Borrowings and Lines of Credit



(Dollars in millions)	March 31, 2017		December 31, 2016
Commercial paper	$	1,074	$	522
Other borrowings	126		79
Total short-term borrowings	$	1,200	$	601

At March 31, 2017, 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 August 2021. As of March 31, 2017, 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, 2017, our maximum commercial paper borrowing limit was $4.35 billion. Commercial paper borrowings at March 31, 2017 include approximately €500 million ($540 million) of euro-denominated commercial paper. 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.

Long-term debt consisted of the following:



(Dollars in millions)	March 31, 2017		December 31, 2016
1.800% notes due 2017 ¹	$	1,500	$	1,500
6.800% notes due 2018	99		99
EURIBOR plus 0.800% floating rate notes due 2018 (€750 million principal value) ²	811		783
1.778% junior subordinated notes due 2018	1,100		1,100
LIBOR plus 0.350% floating rate notes due 2019 ³	350		350
1.500% notes due 2019 ¹	650		650
8.875% notes due 2019	271		271
4.875% notes due 2020 ¹	171		171
4.500% notes due 2020 ¹	1,250		1,250
8.750% notes due 2021	250		250
1.950% notes due 2021 ¹	750		750
1.125% notes due 2021 (€950 million principal value) ¹	1,027		992
3.100% notes due 2022 ¹	2,300		2,300
1.250% notes due 2023 (€750 million principal value) ¹	811		783
1.875% notes due 2026 (€500 million principal value) ¹	540		522
2.650% notes due 2026 ¹	1,150		1,150
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 ¹	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 ¹	850		850
3.750% notes due 2046 ¹	1,100		1,100
Project financing obligations	130		155
Other (including capitalized leases)	188		189
Total principal long-term debt	23,382		23,299
Other (fair market value adjustments and discounts)	—		1
Total long-term debt	23,382		23,300
Less: current portion	2,484		1,603
Long-term debt, net of current portion	$	20,898	$	21,697


1	We may redeem these notes at our option pursuant to their terms.


2	The three-month EURIBOR rate as of March 31, 2017 was approximately -0.329%. 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.


3	The three-month LIBOR rate as of March 31, 2017 was approximately 1.150%.

The average maturity of our long-term debt at March 31, 2017 is approximately twelve years. The average interest expense rate on our total borrowings was approximately 3.5% and 4.2% for the quarters ended March 31, 2017 and 2016, respectively.

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.