Long-Term Debt and Short-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2014

Long-Term Debt and Short-Term Borrowings

Schedule of Long-Term Debt

Long-Term Debt
		Currency/	Effective		Final
(Millions)		Fixed vs.	Interest		Maturity	Carrying Value
Description / 2014 Principal Amount	Reference	Floating	Rate		Date	2014		2013
Eurobond (775 million Euros)	A1	Euro Fixed	―	%	―	$	―	$	1,075
Eurobond (250 million Euros)	A2	Euro Floating	―	%	―		―		349
Medium-term note ($1 billion)	B	USD Fixed	1.62	%	2016		997		995
Medium-term note (750 million Euros)	C	Euro Fixed	1.71	%	2026		897		―
Eurobond (300 million Euros)	D1	Euro Fixed	1.97	%	2021		363		411
Eurobond (300 million Euros)	D2	Euro Floating	0.40	%	2021		390		404
30-year bond ($750 million)	E	USD Fixed	5.73	%	2037		748		748
Medium-term note ($650 million)	F	USD Fixed	1.10	%	2017		649		648
Medium-term note ($600 million)	G1	USD Floating	0.28	%	2019		594		―
Medium-term note ($25 million)	G2	USD Fixed	1.74	%	2019		25		―
Medium-term note (500 million Euros)	H	Euro Floating	0.31	%	2018		608		―
Medium-term note ($600 million)	I	USD Fixed	2.17	%	2022		593		592
30-year debenture ($330 million)	J	USD Fixed	6.01	%	2028		344		346
Medium-term note ($325 million)	K	USD Fixed	4.05	%	2044		315		―
UK borrowing (66 million GBP)	L	GBP Floating	―	%	―		―		109
Floating rate note ($96 million)	M	USD Floating	―	%	2041		96		97
Floating rate note ($55 million)	N	USD Floating	―	%	2044		55		59
Other borrowings	O	Various	4.17	%	2015-2040		112		79
Total long-term debt						$	6,786	$	5,912
Less: current portion of long-term debt							55		1,586
Long-term debt (excluding current portion)						$	6,731	$	4,326

Schedule of Post-Swap Borrowing (Long-Term Debt, Including Current Portion)

	2014				2013
(Millions)	Carrying Value		Effective Interest Rate		Carrying Value		Effective Interest Rate
Fixed-rate debt	$	4,933	2.74	%	$	4,821	3.19	%
Floating-rate debt		1,853	0.53	%		1,091	0.48	%
Total long-term debt, including current portion	$	6,786			$	5,912

Schedule of Short-Term Borrowings and Current Portion of Long-Term Debt

Short-Term Borrowings and Current Portion of Long-Term Debt
	Effective		Carrying Value
(Millions)	Interest Rate		2014		2013
Current portion of long-term debt	―	%	$	55	$	1,586
U.S. dollar commercial paper	―	%		―		―
Other borrowings	2.46	%		51		97
Total short-term borrowings and current portion of long-term debt			$	106	$	1,683

Schedule of Maturities of Long-Term Debt

										After
2015		2016		2017		2018		2019		2019		Total
$	55	$	1,109	$	745	$	608	$	622	$	3,647	$	6,786