DEBT AND FINANCING ARRANGEMENTS (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Debt Disclosure [Abstract] |
|
| Carrying Value of Debt Obligations |
The following table sets forth the principal amount, maturity or range of maturities, as well as the carrying value of our debt obligations, as of December 31, 2017 and 2016 (in millions). The carrying value of these debt obligations can differ from the principal amount due to the impact of unamortized discounts or premiums and valuation adjustments resulting from interest rate swap hedging relationships.
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Principal |
|
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|
Carrying Value |
|
Amount |
|
Maturity |
|
2017 |
|
2016 |
Commercial paper |
$ |
3,203 |
|
|
2018 |
|
$ |
3,203 |
|
|
$ |
3,250 |
|
Fixed-rate senior notes: |
|
|
|
|
|
|
|
1.125% senior notes |
375 |
|
|
2017 |
|
— |
|
|
374 |
|
5.500% senior notes |
750 |
|
|
2018 |
|
751 |
|
|
769 |
|
5.125% senior notes |
1,000 |
|
|
2019 |
|
1,019 |
|
|
1,043 |
|
3.125% senior notes |
1,500 |
|
|
2021 |
|
1,549 |
|
|
1,584 |
|
2.050% senior notes |
700 |
|
|
2021 |
|
696 |
|
|
— |
|
2.450% senior notes |
1,000 |
|
|
2022 |
|
979 |
|
|
986 |
|
2.350% senior notes |
600 |
|
|
2022 |
|
597 |
|
|
— |
|
2.500% senior notes |
1,000 |
|
|
2023 |
|
992 |
|
|
— |
|
2.800% senior notes |
500 |
|
|
2024 |
|
495 |
|
|
— |
|
2.400% senior notes |
500 |
|
|
2026 |
|
497 |
|
|
497 |
|
3.050% senior notes |
1,000 |
|
|
2027 |
|
990 |
|
|
— |
|
6.200% senior notes |
1,500 |
|
|
2038 |
|
1,482 |
|
|
1,481 |
|
4.875% senior notes |
500 |
|
|
2040 |
|
489 |
|
|
489 |
|
3.625% senior notes |
375 |
|
|
2042 |
|
368 |
|
|
367 |
|
3.400% senior notes |
500 |
|
|
2046 |
|
491 |
|
|
491 |
|
3.750% senior notes |
1,150 |
|
|
2047 |
|
1,135 |
|
|
— |
|
Floating-rate senior notes: |
|
|
|
|
|
|
|
Floating-rate senior notes |
350 |
|
|
2021 |
|
348 |
|
|
— |
|
Floating-rate senior notes |
400 |
|
|
2022 |
|
398 |
|
|
— |
|
Floating-rate senior notes |
500 |
|
|
2023 |
|
496 |
|
|
— |
|
Floating-rate senior notes |
1,043 |
|
|
2049-2067 |
|
1,032 |
|
|
824 |
|
8.375% Debentures: |
|
|
|
|
|
|
|
8.375% debentures |
424 |
|
|
2020 |
|
447 |
|
|
461 |
|
8.375% debentures |
276 |
|
|
2030 |
|
282 |
|
|
282 |
|
Pound Sterling Notes: |
|
|
|
|
|
|
|
5.500% notes |
90 |
|
|
2031 |
|
84 |
|
|
76 |
|
5.125% notes |
614 |
|
|
2050 |
|
586 |
|
|
535 |
|
Euro Senior Notes: |
|
|
|
|
|
|
|
0.375% senior notes |
839 |
|
|
2023 |
|
832 |
|
|
— |
|
1.625% senior notes |
839 |
|
|
2025 |
|
833 |
|
|
732 |
|
1.000% senior notes |
599 |
|
|
2028 |
|
595 |
|
|
523 |
|
1.500% senior notes |
599 |
|
|
2032 |
|
594 |
|
|
— |
|
Floating-rate senior notes |
599 |
|
|
2020 |
|
598 |
|
|
525 |
|
Canadian senior notes: |
|
|
|
|
|
|
|
2.125% senior notes |
597 |
|
|
2024 |
|
593 |
|
|
— |
|
Capital lease obligations |
500 |
|
|
2018– 3005 |
|
500 |
|
|
447 |
|
Facility notes and bonds |
320 |
|
|
2029 – 2045 |
|
319 |
|
|
319 |
|
Other debt |
19 |
|
|
2018 – 2022 |
|
19 |
|
|
20 |
|
Total debt |
$ |
24,761 |
|
|
|
|
24,289 |
|
|
16,075 |
|
Less: current maturities |
|
|
|
|
(4,011 |
) |
|
(3,681 |
) |
Long-term debt |
|
|
|
|
$ |
20,278 |
|
|
$ |
12,394 |
|
|
| Debt Instruments, Average Effective Interest Rate |
The average interest rate payable on these notes, including the impact of the interest rate swaps, for 2017 and 2016, respectively, were as follows:
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|
Principal |
|
|
|
Average Effective Interest Rate |
|
Value |
|
Maturity |
|
2017 |
|
2016 |
1.125% senior notes |
$ |
375 |
|
|
2017 |
|
1.51 |
% |
|
1.04 |
% |
5.50% senior notes |
$ |
750 |
|
|
2018 |
|
3.45 |
% |
|
2.94 |
% |
5.125% senior notes |
$ |
1,000 |
|
|
2019 |
|
2.98 |
% |
|
2.49 |
% |
3.125% senior notes |
$ |
1,500 |
|
|
2021 |
|
1.34 |
% |
|
1.40 |
% |
2.45% senior notes |
$ |
1,000 |
|
|
2022 |
|
1.78 |
% |
|
1.26 |
% |
|
| Recorded Value of Property, Plant and Equipment Subject to Capital Leases |
The recorded value of our property, plant and equipment subject to capital leases is as follows as of December 31 (in millions):
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
Vehicles |
$ |
70 |
|
|
$ |
68 |
|
Aircraft |
2,291 |
|
|
2,291 |
|
Buildings |
285 |
|
|
190 |
|
Accumulated amortization |
(990 |
) |
|
(896 |
) |
Property, plant and equipment subject to capital leases |
$ |
1,656 |
|
|
$ |
1,653 |
|
|
| Aggregate Minimum Lease Payments, Annual Principal Payments and Amounts Expected to be Spent for Purchase Commitments |
The following table sets forth the aggregate minimum lease payments under capital and operating leases, the aggregate annual principal payments due under our long-term debt and the aggregate amounts expected to be spent for purchase commitments (in millions).
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|
Year |
Capital
Leases
|
|
Operating
Leases
|
|
Debt
Principal
|
|
Purchase
Commitments (1)
|
2018 |
$ |
81 |
|
|
$ |
398 |
|
|
$ |
3,960 |
|
|
$ |
3,789 |
|
2019 |
79 |
|
|
305 |
|
|
1,009 |
|
|
2,462 |
|
2020 |
69 |
|
|
239 |
|
|
1,024 |
|
|
2,428 |
|
2021 |
49 |
|
|
186 |
|
|
2,551 |
|
|
1,926 |
|
2022 |
45 |
|
|
138 |
|
|
2,000 |
|
|
323 |
|
After 2022 |
500 |
|
|
371 |
|
|
13,342 |
|
|
13 |
|
Total |
823 |
|
|
$ |
1,637 |
|
|
$ |
23,886 |
|
|
$ |
10,941 |
|
Less: imputed interest |
(323 |
) |
|
|
|
|
|
|
Present value of minimum capitalized lease payments |
500 |
|
|
|
|
|
|
|
Less: current portion |
(51 |
) |
|
|
|
|
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|
Long-term capitalized lease obligations |
$ |
449 |
|
|
|
|
|
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