United Healthcare 2015 Annual Report Download - page 82

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9. Commercial Paper and Long-Term Debt
Commercial paper, term loan and senior unsecured long-term debt consisted of the following:
December 31, 2015 December 31, 2014
(in millions, except percentages)
Par
Value
Carrying
Value
Fair
Value
Par
Value
Carrying
Value
Fair
Value
Commercial paper ........................... $ 3,987 $ 3,987 $ 3,987 $ 321 $ 321 $ 321
Floating rate term loan due July 2016 (c) ......... 1,500 1,500 1,500 — — —
4.875% notes due March 2015 (a) ............... — — — 416 419 419
0.850% notes due October 2015 (a), (b) .......... — — — 625 625 627
5.375% notes due March 2016 (a), (b) ........... 601 605 606 601 623 634
1.875% notes due November 2016 (a), (b) ........ 400 400 403 400 397 406
5.360% notes due November 2016 .............. 95 95 98 95 95 103
Floating rate notes due January 2017 (c) .......... 750 750 751———
6.000% notes due June 2017 (a), (b) ............. 441 458 469 441 466 489
1.450% notes due July 2017 (c) ................ 750 750 750———
1.400% notes due October 2017 (a), (b) .......... 625 625 624 625 616 624
6.000% notes due November 2017 (a), (b) ........ 156 163 168 156 164 175
1.400% notes due December 2017 (a), (b) ........ 750 753 748 750 745 749
6.000% notes due February 2018 (a), (b) ......... 1,100 1,115 1,196 1,100 1,106 1,238
1.900% notes due July 2018 (c) ................ 1,500 1,498 1,505 — — —
1.625% notes due March 2019 (a), (b) ........... 500 503 494 500 496 493
2.300% notes due December 2019 (a) ............ 500 501 502 500 496 502
2.700% notes due July 2020 (c) ................ 1,500 1,499 1,516 — — —
3.875% notes due October 2020 (a) ............. 450 454 476 450 450 477
4.700% notes due February 2021 (a) ............. 400 414 438 400 413 450
3.375% notes due November 2021 (a) ........... 500 501 517 500 496 519
2.875% notes due December 2021 (a) ............ 750 756 760 750 748 759
2.875% notes due March 2022 (a) ............... 1,100 1,061 1,099 1,100 1,042 1,104
3.350% notes due July 2022 (c) ................ 1,000 999 1,023 — — —
0.000% notes due November 2022 .............. 15 10 11 15 10 11
2.750% notes due February 2023 (a) ............. 625 614 613 625 604 613
2.875% notes due March 2023 (a) ............... 750 784 742 750 777 745
3.750% notes due July 2025 (c) ................ 2,000 1,995 2,062 — — —
4.625% notes due July 2035 (c) ................ 1,000 1,000 1,038 — — —
5.800% notes due March 2036 ................. 850 845 1,003 850 845 1,052
6.500% notes due June 2037 ................... 500 495 628 500 495 670
6.625% notes due November 2037 .............. 650 646 829 650 646 888
6.875% notes due February 2038 ............... 1,100 1,085 1,439 1,100 1,085 1,544
5.700% notes due October 2040 ................ 300 298 348 300 298 378
5.950% notes due February 2041 ............... 350 348 416 350 348 455
4.625% notes due November 2041 .............. 600 593 609 600 593 646
4.375% notes due March 2042 ................. 502 486 493 502 486 536
3.950% notes due October 2042 .............. 625 612 582 625 611 621
4.250% notes due March 2043 ............... 750 740 728 750 740 786
4.750% notes due July 2045 (c) .............. 2,000 1,992 2,107———
Total commercial paper, term loan and long-term
debt .................................. $31,972 $31,930 $33,278 $17,347 $17,256 $19,034
(a) Fixed-rate debt instruments hedged with interest rate swap contracts. See below for more information on the Company’s
interest rate swaps.
(b) The Company terminated the interest rate swap contracts on these hedged instruments during the year ended
December 31, 2015. See below for more information on this termination.
(c) Debt issued to fund the Catamaran acquisition. For more detail on Catamaran, see Note 3 of Notes to the Consolidated
Financial Statements.
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