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71
2014 Annual Report
5 | Borrowing and Credit Agreements
The following table is a summary of the Company’s borrowings as of December 31:
IN MILLIONS 2014 2013
Commercial paper
$ 685
$ —
4.875% senior notes due 2014
—
550
3.25% senior notes due 2015
550
550
6.125% senior notes due 2016
421
421
1.2% senior notes due 2016
750
750
5.75% senior notes due 2017
1,080
1,310
2.25% senior notes due 2018
1,250
1,250
6.6% senior notes due 2019
394
394
2.25% senior notes due 2019
850
—
4.75% senior notes due 2020
450
450
4.125% senior notes due 2021
550
550
2.75% senior notes due 2022
1,250
1,250
4.0% senior notes due 2023
1,250
1,250
3.375% senior notes due 2024
650
—
6.25% senior notes due 2027
453
1,000
6.125% senior notes due 2039
734
1,500
5.75% senior notes due 2041
493
950
5.3% senior notes due 2043
750
750
Capital lease obligations
391
390
Other
4
87
12,955
13,402
Less:
Short-term debt (commercial paper)
(685)
—
Current portion of long-term debt
(575)
(561)
Long-term debt
$ 11,695
$ 12,841
The Company had $685 million of commercial paper outstanding at a weighted average interest rate of 0.55% as
of December 31, 2014. In connection with its commercial paper program, the Company maintains a $1.25 billion,
five-year unsecured back-up credit facility, which expires on February 17, 2017, a $1.0 billion, five-year unsecured
back-up credit facility, which expires on May 23, 2018, and a $1.25 billion, five-year unsecured back-up credit
facility, which expires on July 24, 2019. The credit facilities allow for borrowings at various rates that are dependent,
in part, on the Company’s public debt ratings and require the Company to pay a weighted average quarterly facility
fee of approximately 0.03%, regardless of usage. As of December 31, 2014, there were no borrowings outstanding
under the back-up credit facilities. The weighted average interest rate for short-term debt outstanding during the
year ended December 31, 2014 and 2013 was 0.36% and 0.27%, respectively.
On August 7, 2014, the Company issued $850 million of 2.25% unsecured senior notes due August 12, 2019 and
$650 million of 3.375% unsecured senior notes due August 12, 2024 (collectively, the “2014 Notes”) for total proceeds
of approximately $1.5 billion, net of discounts and underwriting fees. The 2014 Notes pay interest semi-annually and