Debt And Financing Arrangements

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Debt And Financing Arrangements

Debt and Financing Arrangements

On March 27, 2020, the Company issued $0.5 billion and $1.0 billion aggregate principal amounts of 2.75% Notes due in 2025 and 3.25% Notes due in 2030, respectively. Net proceeds before expenses for the 2.75% and 3.25% Notes were $492 million and $988 million, respectively.

At March 31, 2020, the fair value of the Company’s long-term debt exceeded the carrying value by $1.6 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards).

At March 31, 2020, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $10.7 billion, of which $5.9 billion was unused.  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 $2.2 billion of commercial paper outstanding at March 31, 2020.

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, of which $0.5 billion was unused as of March 31, 2020 (see Note 16 for more information about the Programs).