Line of credit, amounts outstanding

  
As of December 31, 2021, the Company had unused capacity of approximately $201 million under international debt facilities. In the ordinary course of business, the Company also had approximately $210 million outstanding in guarantees, letters of credit and other similar arrangements with financial institutions as of December 31, 2021.  
Long-term debt— Long-term debt represents obligations with a maturity date greater than one year, and excludes current maturities that have been reclassified to short-term debt. Long-term debt at carrying value and fair value as of December 31, 2021 and 2020 consisted of the following:  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | 2021 |  | 2020 |
| In millions | Effective Interest Rate |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value |
| 3.375% notes due September 15, 2021 | 3.43% |  | $ | —  |  |  | $ | —  |  |  | $ | 350  |  |  | $ | 355  |  |
| 1.75% Euro notes due May 20, 2022 | 1.86% |  | 568  |  |  | 570  |  |  | 609  |  |  | 625  |  |
| 1.25% Euro notes due May 22, 2023 | 1.35% |  | 567  |  |  | 578  |  |  | 609  |  |  | 631  |  |
| 3.50% notes due March 1, 2024 | 3.54% |  | 699  |  |  | 734  |  |  | 698  |  |  | 764  |  |
| 0.25% Euro notes due December 5, 2024 | 0.31% |  | 679  |  |  | 688  |  |  | 729  |  |  | 745  |  |
| 2.65% notes due November 15, 2026 | 2.69% |  | 995  |  |  | 1,053  |  |  | 994  |  |  | 1,108  |  |
| 0.625% Euro notes due December 5, 2027 | 0.71% |  | 564  |  |  | 577  |  |  | 605  |  |  | 639  |  |
| 2.125% Euro notes due May 22, 2030 | 2.18% |  | 564  |  |  | 641  |  |  | 606  |  |  | 732  |  |
| 1.00% Euro notes due June 5, 2031 | 1.09% |  | 561  |  |  | 587  |  |  | 602  |  |  | 671  |  |
| 3.00% Euro notes due May 19, 2034 | 3.13% |  | 557  |  |  | 711  |  |  | 598  |  |  | 830  |  |
| 4.875% notes due September 15, 2041 | 4.97% |  | 637  |  |  | 863  |  |  | 637  |  |  | 912  |  |
| 3.90% notes due September 1, 2042 | 3.96% |  | 1,083  |  |  | 1,291  |  |  | 1,082  |  |  | 1,397  |  |
| Other borrowings |  |  | 3  |  |  | 3  |  |  | 3  |  |  | 3  |  |
| Total |  |  | $ | 7,477  |  |  | $ | 8,296  |  |  | $ | 8,122  |  |  | $ | 9,412  |  |
| Less: Current maturities of long-term debt |  |  | (568) |  |  |  |  | (350) |  |  |  |
| Total long-term debt |  |  | $ | 6,909  |  |  |  |  | $ | 7,772  |  |  |  |

  
The approximate fair values of the Company's long-term debt, including current maturities, were based on a valuation model using Level 2 observable inputs, which included market rates for comparable instruments for the respective periods.  
In 2005, the Company issued $54 million of 4.88% notes due through December 31, 2020 at 100% of face value, which were fully repaid by the due date.  
In 2009, the Company issued $700 million of 6.25% redeemable notes due April 1, 2019 at 99.98% of face value, which were repaid on the due date.  
In 2011, the Company issued $350 million of 3.375% notes due September 15, 2021 at 99.552% of face value, which were redeemed in full on June 15, 2021, and $650 million of 4.875% notes due September 15, 2041 at 98.539% of face value.  
In 2012, the Company issued $1.1 billion of 3.9% notes due September 1, 2042 at 99.038% of face value.  
In February 2014, the Company issued $650 million of 1.95% notes due March 1, 2019 at 99.871% of face value and $700 million of 3.5% notes due March 1, 2024 at 99.648% of face value. The $650 million of 1.95% notes due March 1, 2019 were repaid on the due date.  
In May 2014, the Company issued €500 million of 1.75% Euro notes due May 20, 2022 at 99.16% of face value and €500 million of 3.0% Euro notes due May 19, 2034 at 98.089% of face value.  
In May 2015, the Company issued €500 million of 1.25% Euro notes due May 22, 2023 at 99.239% of face value and €500 million of 2.125% Euro notes due May 22, 2030 at 99.303% of face value. Net proceeds from the May 2015 debt issuances were used to repay commercial paper and for general corporate purposes.  
In November 2016, the Company issued $1.0 billion of 2.65% notes due November 15, 2026 at 99.685% of face value. Net proceeds from the November 2016 debt issuance were used to repay commercial paper and for general corporate purposes.63
