Debt Financing Arrangements

12 Months Ended

Dec. 31, 2019

The Company’s long-term debt consisted of the following:



Debt Instrument
Interest Rate	Face Amount	Due Date	December 31, 2019			December 31, 2018
			(In millions)
2.5% Notes	$1 billion	2026	$	994		$	993

1% Notes	€650 million	2025	723			736

1.75% Notes	€600 million	2023	669			682

4.5% Notes	$600 million	2049	587			587

4.479% Debentures	$516 million	2021	500			493

3.75% Notes	$500 million	2047	493			493

5.375% Debentures	$470 million	2035	461			461

3.375% Notes	$400 million	2022	398			398

4.016% Debentures	$570 million	2043	389			386

4.535% Debentures	$528 million	2042	384			382

5.935% Debentures	$383 million	2032	379			378

5.765% Debentures	$378 million	2041	378			378

7% Debentures	$164 million	2031	163			163

6.625% Debentures	$160 million	2029	159			159

6.95% Debentures	$159 million	2097	155			155

7.5% Debentures	$150 million	2027	150			149

6.45% Debentures	$127 million	2038	126			126

6.75% Debentures	$118 million	2027	117			117

Floating Rate	€500 million	2019	—			572

Other			454			472
Total long-term debt including current maturities			7,679			8,280
Current maturities			(7		)	(582		)
Total long-term debt			$	7,672		$	7,698

In June 2019, the Company retired €500 million aggregate principal amount of Floating Rate Notes that matured on June 24, 2019.

On December 3, 2018, the Company issued $600 million and $400 million aggregate principal amounts of 4.5% Notes due in 2049 and 3.375% Notes due in 2022, respectively. Net proceeds before expenses for the 4.5% and 3.375% Notes were $588 million and $399 million, respectively.

On September 12, 2018, the Company issued €650 million ($744 million as of December 31, 2018) aggregate principal amount of 1.000% Notes due in 2025. Net proceeds before expenses were $747 million.

Discount amortization expense, net of premium amortization, of $12 million, $10 million, and $11 million for the years ended December 31, 2019, 2018, and 2017, respectively, are included in interest expense related to the Company’s long-term debt.

At December 31, 2019, the fair value of the Company’s long-term debt exceeded the carrying value by $1.5 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

The aggregate maturities of long-term debt for the five years after December 31, 2019, are $7 million, $672 million, $409 million, $678 million, and $48 million, respectively.

At December 31, 2019, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $9.0 billion, of which $6.4 billion was unused. The weighted average interest rates on short-term borrowings outstanding at December 31, 2019 and 2018, were 1.23% and 7.95%, respectively. Of the Company’s total lines of credit, $5.0 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was $1.0 billion of commercial paper outstanding at December 31, 2019.

The Company’s credit facilities and certain debentures require the Company to comply with specified financial and non-financial covenants including maintenance of minimum tangible net worth as well as limitations related to incurring liens, secured debt, and certain other financing arrangements. The Company is in compliance with these covenants as of December 31, 2019.

The Company had outstanding standby letters of credit and surety bonds at December 31, 2019 and 2018, totaling $1.4 billion and $1.7 billion, respectively.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $1.9 billion in funding resulting from the sale of accounts receivable. As of December 31, 2019, the Company utilized $1.4 billion of its facility under the Programs (see Note 19 for more information on the Programs).