DEBT

Debt consisted of the following:



December 31		2015		2014
Fixed-rate notes due:	Interest Rate
January 2015	1.375%	$	—	$	500
July 2016	2.250%	500		500
November 2017	1.000%	900		900
July 2021	3.875%	500		500
November 2022	2.250%	1,000		1,000
November 2042	3.600%	500		500
Other	Various	25		25
Total debt - principal		3,425		3,925
Less unamortized debt issuance costs and discounts		26		32
Total debt		3,399		3,893
Less current portion		501		501
Long-term debt		$	2,898	$	3,392

Interest payments associated with our debt were $90 in 2015 and $94 in 2014 and 2013.

Our fixed-rate notes are fully and unconditionally guaranteed by several of our 100-percent-owned subsidiaries (see Note R for condensed consolidating financial statements). We have the option to redeem the notes prior to their maturity in whole or part for the principal plus any accrued but unpaid interest and applicable make-whole amounts. In January 2015, we repaid $500 of fixed-rate notes on their scheduled maturity date.

In 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. See Note A for further discussion of ASU 2015-03. We elected to early adopt ASU 2015-03, and in accordance with the transition requirements, have applied the new guidance retrospectively, resulting in the reclassification of $18 of unamortized debt issuance costs from other assets to long-term debt on December 31, 2014. The reclassified amount was included in the $32 of unamortized debt issuance costs and discounts on December 31, 2014, in the table above.

The aggregate amounts of scheduled principal maturities of our debt for the next five years are as follows:



Year Ended December 31
2016	$	501
2017	903
2018	1
2019	1
2020	1
Thereafter	2,018
Total debt - principal	$	3,425

$500 of fixed-rate notes mature in July 2016. As we approach the maturity date of this debt, we will determine whether to repay these notes with cash on hand or refinance the obligation.

On December 31, 2015, we had no commercial paper outstanding, but we maintain the ability to access the commercial paper market in the future. We have $2 billion in committed bank credit facilities for general corporate purposes and working capital needs. These credit facilities include a $1 billion multi-year facility expiring in July 2018 and a $1 billion multi-year facility expiring in November 2020. These facilities are required by rating agencies to support our commercial paper issuances. We may renew or replace, in whole or part, these credit facilities at or prior to their expiration dates. Our bank credit facilities are guaranteed by several of our 100-percent-owned subsidiaries. In addition, we have approximately $115 in committed bank credit facilities to provide backup liquidity to our European businesses. We also have an effective shelf registration on file with the SEC that allows us to access the debt markets.

Our financing arrangements contain a number of customary covenants and restrictions. We were in compliance with all material covenants on December 31, 2015.