Debt

The Company’s debt obligations were as follows:



	December 31,
(dollars in millions)	2015			2014

Commercial paper (0.49% weighted average rate at December 31, 2014)	$	—		$	201
Senior notes:
1.15% notes due December 15, 2016	250			250
1.4% notes due June 15, 2017	250			250
6.375% notes due July 15, 2018	450			450
4.5% notes due June 1, 2021	250			250
3.6% notes due April 30, 2022	250			250
4.0% notes due December 15, 2023	250			250
3.7% notes due June 15, 2024	250			250
7.0% notes due July 15, 2038	300			300
5.95% notes due June 1, 2041	250			250
5.125% notes due December 15, 2043	250			250
Unamortized original issue discount	(6		)	(7		)
Other debt	22			67
Obligations under capital leases	60			71
	2,826			3,082
Current maturities	(284		)	(263		)

Long-term maturities	$	2,542		$	2,819

Commercial paper program

The Company has in place a commercial paper program for general corporate purposes which allows for issuances of up to $500 million of commercial paper with maturities of no more than 364 days.

Credit agreements and revolving credit facilities

In order to extend the length of its currently available credit facilities, the Company, including certain of its subsidiaries, entered into an amended and restated multi-currency credit agreement (the “Credit Agreement”) with various banks and other financial institutions on May 14, 2015. The Credit Agreement is for $750 million, has a term of five years, expiring on May 14, 2020, and replaces a previously existing $835 million multi-currency credit agreement due to expire in June 2016. The Credit Agreement will be used to finance working capital needs and for other general corporate purposes, including acquisitions, capital expenditures, repurchases of common stock, repayment of debt and issuances of letters of credit. Up to $200 million of this facility may be used for letters of credit. At December 31, 2015, The Company issued no letters of credit, leaving the full leaving the full $750 million available for future use.

The Company also has a $750 million multi-currency syndicated Revolving Credit Facility expiring April 11, 2017. Up to $200 million of this facility may be used for letters of credit. The Company has issued letters of credit totaling $34 million under the Revolving Credit Facility, leaving $716 million available for future use at December 31, 2015.

Other

Other debt, some of which is held by entities located in countries with high rates of inflation, has a weighted-average interest rate of 15.6% at December 31, 2015 (6.5% at December 31, 2014).

Future maturities of the Company’s debt (excluding the remaining amount of unamortized discount and capital leases) are approximately $272 million in 2016, $250 million in 2017, $450 million in 2018, no amounts in 2019 and $1.8 billion thereafter.

In addition to the above, the Company also has other unsecured and uncommitted credit facilities available to its foreign subsidiaries to fund ongoing operating activities. Certain of these facilities also include annual facility fees.

Information on interest expensed and paid during the three years ended December 31, 2015 was as follows:



	Year Ended December 31
(dollars in millions)	2015		2014		2013

Interest expensed	$	160	$	149	$	115
Interest paid	$	154	$	142	$	105