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E. I. du Pont de Nemours and Company
Notes to the Consolidated Financial Statements (continued)
(Dollars in millions, except per share)
F-24
13. LONG-TERM BORROWINGS AND CAPITAL LEASE OBLIGATIONS
December 31, 2014 2013
U.S. dollar:
Medium-term notes due 2038 – 20411$ 114 $ 121
5.875% notes due 20142— 170
1.75% notes due 20142— 400
Floating rate notes due 20142,3 — 600
4.875% notes due 20142— 500
3.25% notes due 20152,4 1,001 1,028
4.75% notes due 20152400 400
1.95% notes due 2016 499 498
2.75% notes due 2016 500 500
5.25% notes due 2016 600 599
6.00% notes due 201851,338 1,361
5.75% notes due 2019 499 499
4.625% notes due 2020 998 997
3.625% notes due 2021 999 999
4.25% notes due 2021 499 499
2.80% notes due 2023 1,250 1,250
6.50% debentures due 2028 299 299
5.60% notes due 2036 396 395
4.90% notes due 2041 494 494
4.15% notes due 2043 749 749
Other loans (average interest rate of 4.2 percent)229 33
Other loans- various currencies2— 1
10,664 12,392
Less short-term portion of long-term debt 1,405 1,674
9,259 10,718
Capital lease obligations 12 23
Total $ 9,271 $ 10,741
1. Average interest rates on medium-term notes were 0.0% at December 31, 2014 and 2013.
2. Includes long-term debt due within one year.
3. Interest rate on floating notes during 2014 and at December 31, 2013 was 0.7%.
4. At December 31, 2014 and 2013, the company had outstanding interest rate swap agreements with gross notional amounts of $1,000. Over the remaining
terms of the notes, the company will receive fixed payments equivalent to the underlying debt and pay floating payments based on USD LIBOR (London
Interbank Offered Rate). The fair value of outstanding swaps was an asset of $1 and $29 at December 31, 2014 and 2013, respectively.
5. During 2008, the interest rate swap agreement associated with these notes was terminated. The gain will be amortized over the remaining life of the bond,
resulting in an effective yield of 3.85%.
In 2013, the company issued $1,250 of 2.80% Notes due February 15, 2023 and $750 of 4.15% Notes due February 15, 2043.
Maturities of long-term borrowings are $1,602, $4, $1,343 and $503 for the years 2016, 2017, 2018 and 2019, respectively, and
$5,807 thereafter.
The estimated fair value of the company's long-term borrowings, including interest rate financial instruments, was determined
using level 2 inputs within the fair value hierarchy, as described in Note 1 to the Consolidated Financial Statements. Based on
quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining
maturities, the fair value of the company's long-term borrowings was $9,970 and $11,130 at December 31, 2014 and 2013,
respectively.