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

12 Months Ended

Dec. 31, 2018

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 / 2018 Principal Amount	Floating	Rate		Date	2018		2017
Medium-term note (repaid in 2018)	Euro Floating	—	%	—		—		600
Medium-term note (repaid in 2018)	USD Floating	—	%	—		—		448
Medium-term note ($600 million)	USD Floating	1.74	%	2019		596		596
Medium-term note ($25 million)	USD Fixed	1.74	%	2019		25		25
Medium-term note (650 million Euros)	Euro Floating	—	%	2020		743		779
Medium-term note ($300 million)	USD Floating	2.61	%	2020		294		296
Medium-term note ($200 million)	USD Floating	2.69	%	2020		197		198
Eurobond (300 million Euros)	Euro Floating	—	%	2021		357		378
Eurobond (300 million Euros)	Euro Fixed	1.97	%	2021		341		358
Medium-term note ($600 million)	USD Fixed	1.63	%	2021		599		598
Medium-term note ($200 million)	USD Fixed	3.07	%	2021		199		—
Medium-term note ($200 million)	USD Floating	3.07	%	2021		201		—
Medium-term note (500 million Euros)	Euro Fixed	0.45	%	2022		570		597
Medium-term note ($600 million)	USD Fixed	2.17	%	2022		596		595
Medium-term note (600 million Euros)	Euro Fixed	1.14	%	2023		680		712
Medium-term note ($650 million)	USD Fixed	2.26	%	2023		648		647
Medium-term note ($300 million)	USD Floating	2.91	%	2024		299		—
Medium-term note ($300 million)	USD Fixed	3.30	%	2024		298		—
Medium-term note ($550 million)	USD Fixed	3.04	%	2025		547		546
Medium-term note (750 million Euros)	Euro Fixed	1.65	%	2026		844		885
Medium-term note ($650 million)	USD Fixed	2.37	%	2026		642		641
Medium-term note ($850 million)	USD Fixed	2.95	%	2027		841		839
30-year debenture ($220 million)	USD Fixed	6.01	%	2028		226		227
Medium-term note ($600 million)	USD Fixed	3.62	%	2028		597		—
Medium-term note (500 million Euros)	Euro Fixed	1.90	%	2030		562		589
Medium-term note (500 million Euros)	Euro Fixed	1.54	%	2031		567		595
30-year bond ($555 million)	USD Fixed	5.73	%	2037		551		550
Floating rate note ($96 million)	USD Floating	2.45	%	2041		95		95
Medium-term note ($325 million)	USD Fixed	4.05	%	2044		314		313
Floating rate note ($55 million)	USD Floating	2.43	%	2044		53		54
Medium-term note ($500 million)	USD Fixed	3.37	%	2046		474		473
Medium-term note ($500 million)	USD Fixed	3.68	%	2047		491		491
Medium-term note ($650 million)	USD Fixed	4.07	%	2048		637		—
Other borrowings	Various	2.35	%	2019-2040		72		73
Total long-term debt					$	14,156	$	13,198
Less: current portion of long-term debt						745		1,102
Long-term debt (excluding current portion)					$	13,411	$	12,096

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

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

	2018				2017
	Carrying		Effective		Carrying		Effective
(Millions)	Value		Interest Rate		Value		Interest Rate
Fixed-rate debt	$	11,249	2.67	%	$	9,681	2.45	%
Floating-rate debt		2,907	1.44	%		3,517	0.76	%
Total long-term debt, including current portion	$	14,156			$	13,198

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		2018		2017
Current portion of long-term debt	1.85	%	$	745	$	1,102
U.S. dollar commercial paper	2.33	%		435		745
Other borrowings	5.95	%		31		6
Total short-term borrowings and current portion of long-term debt			$	1,211	$	1,853

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, 2018. The maturities of long-term debt for the periods subsequent to December 31, 2018 are as follows (in millions):

										After
2019		2020		2021		2022		2023		2023		Total
$	745	$	1,330	$	1,698	$	1,165	$	1,328	$	7,890	$	14,156