DEBT
Debt consisted of the following:
|
| | | | | | | | |
December 31 | | 2012 | | 2013 |
Fixed-rate notes due: | Interest Rate | | | |
January 2015 | 1.375% | $ | 500 |
| | $ | 500 |
|
July 2016 | 2.250% | 500 |
| | 500 |
|
November 2017 | 1.000% | 895 |
| | 896 |
|
July 2021 | 3.875% | 499 |
| | 499 |
|
November 2022 | 2.250% | 990 |
| | 991 |
|
November 2042 | 3.600% | 498 |
| | 498 |
|
Other | Various | 27 |
| | 25 |
|
Total debt | | 3,909 |
| | 3,909 |
|
Less current portion | | 1 |
| | 1 |
|
Long-term debt | | $ | 3,908 |
| | $ | 3,908 |
|
Our fixed-rate notes are fully and unconditionally guaranteed by several of our 100-percent-owned subsidiaries (see Note R for condensed consolidating financial statements). We have the option to redeem the notes prior to their maturity in whole or part for the principal plus any accrued but unpaid interest and applicable make-whole amounts.
The aggregate amounts of scheduled maturities of our debt for the next five years are as follows:
|
| | | |
Year Ended December 31 | |
2014 | $ | 1 |
|
2015 | 500 |
|
2016 | 500 |
|
2017 | 897 |
|
2018 | 1 |
|
Thereafter | 2,010 |
|
Total debt | $ | 3,909 |
|
While we had no commercial paper outstanding on December 31, 2013, we issued, and subsequently repaid, $500 of commercial paper in the fourth quarter of 2013. We maintain the ability to access the commercial paper market in the future. We have $2 billion in committed bank credit facilities that provide backup liquidity to our commercial paper program. These credit facilities include a $1 billion multi-year facility expiring in July 2016 and a $1 billion multi-year facility expiring in July 2018. These facilities are required by rating agencies to support our commercial paper issuances. We may renew or replace, in whole or part, these credit facilities at or prior to their expiration dates. Our commercial paper issuances and the bank credit facilities are guaranteed by several of our 100-percent-owned subsidiaries. In addition, we have approximately $280 in committed bank credit facilities to provide backup liquidity to our European businesses.
Our financing arrangements contain a number of customary covenants and restrictions. We were in compliance with all material covenants on December 31, 2013.
