| Components of long-term debt |
The Company's long-term debt consisted of the following (in millions, except average rate data):
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December 31, 2016 |
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December 31, 2015 |
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Amount |
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Average
Rate 1
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Amount |
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Average
Rate1
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U.S. dollar notes due 2017–2093 |
$ |
16,922 |
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2.0 |
% |
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$ |
15,853 |
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2.1 |
% |
U.S. dollar debentures due 2017–2098 |
2,111 |
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|
4.1 |
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2,122 |
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|
3.9 |
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U.S. dollar zero coupon notes due 20202
|
153 |
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|
8.4 |
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|
148 |
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8.4 |
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Australian dollar notes due 2020–2024 |
741 |
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1.2 |
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— |
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N/A |
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Euro notes due 2017–20363
|
11,567 |
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0.7 |
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11,318 |
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0.7 |
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Swiss franc notes due 2017–20283
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1,304 |
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2.5 |
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1,286 |
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0.9 |
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Other, due through 20984
|
316 |
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3.5 |
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|
307 |
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4.2 |
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Fair value adjustment5
|
97 |
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N/A |
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(47 |
) |
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N/A |
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Total6,7
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33,211 |
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1.7 |
% |
|
30,987 |
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|
1.7 |
% |
Less current portion |
3,527 |
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2,676 |
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Long-term debt |
$ |
29,684 |
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$ |
28,311 |
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1 |
These rates represent the weighted-average effective interest rate on the balances outstanding as of year end, as adjusted for the effects of interest rate swap agreements, cross-currency swap agreements and fair value adjustments, if applicable. Refer to Note 5 for a more detailed discussion on interest rate management.
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2 |
This amount is shown net of unamortized discounts of $18 million and $23 million as of December 31, 2016 and 2015, respectively.
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3 |
This amount includes adjustments recorded due to changes in foreign currency exchange rates. |
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4 |
As of December 31, 2016, the amount shown includes $170 million of debt instruments that are due through 2031.
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5 |
Amount represents changes in fair value due to changes in benchmark interest rates. Refer to Note 5 for additional information about our fair value hedging strategy.
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6 |
As of December 31, 2016 and 2015, the fair value of our long-term debt, including the current portion, was $33,752 million and $31,308 million, respectively. The fair value of our long-term debt is estimated based on quoted prices for those or similar instruments.
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7 |
The above notes and debentures include various restrictions, none of which is presently significant to our Company. |
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| Schedule of Maturities of Long-term Debt |
Maturities of long-term debt for the five years succeeding December 31, 2016, are as follows (in millions):
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Maturities of
Long-Term Debt
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2017 |
$ |
3,527 |
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2018 |
3,301 |
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2019 |
3,241 |
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2020 |
4,302 |
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2021 |
2,318 |
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