| 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, 2014 |
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December 31, 2013 |
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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 2015–2093 |
$ |
17,433 |
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1.8 |
% |
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$ |
17,427 |
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1.8 |
% |
U.S. dollar debentures due 2017–2098 |
2,157 |
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3.9 |
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2,191 |
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3.9 |
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U.S. dollar zero coupon notes due 20202
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143 |
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8.4 |
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138 |
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8.4 |
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Euro notes due 2022 and 20263
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2,468 |
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3.7 |
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— |
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— |
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Other, due through 20984
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380 |
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4.0 |
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370 |
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4.0 |
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Fair value adjustment5
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34 |
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N/A |
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52 |
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N/A |
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Total6,7
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$ |
22,615 |
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2.2 |
% |
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$ |
20,178 |
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2.2 |
% |
Less current portion |
3,552 |
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1,024 |
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Long-term debt |
$ |
19,063 |
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$ |
19,154 |
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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 $28 million and $33 million as of December 31, 2014 and 2013, 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, 2014, the amount shown includes $199 million of debt instruments that are due through 2031.
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5 |
Refer to Note 5 for additional information about our fair value hedging strategy.
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6 |
As of December 31, 2014 and 2013, the fair value of our long-term debt, including the current portion, was $23,411 million and $20,352 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, 2014, are as follows (in millions):
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Maturities of
Long-Term Debt
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2015 |
$ |
3,552 |
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2016 |
2,689 |
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2017 |
1,363 |
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2018 |
3,308 |
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2019 |
1,004 |
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