Debt And Financing Arrangements

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Debt And Financing Arrangements

Debt and Financing Arrangements

At June 30, 2016, the fair value of the Company’s long-term debt exceeded the carrying value by $1.4 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At June 30, 2016, the Company had lines of credit, including the accounts receivable securitization programs, totaling $7.5 billion, of which $4.9 billion was unused.  Of the Company’s total lines of credit, $4.0 billion support a commercial paper borrowing facility, against which there was $1.4 billion of commercial paper outstanding at June 30, 2016.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $1.5 billion in funding resulting from the sale of accounts receivable. As of June 30, 2016, the Company utilized $1.1 billion of its facility under the Programs (see Note 16 for more information on the Programs).