Commercial Paper and Long-Term Debt

Commercial paper, term loan and senior unsecured long-term debt consisted of the following:



	March 31, 2016						December 31, 2015
(in millions, except percentages)	Par Value		Carrying Value		Fair Value		Par Value		Carrying Value (a)		Fair Value
Commercial paper	$	3,702	$	3,702	$	3,702	$	3,987	$	3,987	$	3,987
Floating rate term loan due July 2016	1,500		1,500		1,500		1,500		1,500		1,500
5.375% notes due March 2016	—		—		—		601		605		606
1.875% notes due November 2016	400		400		403		400		400		403
5.360% notes due November 2016	95		95		97		95		95		98
Floating rate notes due January 2017	750		749		751		750		749		751
6.000% notes due June 2017	441		455		467		441		458		469
1.450% notes due July 2017	750		749		754		750		749		750
1.400% notes due October 2017	625		624		627		625		624		624
6.000% notes due November 2017	156		162		168		156		162		168
1.400% notes due December 2017	750		751		753		750		751		748
6.000% notes due February 2018	1,100		1,112		1,194		1,100		1,114		1,196
1.900% notes due July 2018	1,500		1,495		1,523		1,500		1,494		1,505
1.700% notes due February 2019	750		747		756		—		—		—
1.625% notes due March 2019	500		502		504		500		502		494
2.300% notes due December 2019	500		509		508		500		499		502
2.700% notes due July 2020	1,500		1,494		1,558		1,500		1,493		1,516
3.875% notes due October 2020	450		464		487		450		452		476
4.700% notes due February 2021	400		424		452		400		413		438
2.125% notes due March 2021	750		744		757		—		—		—
3.375% notes due November 2021	500		516		534		500		500		517
2.875% notes due December 2021	750		778		779		750		753		760
2.875% notes due March 2022	1,100		1,097		1,140		1,100		1,059		1,099
3.350% notes due July 2022	1,000		994		1,064		1,000		994		1,023
0.000% notes due November 2022	15		11		12		15		10		11
2.750% notes due February 2023	625		635		636		625		611		613
2.875% notes due March 2023	750		810		770		750		781		742
3.750% notes due July 2025	2,000		1,985		2,155		2,000		1,985		2,062
3.100% notes due March 2026	1,000		994		1,023		—		—		—
4.625% notes due July 2035	1,000		991		1,116		1,000		991		1,038
5.800% notes due March 2036	850		837		1,081		850		838		1,003
6.500% notes due June 2037	500		491		674		500		492		628
6.625% notes due November 2037	650		640		896		650		641		829
6.875% notes due February 2038	1,100		1,074		1,544		1,100		1,076		1,439
5.700% notes due October 2040	300		295		377		300		296		348
5.950% notes due February 2041	350		345		454		350		345		416
4.625% notes due November 2041	600		588		669		600		588		609
4.375% notes due March 2042	502		483		540		502		483		493
3.950% notes due October 2042	625		606		629		625		606		582
4.250% notes due March 2043	750		733		790		750		734		728
4.750% notes due July 2045	2,000		1,971		2,293		2,000		1,971		2,107
Total commercial paper, term loan and long-term debt	$	33,586	$	33,552	$	36,137	$	31,972	$	31,801	$	33,278


(a)	In the first quarter of 2016, the Company adopted ASU 2015-03, retrospectively as required. See Note 1 of Notes to the Condensed Consolidated Financial Statements for more information on the adoption of ASU 2015-03.

The Company’s long-term debt obligations also included $170 million and $164 million of other financing obligations, of which $58 million and $47 million were current as of March 31, 2016 and December 31, 2015, respectively.

Commercial Paper and Bank Credit Facilities

Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers. As of March 31, 2016, the Company’s outstanding commercial paper had a weighted-average annual interest rate of 0.7%.

The Company has $3.0 billion five-year, $2.0 billion three-year and $1.0 billion 364-day revolving bank credit facilities with 23 banks, which mature in December 2020, December 2018, and November 2016, respectively. These facilities provide liquidity support for the Company’s commercial paper program and are available for general corporate purposes. As of March 31, 2016, no amounts had been drawn on any of the bank credit facilities. The annual interest rates, which are variable based on term, are calculated based on the London Interbank Offered Rate (LIBOR) plus a credit spread based on the Company’s senior unsecured credit ratings. If amounts had been drawn on the bank credit facilities as of March 31, 2016, annual interest rates would have ranged from 1.2% to 1.7%.

Debt Covenants

The Company’s bank credit facilities contain various covenants, including covenants requiring the Company to maintain a defined debt to debt-plus-shareholders’ equity ratio of not more than 55%. The Company was in compliance with its debt covenants as of March 31, 2016.