering were used for general corporate purposes, including repayment of a portion of our outstanding commercial paper indebtedness.
In December 2017, we redeemed $500 aggregate principal amount of 7.50% notes originally due November 1, 2018.  As a result, we recognized a charge of $24 in Other (income) and expense, net.
In September 2017, we issued €500 aggregate principal amount of 0.625% notes due September 7, 2024. Proceeds from the offering were used to repay a portion of our outstanding commercial paper indebtedness.
In May 2017, we issued $350 aggregate principal amount of 3.90% notes due May 4, 2047. Proceeds from the offering were used for general corporate purposes, including repayment of a portion of our outstanding commercial paper indebtedness.
We maintain a $2.0 billion revolving credit facility which expires in June 2023 and a $750 revolving credit facility which expires in June 2020.  These facilities, currently unused, support our commercial paper program, and would provide liquidity in the event our access to the commercial paper markets is unavailable for any reason.
In February 2020, we issued $500 aggregate principal amount of 2.875% notes due February 7, 2050. Proceeds from the offering were used for general corporate purposes including the repayment of a portion of our commercial paper indebtedness.
Our subsidiary in Central America has outstanding redeemable preferred securities that are held by a noncontrolling interest.