LONG-TERM DEBT AND CREDIT AGREEMENTS

3 Months Ended

Mar. 31, 2018

Long Term Debt and Credit Agreements [Abstract]

Note 9. Long-term Debt and Credit Agreements

		March 31,		December 31,
		2018		2017
Two year floating rate Euro notes due 2018	$	-	$	1,199
1.40% notes due 2019		1,250		1,250
Three year floating rate notes due 2019		250		250
Two year floating rate notes due 2019		450		450
1.80% notes due 2019		750		750
0.65% Euro notes due 2020		1,232		1,199
4.25% notes due 2021		800		800
1.85% notes due 2021		1,500		1,500
1.30% Euro notes due 2023		1,539		1,499
3.35% notes due 2023		300		300
2.50% notes due 2026		1,500		1,500
2.25% Euro notes due 2028		924		900
5.70% notes due 2036		441		441
5.70% notes due 2037		462		462
5.375% notes due 2041		417		417
3.812% notes due 2047		445		445
Industrial development bond obligations, floating
rate maturing at various dates through 2037		22		22
6.625% debentures due 2028		201		201
9.065% debentures due 2033		51		51
Other (including capitalized leases and debt issuance costs),
5.2% weighted average maturing at various dates through 2025		347		288
		12,881		13,924
Less: current portion		(143)		(1,351)
	$	12,738	$	12,573

On January 29, 2018, the Company completed an exchange offer for any and all of its outstanding 3.812% Notes due 2047, which had not been registered (“Unregistered Notes”) under the Securities Act of 1933, as amended (“Securities Act”) for an equal principal amount of new 3.812% Notes due 2047 which had been registered under the Securities Act (“Registered Notes”). 99.4% of the Unregistered Notes were exchanged for Registered Notes, representing 99.4% of the principal amount of the Company’s outstanding 3.812% Notes due 2047.

On February 22, 2018, the Company paid its Two year floating rate Euro notes.

On February 16, 2018, the Company entered into a $1.5 billion 364-Day Credit Agreement (Second 364-Day Credit Agreement) with a syndicate of banks. The Second 364-Day Credit Agreement is maintained for general corporate purposes.

As of March 31, 2018, there are no outstanding borrowings under any of our credit agreements.