Debt and Financing Activities

3 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Debt and Financing Activities

Debt and Financing Activities

Long-Term Debt

Our long-term debt includes both U.S. dollar and foreign currency (primarily Euro and British pound sterling) denominated borrowings. At June 30, 2017 and March 31, 2017, $7,949 million and $8,362 million of total long-term debt were outstanding, of which $525 million and $1,057 million were included under the caption “Current portion of long-term debt” within the condensed consolidated balance sheets.

During the first quarter of 2018, we repaid our €500 million bond that matured on April 26, 2017.

Revolving Credit Facilities

We have a syndicated $3.5 billionfive-year senior unsecured revolving credit facility (the “Global Facility”), which has a $3.15 billion aggregate sublimit of availability in Canadian dollars, British pound sterling and Euros. Borrowings under the Global Facility bear interest based upon the London Interbank Offered Rate, Canadian Dealer Offered Rate for credit extensions denominated in Canadian Dollars, a prime rate, or alternative overnight rates as applicable, plus agreed margins. The Global Facility contains a financial covenant which obligates the Company to maintain a debt to capital ratio of no greater than 65% and other customary investment grade covenants. If we do not comply with these covenants, our ability to use the Global Facility may be suspended and repayment of any outstanding balances under the Global Facility may be required. At June 30, 2017, we were in compliance with all covenants. There were no borrowings outstanding under this facility during the first quarter of 2018, and as of June 30, 2017.

We also maintain bilateral credit lines primarily denominated in Euros with a total committed and uncommitted balance of $244 million. Borrowings and repayments were not material during the first quarters of 2018 and 2017. As of June 30, 2017 and March 31, 2017, amounts outstanding under these credit lines were not material.

Commercial Paper

We maintain a commercial paper program to support our working capital requirements and for other general corporate purposes. Under the program, the Company can issue up to $3.5 billion in outstanding notes. As of June 30, 2017, there were no borrowings outstanding under the commercial paper program. As of March 31, 2017, we had $183 million commercial paper notes outstanding with a weighted average interest rate of 1.20%.