| 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, 2018 |
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December 31, 2017 |
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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 2019–2093 |
$ |
13,619 |
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2.6 |
% |
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$ |
16,854 |
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2.3 |
% |
U.S. dollar debentures due 2020–2098 |
1,390 |
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5.2 |
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1,559 |
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5.5 |
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U.S. dollar zero coupon notes due 20202
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163 |
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8.4 |
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158 |
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8.4 |
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Australian dollar notes due 2020–2024 |
723 |
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2.2 |
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760 |
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2.1 |
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Euro notes due 2019–2036 |
12,994 |
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0.6 |
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13,663 |
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0.7 |
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Swiss franc notes due 2022–2028 |
1,128 |
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3.6 |
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1,148 |
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3.0 |
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Other, due through 20983
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282 |
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3.4 |
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325 |
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3.4 |
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Fair value adjustments4
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62 |
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N/A |
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13 |
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N/A |
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Total5,6
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30,361 |
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1.9 |
% |
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34,480 |
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1.8 |
% |
Less current portion |
4,997 |
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3,298 |
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Long-term debt |
$ |
25,364 |
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$ |
31,182 |
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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 6 for a more detailed discussion on interest rate management.
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2 |
Amount is shown net of unamortized discounts of $8 million and $13 million as of December 31, 2018 and 2017, respectively.
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3 |
As of December 31, 2018, the amount shown includes $136 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 6 for additional information about our fair value hedging strategy.
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5 |
As of December 31, 2018 and 2017, the fair value of our long-term debt, including the current portion, was $30,438 million and $35,169 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, 2018 are as follows (in millions):
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Maturities of
Long-Term Debt
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2019 |
$ |
4,997 |
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2020 |
4,265 |
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2021 |
2,929 |
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2022 |
2,414 |
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2023 |
4,099 |
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