Bank Financing and Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

The following table sets forth the Company’s debt.

	At			At
	March 31, 2018			December 31, 2017
Commercial paper		$	197		$	679
Short-term bank borrowings		20			—
Senior debt (2.30% - 7.875% due 2019 - 2045) (a)		9,428			9,426
Obligations under capital leases		61			57
Total debt		9,706			10,162
Less short-term debt		217			679
Less current portion of long-term debt		19			19
Total long-term debt, net of current portion		$	9,470		$	9,464

(a) At March 31, 2018 and December 31, 2017, the senior debt balances included (i) a net unamortized discount of $63 million and $65 million, respectively, (ii) unamortized deferred financing costs of $46 million and $47 million, respectively, and (iii) a $3 million decrease in the carrying value of the debt relating to previously settled fair value hedges at both March 31, 2018 and December 31, 2017. The face value of the Company’s senior debt was $9.54 billion at both March 31, 2018 and December 31, 2017.