Debt

The following table summarizes the carrying value of our outstanding debt:



	Coupon		Carrying Value as of		Effective		Carrying Value as of		Effective
	Rate		June 30, 2015		Interest Rate		December 31, 2014		Interest Rate
	(In millions, except percentages)
Long-Term Debt
Floating Rate Notes:
Senior notes due 2017	LIBOR plus 0.20%		$	450	0.566	%	$	450	0.560	%
Senior notes due 2019	LIBOR plus 0.48%		400		0.815	%	400		0.811	%

Fixed Rate Notes:
Senior notes due 2017	1.350	%	1,000		1.456	%	1,000		1.456	%
Senior notes due 2019	2.200	%	1,148		2.346	%	1,148		2.346	%
Senior notes due 2020	3.250	%	498		3.389	%	498		3.389	%
Senior notes due 2021	2.875	%	749		2.993	%	749		2.993	%
Senior notes due 2022	2.600	%	999		2.678	%	999		2.678	%
Senior notes due 2024	3.450	%	749		3.531	%	749		3.531	%
Senior notes due 2042	4.000	%	743		4.114	%	743		4.114	%
Total senior notes			6,736				6,736
Hedge accounting fair value adjustments			21				22
Other indebtedness			—				19
Total long-term debt			$	6,757			$	6,777

Short-Term Debt
Senior notes due 2015	0.700	%	250		0.820	%	250		0.820	%
Senior notes due 2015	1.625	%	600		1.805	%	600		1.805	%
Other indebtedness			15				—
Total short-term debt			865				850
Total Debt			$	7,622			$	7,627

Senior Notes

In July 2014, we issued senior unsecured notes, or senior notes, in an aggregate principal amount of $3.5 billion. These senior notes consist of $450 million aggregate principal amount of floating rate notes due 2017, $400 million aggregate principal amount of floating rate notes due 2019, $1.15 billion aggregate principal amount of 2.2% fixed rate notes due 2019, $750 million aggregate principal amount of 2.875% fixed rate notes due 2021 and $750 million aggregate principal amount of 3.45% fixed rate notes due 2024. The floating rate notes due 2017 bear interest at a floating rate equal to the 3-month LIBOR plus 0.20%. The floating rate notes due 2019 bear interest at a floating rate equal to the 3-month LIBOR plus 0.48%. Interest on the floating rate notes due 2017 is paid quarterly on January 28, April 28, July 28 and October 28 of each year. Interest on the floating rate notes due 2019 is paid quarterly on February 1, May 1, August 1 and November 1 of each year. Interest on the fixed rate notes due 2019, 2021 and 2024 is payable semi-annually on February 1 and August 1. The floating rate notes are not redeemable prior to maturity. We may redeem some or all of the fixed rate notes of each series at any time and from time to time prior to their maturity, generally at a make-whole redemption price.

To help achieve our interest rate risk management objectives, in connection with the July 2014 issuance of senior notes, we entered into interest rate swap agreements that effectively converted $2.4 billion of our fixed rate debt to floating rate debt based on LIBOR plus a spread. These swaps were designated as fair value hedges against changes in the fair value of certain fixed rate senior notes resulting from changes in interest rates. The gains and losses related to changes in the fair value of interest rate swaps substantially offset changes in the fair value of the hedged portion of the underlying debt that are attributable to changes in market interest rates.

The effective interest rates for our senior notes include the interest payable, the amortization of debt issuance costs and the amortization of any original issue discount on these senior notes. Interest on these senior notes is payable either quarterly or semiannually. Interest expense associated with our senior notes, including amortization of debt issuance costs, during the three months ended June 30, 2015 and 2014 was approximately $46 million and $26 million, respectively. At June 30, 2015, the estimated fair value of these senior notes was approximately $7.4 billion.

The indenture pursuant to which the senior notes were issued includes customary covenants that, among other things and subject to exceptions, limit our ability to incur, assume or guarantee debt secured by liens on specified assets or enter into sale and lease-back transactions with respect to specified properties, and also includes customary events of default.

Other Indebtedness

Our other indebtedness is comprised of overdraft facilities. We have formal overdraft facilities in India bearing interest on drawn balances at a rate of approximately 9% to 10% per annum. Drawn balances are expected to be repaid in less than one year.

Commercial Paper

We have an up to $2 billion commercial paper program pursuant to which we may issue commercial paper notes with maturities of up to 397 days from the date of issue in an aggregate principal amount at maturity of up to $2 billion outstanding at any time. As of June 30, 2015, there were no commercial paper notes outstanding.

Credit Agreement

As of June 30, 2015, no borrowings or letters of credit were outstanding under our $3 billion credit agreement. However, as described above, we have an up to $2 billion commercial paper program and therefore maintain $2 billion of available borrowing capacity under our credit agreement in order to repay commercial paper borrowings in the event we are unable to repay those borrowings from other sources when they become due. As a result, at June 30, 2015, $1 billion of borrowing capacity was available for other purposes permitted by the credit agreement. The credit agreement includes customary representations, warranties, affirmative and negative covenants, including a financial covenant, events of default and indemnification provisions in favor of the banks. The negative covenants include restrictions regarding the incurrence of liens, subject to certain exceptions. The financial covenant requires us to meet a quarterly financial test with respect to a minimum consolidated interest coverage ratio.

We were in compliance with all covenants in our outstanding debt instruments for the three-month period ended June 30, 2015.