| 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, 2019 |
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December 31, 2018 |
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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 2020–2093 |
$ |
14,621 |
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2.4 |
% |
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$ |
13,619 |
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2.6 |
% |
U.S. dollar debentures due 2022–2098 |
1,366 |
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4.9 |
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1,390 |
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5.2 |
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U.S. dollar zero coupon notes due 20202
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168 |
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8.4 |
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163 |
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8.4 |
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Australian dollar notes due 2020–2024 |
677 |
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2.4 |
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723 |
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2.2 |
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Euro notes due 2021–2036 |
12,807 |
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0.5 |
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12,994 |
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0.6 |
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Swiss franc notes due 2022–2028 |
1,129 |
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3.7 |
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1,128 |
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3.6 |
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Other, due through 20983
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548 |
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6.2 |
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300 |
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4.0 |
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Fair value adjustments4
|
453 |
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N/A |
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62 |
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N/A |
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Total5,6
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31,769 |
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1.9 |
% |
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30,379 |
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1.9 |
% |
Less: Current portion |
4,253 |
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5,003 |
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Long-term debt |
$ |
27,516 |
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$ |
25,376 |
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1 |
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 6 for a more detailed discussion on interest rate management.
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2 |
Amount is shown net of unamortized discounts of $3 million and $8 million as of December 31, 2019 and 2018, respectively.
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3 |
As of December 31, 2019, the amount shown includes $409 million of debt instruments and finance leases that are due through 2031.
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4 |
Amount represents changes in fair value due to changes in benchmark interest rates. Refer to Note 6 for additional information about our fair value hedging strategy.
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5 |
As of December 31, 2019 and 2018, the fair value of our long-term debt, including the current portion, was $32,725 million and $30,456 million, respectively.
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6
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, 2019 are as follows (in millions):
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Maturities of
Long-Term Debt
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2020 |
$ |
4,253 |
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2021 |
3,767 |
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2022 |
3,788 |
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2023 |
4,097 |
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2024 |
1,974 |
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