Commercial Paper and Long-Term Debt

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



	December 31, 2017						December 31, 2016
(in millions, except percentages)	Par Value		Carrying Value		Fair Value		Par Value		Carrying Value		Fair Value
Commercial paper	$	150	$	150	$	150	$	3,633	$	3,633	$	3,633
Floating rate notes due January 2017	—		—		—		750		750		750
6.000% notes due June 2017	—		—		—		441		446		450
1.450% notes due July 2017	—		—		—		750		750		751
1.400% notes due October 2017	—		—		—		625		624		626
6.000% notes due November 2017	—		—		—		156		159		163
1.400% notes due December 2017	—		—		—		750		751		750
6.000% notes due February 2018	1,100		1,101		1,106		1,100		1,107		1,153
1.900% notes due July 2018	1,500		1,499		1,501		1,500		1,496		1,507
1.700% notes due February 2019	750		749		747		750		748		748
1.625% notes due March 2019	500		501		497		500		501		498
2.300% notes due December 2019	500		495		501		500		498		504
2.700% notes due July 2020	1,500		1,496		1,517		1,500		1,495		1,523
Floating rate notes due October 2020	300		299		300		—		—		—
3.875% notes due October 2020	450		446		467		450		450		474
1.950% notes due October 2020	900		895		892		—		—		—
4.700% notes due February 2021	400		403		425		400		409		433
2.125% notes due March 2021	750		746		744		750		745		741
3.375% notes due November 2021	500		493		516		500		497		519
2.875% notes due December 2021	750		741		760		750		748		760
2.875% notes due March 2022	1,100		1,054		1,114		1,100		1,057		1,114
3.350% notes due July 2022	1,000		996		1,033		1,000		995		1,030
2.375% notes due October 2022	900		893		891		—		—		—
0.000% notes due November 2022	15		12		12		15		11		12
2.750% notes due February 2023	625		606		626		625		609		622
2.875% notes due March 2023	750		762		759		750		771		753
3.750% notes due July 2025	2,000		1,987		2,108		2,000		1,986		2,070
3.100% notes due March 2026	1,000		995		1,007		1,000		994		986
3.450% notes due January 2027	750		745		776		750		745		762
3.375% notes due April 2027	625		618		642		—		—		—
2.950% notes due October 2027	950		937		947		—		—		—
4.625% notes due July 2035	1,000		991		1,165		1,000		991		1,090
5.800% notes due March 2036	850		837		1,105		850		837		1,034
6.500% notes due June 2037	500		491		698		500		491		643
6.625% notes due November 2037	650		641		923		650		640		850
6.875% notes due February 2038	1,100		1,075		1,596		1,100		1,075		1,497
5.700% notes due October 2040	300		296		389		300		296		366
5.950% notes due February 2041	350		345		466		350		345		437
4.625% notes due November 2041	600		588		685		600		588		634
4.375% notes due March 2042	502		483		555		502		483		509
3.950% notes due October 2042	625		607		650		625		606		609
4.250% notes due March 2043	750		734		822		750		734		765
4.750% notes due July 2045	2,000		1,972		2,362		2,000		1,972		2,203
4.200% notes due January 2047	750		738		808		750		737		759
4.250% notes due April 2047	725		717		798		—		—		—
3.750% notes due October 2047	950		933		969		—		—		—
Total commercial paper and long-term debt	$	31,417	$	31,067	$	34,029	$	33,022	$	32,770	$	34,728

In 2017, the Company repaid $926 million in debt assumed in connection with an acquisition. The Company’s long-term debt obligations also included $625 million and $200 million of other financing obligations, of which $107 million and $80 million were current as of December 31, 2017 and 2016, respectively.

Maturities of commercial paper and long-term debt for the years ending December 31 are as follows:



(in millions)
2018	$	2,857
2019	1,850
2020	3,250
2021	2,500
2022	3,115
Thereafter	18,470

Commercial Paper and Revolving Bank Credit Facilities

Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers. As of December 31, 2017, the Company’s outstanding commercial paper had a weighted-average annual interest rate of 1.5%.

The Company has $3.0 billion five-year, $3.0 billion three-year and $4.0 billion 364-day revolving bank credit facilities with 26 banks, which mature in December 2022, December 2020 and December 2018, respectively. These facilities provide liquidity support for the Company’s commercial paper program and are available for general corporate purposes. As of December 31, 2017, 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 December 31, 2017, annual interest rates would have ranged from 2.4% to 2.7%.

Debt Covenants

The Company’s bank credit facilities contain various covenants, including requiring the Company to maintain a debt to debt-plus-shareholders’ equity ratio of not more than 55%. The Company was in compliance with its debt covenants as of December 31, 2017.