IBM 2015 Annual Report Download - page 114

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Notes to Consolidated Financial Statements
International Business Machines Corporation and Subsidiary Companies
112
Long-Term Debt
Pre-Swap Borrowing
($ inmillions)
At December 31: Maturities 2015 2014
U.S. dollar notes and debentures (average interest rate at December 31, 2015):
2.80% 2016 – 2017 $ 9,351 $ 9,254
3.34% 2018 – 2019 7,591 6,835
1.46% 2020 –2021 3,717 6,555
2.35% 2022 1,900 1,000
3.38% 2023 1,500 1,500
3.63% 2024 2,000 2,000
7.00% 2025 600 600
6.22% 2027 469 469
6.50% 2028 313 313
5.88% 2032 600 600
8.00% 2038 83 83
5.60% 2039 745 745
4.00% 2042 1,107 1,107
7.00% 2045 27 27
7.13% 2096 316 316
30,319 31,404
Other currencies (average interest rate at December 31, 2015, in parentheses):
Euros (1.8%) 2016 – 2025 4,892 5,463
Pound sterling (2.7%) 2017 – 2022 1,555 1,176
Japanese yen (0.4%) 2017 – 2022 1,180 733
Swiss francs (6.3%) 2020 9162
Canadian (2.2%) 2017 360 432
Other (13.8%) 2016– 2020 506 367
38,820 39,737
Less: net unamortized discount 838 853
Less: net unamortized debt issuance costs 74 83**
Add: fair value adjustment* 790 792
38,699 39,593**
Less: current maturities 5,271 4,601**
Total $33,428 $34,991 **
* The portion of the company’s fixed-rate debt obligations that is hedged is reflected in the Consolidated Statement of Financial Position as an amount equal to the sum of the
debt’s carrying value plus a fair value adjustment representing changes in the fair value of the hedged debt obligations attributable to movements in benchmark interest rates.
** Reclassified to reflect adoption of the FASB guidance on debt issuance costs in consolidated financial statements. Refer to noteB, “Accounting Changes,” for additional information.