LONG-TERM DEBT AND CREDIT AGREEMENTS

6 Months Ended

Jun. 30, 2017

Long Term Debt and Credit Agreements [Abstract]

Note 7. Long-term Debt and Credit Agreements

		June 30,		December 31,
		2017		2016
Floating rate Euro notes due 2018	$	1,140	$	1,054
1.40% notes due 2019		1,250		1,250
Floating rate notes due 2019		250		250
0.65% Euro notes due 2020		1,140		1,054
4.25% notes due 2021		800		800
1.85% notes due 2021		1,500		1,500
1.30% Euro notes due 2023		1,426		1,317
3.35% notes due 2023		300		300
2.50% notes due 2026		1,500		1,500
2.25% Euro notes due 2028		855		790
5.70% notes due 2036		550		550
5.70% notes due 2037		600		600
5.375% notes due 2041		600		600
Industrial development bond obligations, floating
rate maturing at various dates through 2037		30		30
6.625% debentures due 2028		216		216
9.065% debentures due 2033		51		51
Other (including capitalized leases and debt issuance costs),
0.3% weighted average maturing at various dates through 2023		499		547
	$	12,707	$	12,409
Less: current portion		(1,378)		(227)
	$	11,329	$	12,182

On April 28, 2017, the Company entered into Amendment No. 3 (Amendment) to the Amended and Restated $4 billion Credit Agreement dated as of July 10, 2015, as amended by Amendment No. 1 dated as of September 30, 2015 and Amendment No. 2 dated as of April 29, 2016 (as so amended, the “Credit Agreement”), with a syndicate of banks. The Credit Agreement is maintained for general corporate purposes. Commitments under the Credit Agreement can be increased pursuant to the terms of the Credit Agreement to an aggregate amount not to exceed $4.5 billion. The Amendment, among other things, extends the Credit Agreement’s termination date from July 10, 2021 to April 28, 2022.

On April 28, 2017, the Company entered into a $1.5 billion 364-Day Credit Agreement (364-Day Credit Agreement) with a syndicate of banks. The 364-Day Credit Agreement is maintained for general corporate purposes.

A full description of the Amendment and 364-Day Credit Agreement can be found in the Company’s Current Report on Form 8-K, dated April 28, 2017.

There have been no borrowings under any of the credit agreements previously described.