| 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, 2017 |
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December 31, 2016 |
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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 2018–2093 |
$ |
16,854 |
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2.3 |
% |
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$ |
16,922 |
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2.0 |
% |
U.S. dollar debentures due 2018–2098 |
1,559 |
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5.5 |
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2,111 |
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4.1 |
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U.S. dollar zero coupon notes due 20202
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158 |
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8.4 |
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153 |
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8.4 |
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Australian dollar notes due 2020–2024 |
760 |
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2.1 |
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741 |
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1.2 |
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Euro notes due 2019–2036 |
13,663 |
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0.7 |
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11,567 |
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0.7 |
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Swiss franc notes due 2022–2028 |
1,148 |
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3.0 |
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1,304 |
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2.5 |
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Other, due through 20983
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325 |
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3.4 |
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316 |
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3.5 |
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Fair value adjustment4
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13 |
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N/A |
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97 |
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N/A |
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Total5,6
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34,480 |
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1.8 |
% |
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33,211 |
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1.7 |
% |
Less current portion |
3,298 |
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3,527 |
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Long-term debt |
$ |
31,182 |
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$ |
29,684 |
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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 $13 million and $18 million as of December 31, 2017 and 2016, respectively.
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3 |
As of December 31, 2017, the amount shown includes $165 million of debt instruments 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 5 for additional information about our fair value hedging strategy.
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5 |
As of December 31, 2017 and 2016, the fair value of our long-term debt, including the current portion, was $35,169 million and $33,752 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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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, 2017, are as follows (in millions):
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Maturities of
Long-Term Debt
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2018 |
$ |
3,298 |
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2019 |
5,209 |
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2020 |
4,298 |
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2021 |
2,930 |
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2022 |
2,480 |
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