Borrowings and Lines of Credit



(Dollars in millions)	March 31, 2016		December 31, 2015
Commercial paper	$	1,073	$	727
Other borrowings	160		199
Total short-term borrowings	$	1,233	$	926

At March 31, 2016, we had revolving credit agreements with various banks permitting aggregate borrowings of up to $4.35 billion pursuant to a $2.20 billion revolving credit agreement and a $2.15 billion multicurrency revolving credit agreement, both of which expire in May 2019. As of March 31, 2016, there were no borrowings under these revolving credit agreements. The undrawn portions of these revolving credit agreements are also available to serve as backup facilities for the issuance of commercial paper. As of March 31, 2016, our maximum commercial paper borrowing limit was $4.35 billion. We use our commercial paper borrowings for general corporate purposes, including the funding of potential acquisitions, debt refinancing, and repurchases of our common stock. The need for commercial paper borrowings arises when the use of domestic cash for acquisitions, dividends, and share repurchases exceeds the sum of domestic cash generation and foreign cash repatriated to the U.S.

On February 22, 2016 we issued €950 million aggregate principal amount of 1.125% notes due 2021, €500 million aggregate principal amount of 1.875% notes due 2026 and €750 million aggregate principal amount of floating rate notes due 2018. The net proceeds from these debt issuances were used for general corporate purposes.

Long-term debt consisted of the following:



(Dollars in millions)	March 31, 2016		December 31, 2015
5.375% notes due 2017 ¹	$	1,000	$	1,000
1.800% notes due 2017 ¹	1,500		1,500
EURIBOR plus 0.800% floating rate notes due 2018 (€750 million principal value) ²	837		—
1.778% junior subordinated notes due 2018	1,100		1,100
6.800% notes due 2018	99		99
6.125% notes due 2019 ¹	1,250		1,250
8.875% notes due 2019	271		271
4.500% notes due 2020 ¹	1,250		1,250
4.875% notes due 2020	171		171
1.125% notes due 2021 (€950 million principal value) ³	1,061		—
8.750% notes due 2021	250		250
3.100% notes due 2022 ¹	2,300		2,300
1.250% notes due 2023 (€750 million principal value) ³	837		817
1.875% notes due 2026 (€500 million principal value) ³	558		—
7.100% notes due 2027	141		141
6.700% notes due 2028	400		400
7.500% notes due 2029 ¹	550		550
5.400% notes due 2035 ¹	600		600
6.050% notes due 2036 ¹	600		600
6.800% notes due 2036	134		134
7.000% notes due 2038	159		159
6.125% notes due 2038 ¹	1,000		1,000
5.700% notes due 2040 ¹	1,000		1,000
4.500% notes due 2042 ¹	3,500		3,500
4.150% notes due 2045 ⁴	850		850
Project financing obligations	171		191
Other (including capitalized leases)	195		306
Total principal long-term debt	21,784		19,439
Other (fair market value adjustments and discounts)	34		60
Total long-term debt	21,818		19,499
Less: current portion	130		179
Long-term debt, net of current portion	$	21,688	$	19,320

We may redeem the above notes, in whole or in part, at our option at any time at a redemption price in U.S. Dollars equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 10-50 basis points. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed.


2	These notes bear interest at the three-month EURIBOR rate plus 0.800%, established quarterly. The interest rate in effect at March 31, 2016 was 0.605%. The notes may be redeemed at our option in whole, but not in part, at any time in the event of certain developments affecting U.S. taxation.

We may redeem these notes, in whole or in part, at our option at any time. If redeemed earlier than three months prior to the stated maturity date, the redemption price in Euro shall equal the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on an annual basis at a rate based upon a comparable German federal government bond whose maturity is closest to the maturity of the notes plus 15-30 basis points. In addition, the notes may be redeemed at our option in whole, but not in part, at any time in the event of certain developments affecting U.S. taxation.

We may redeem these notes, in whole or in part, at our option at any time. If redeemed prior to November 16, 2044, the redemption price in U.S. Dollars shall equal the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed, discounted to the redemption date on a semiannual basis at the adjusted treasury rate plus 25 basis points.

We have an existing universal shelf registration statement filed with the Securities and Exchange Commission (SEC) for an indeterminate amount of equity and debt securities for future issuance, subject to our internal limitations on the amount of equity and debt to be issued under this shelf registration statement. We plan to renew the shelf registration prior to its expiration on May 29, 2016.