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

12 Months Ended

Dec. 31, 2017

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 / 2017 Principal Amount	Floating	Rate		Date	2017		2016
Medium-term note (repaid in 2017)	USD Fixed	—	%	—	$	—	$	649
Medium-term note (500 million Euros)	Euro Floating	—	%	2018		600		523
Medium-term note ($450 million)	USD Floating	1.50	%	2018		448		448
Medium-term note ($600 million)	USD Floating	1.63	%	2019		596		598
Medium-term note ($25 million)	USD Fixed	1.74	%	2019		25		25
Medium-term note (650 million Euros)	Euro Floating	—	%	2020		779		680
Medium-term note ($300 million)	USD Floating	1.58	%	2020		296		297
Medium-term note ($200 million)	USD Floating	1.49	%	2020		198		199
Eurobond (300 million Euros)	Euro Floating	—	%	2021		378		336
Eurobond (300 million Euros)	Euro Fixed	1.97	%	2021		358		312
Medium-term note ($600 million)	USD Fixed	1.63	%	2021		598		598
Medium-term note (500 million Euros)	Euro Fixed	0.45	%	2022		597		520
Medium-term note ($600 million)	USD Fixed	2.17	%	2022		595		593
Medium-term note (600 million Euros)	Euro Fixed	1.14	%	2023		712		619
Medium-term note ($650 million)	USD Fixed	2.26	%	2023		647		—
Medium-term note ($550 million)	USD Fixed	3.04	%	2025		546		546
Medium-term note (750 million Euros)	Euro Fixed	1.71	%	2026		885		770
Medium-term note ($650 million)	USD Fixed	2.25	%	2026		641		640
Medium-term note ($850 million)	USD Fixed	2.95	%	2027		839		—
30-year debenture ($220 million)	USD Fixed	6.01	%	2028		227		342
Medium-term note (500 million Euros)	Euro Fixed	1.90	%	2030		589		512
Medium-term note (500 million Euros)	Euro Fixed	1.54	%	2031		595		518
30-year bond ($555 million)	USD Fixed	5.73	%	2037		550		743
Floating rate note ($96 million)	USD Floating	1.29	%	2041		95		96
Medium-term note ($325 million)	USD Fixed	4.05	%	2044		313		313
Floating rate note ($55 million)	USD Floating	1.21	%	2044		54		54
Medium-term note ($500 million)	USD Fixed	3.13	%	2046		473		473
Medium-term note ($500 million)	USD Fixed	3.68	%	2047		491		—
Other borrowings	Various	1.26	%	2018-2040		73		74
Total long-term debt					$	13,198	$	11,478
Less: current portion of long-term debt						1,102		800
Long-term debt (excluding current portion)					$	12,096	$	10,678

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

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

	2017				2016
	Carrying		Effective		Carrying		Effective
(Millions)	Value		Interest Rate		Value		Interest Rate
Fixed-rate debt	$	9,681	2.45	%	$	8,372	2.42	%
Floating-rate debt		3,517	0.76	%		3,106	0.48	%
Total long-term debt, including current portion	$	13,198			$	11,478

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		2017		2016
Current portion of long-term debt	0.67	%	$	1,102	$	800
U.S. dollar commercial paper	1.50	%		745		—
Other borrowings	5.35	%		6		172
Total short-term borrowings and current portion of long-term debt			$	1,853	$	972

Schedule of Maturities of Long-Term Debt

Future Maturities of Long-term Debt

Maturities of long-term debt in the table below are net of the unaccreted debt issue costs such that total maturities equal the carrying value of long-term debt as of December 31, 2017. The maturities of long-term debt for the periods subsequent to December 31, 2017 are as follows (in millions):

										After
2018		2019		2020		2021		2022		2022		Total
$	1,102	$	692	$	1,368	$	1,333	$	1,191	$	7,512	$	13,198