Subsequent Events Subsequent Events

May 18, 2017

Subsequent Event

Subsequent Event [Line Items]

Subsequent Events [Text Block]

On May 15, 2017, the Company called for the redemption of the $1,100 of outstanding principal amount of the 1.125% Senior Notes due December 15, 2017, to be paid on the redemption date of June 15, 2017. These Notes will be redeemed for $1,106, which includes accrued interest.

Additionally, on May 18, 2017, the Company issued $3,800 in aggregate principal amount of Senior Notes (May 2017 Notes) as follows: $1,000 of 2.15% Senior Notes due May 18, 2021, $800 of 2.30% Senior Notes due May 18, 2022, $1,000 of 2.75% Senior Notes due May 18, 2024, and $1,000 of 3.00% Senior Notes due May 18, 2027. Interest is due semi-annually on May 18 and November 18, with the first payment due on November 18, 2017.

The Company, at its option, may redeem the May 2017 Notes at any time, in whole or in part, at the redemption prices specified in the terms of the May 2017 Notes, plus accrued and unpaid interest to the date of redemption. The Company will be required to offer to purchase the May 2017 Notes, at a price of 101% of the principal amount plus accrued and unpaid interest to the date of repurchase, upon certain events as defined by the terms of the May 2017 Notes.

The proceeds from the May 2017 Notes were used to pay the special cash dividend and the remaining balance will be used for the redemption of the 1.125% Senior Notes.