Debt and Lines of Credit

6 Months Ended

Jun. 30, 2017

8. Debt and lines of credit

Short-term borrowings

We maintain a line of credit to support commercial paper borrowings and to provide additional liquidity through bank loans. As of June 30, 2017, we had a variable-rate revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $2 billion until March 2022. The interest rate on borrowings under this credit facility, if drawn, is indexed to the applicable London Interbank Offered Rate (LIBOR). As of June 30, 2017, our credit facility was undrawn, and we had no commercial paper outstanding.

Long-term debt

We retired $250 million of maturing debt in March 2017 and another $375 million in June 2017.

In May 2017, we issued an aggregate principal amount of $600 million of fixed-rate long-term debt. The offering consisted of the reissuance of $300 million of 2.75% notes due in 2021 at a premium and the issuance of $300 million of 2.625% notes due in 2024 at a discount. We incurred $3 million of issuance and other related costs, which are amortized to Interest and debt expense over the term of the debt. The proceeds of the offerings were $605 million, net of the original issuance discount and premium, and were used for the repayment of maturing debt and general corporate purposes.

Long-term debt outstanding is as follows:

	June 30,			December 31,
	2017			2016
Notes due 2017 at 0.875%	$	—		$	250
Notes due 2017 at 6.60% (assumed with National acquisition)		—			375
Notes due 2018 at 1.00%		500			500
Notes due 2019 at 1.65%		750			750
Notes due 2020 at 1.75%		500			500
Notes due 2021 at 2.75%		550			250
Notes due 2022 at 1.85%		500			500
Notes due 2023 at 2.25%		500			500
Notes due 2024 at 2.625%		300			—
Total debt		3,600			3,625
Net unamortized discounts, premiums and debt issuance costs		(17	)		(16	)
Total debt, including net unamortized discounts, premiums and debt issuance costs		3,583			3,609
Current portion of long-term debt		(499	)		(631	)
Long-term debt	$	3,084		$	2,978

Interest and debt expense was $20 million and $21 million for the second quarters of 2017 and 2016, respectively, and $38 million and $43 million for the first six months of 2017 and 2016, respectively. This was net of the amortization of the debt discounts, premiums and debt issuance costs. Capitalized interest was not material.