Debt and Financing Activities

3 Months Ended

Jun. 30, 2019

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-denominated borrowings. At June 30, 2019 and March 31, 2019, $7,692 million and $7,595 million of total debt were outstanding, of which $310 million and $330 million were included under the caption “Current portion of long-term debt” within our condensed consolidated balance sheets.

Revolving Credit Facilities

We have a syndicated $3.5 billion five-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. The Global Facility matures on October 22, 2020. 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, 2019, we were in compliance with all covenants. There were no borrowings under this facility during the first quarters of 2020 and 2019, and no borrowings outstanding as of June 30, 2019 and March 31, 2019.

We also maintain bilateral credit lines primarily denominated in Euros with a committed balance of $9 million and an uncommitted balance of $199 million as of June 30, 2019. Borrowings and repayments were not material during the first quarters of 2020 and 2019 and amounts outstanding under these credit lines were not material as of June 30, 2019 and March 31, 2019.

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 commercial paper notes. During the first quarters of 2020 and 2019, we borrowed $2.6 billion and $9.0 billion and repaid $2.6 billion and $7.0 billion under the program. At June 30, 2019 and March 31, 2019, there were no commercial paper notes outstanding.