• | $500 million total principal amount of notes due March 5, 2015, at a variable interest rate equal to the three-month London Interbank Offered Rate ("LIBOR") minus 0.02 percent; |
• | $500 million total principal amount of notes due November 1, 2016, at a variable interest rate equal to the three-month LIBOR plus 0.10 percent; |
• | $500 million total principal amount of notes due November 1, 2016, at a fixed interest rate of 0.75 percent; |
• | $1,250 million total principal amount of notes due April 1, 2018, at a fixed interest rate of 1.15 percent; |
• | $1,250 million total principal amount of notes due November 1, 2018, at a fixed interest rate of 1.65 percent; |
• | $1,250 million total principal amount of notes due November 1, 2020, at a fixed interest rate of 2.45 percent; |
• | $750 million total principal amount of notes due April 1, 2023, at a fixed interest rate of 2.50 percent; and |
• | $1,500 million total principal amount of notes due November 1, 2023, at a fixed interest rate of 3.20 percent. |
• | $225 million total principal amount of notes due August 15, 2013, at a fixed interest rate of 5.0 percent; |
• | $675 million total principal amount of notes due March 3, 2014, at a fixed interest rate of 7.375 percent; |
• | $900 million total principal amount of notes due March 15, 2014, at a fixed interest rate of 3.625 percent; and |
• | $354 million total principal amount of notes due March 1, 2015, at a fixed interest rate of 4.25 percent. |
• | $1,000 million total principal amount of notes due March 14, 2014, at a variable interest rate equal to the three-month LIBOR minus 0.05 percent; |
• | $1,000 million total principal amount of notes due March 13, 2015, at a fixed interest rate of 0.75 percent; and |
• | $750 million total principal amount of notes due March 14, 2018, at a fixed interest rate of 1.65 percent. |
• | $1,655 million total principal amount of notes due September 1, 2016, at a fixed interest rate of 1.8 percent; and |
• | $1,324 million total principal amount of notes due September 1, 2021, at a fixed interest rate of 3.3 percent. |
• | $674 million, which represented the carrying value of all of our outstanding British pound sterling notes, was repurchased; and |
• | $61 million in carrying value of long-term debt was repurchased. |
December 31, 2013 | December 31, 2012 | ||||||||||||
Amount | Average Rate 1 | Amount | Average Rate1 | ||||||||||
U.S. dollar notes due 2014–2093 | $ | 17,427 | 1.8 | % | $ | 13,407 | 1.7 | % | |||||
U.S. dollar debentures due 2017–2098 | 2,191 | 3.9 | 2,207 | 3.7 | |||||||||
U.S. dollar zero coupon notes due 20202 | 138 | 8.4 | 135 | 8.4 | |||||||||
Other, due through 20983 | 370 | 4.0 | 291 | 4.4 | |||||||||
Fair value adjustment4 | 52 | N/A | 273 | N/A | |||||||||
Total5,6 | $ | 20,178 | 2.2 | % | $ | 16,313 | 2.1 | % | |||||
Less current portion | 1,024 | 1,577 | |||||||||||
Long-term debt | $ | 19,154 | $ | 14,736 |
1 | These rates represent the weighted-average effective interest rate on the balances outstanding as of year end, as adjusted for the effects of interest rate swap agreements as well as fair value adjustments, if applicable. Refer to Note 5 for a more detailed discussion on interest rate management. |
2 | This amount is shown net of unamortized discounts of $33 million and $36 million as of December 31, 2013 and 2012, respectively. |
3 | As of December 31, 2013, the amount shown includes $167 million of debt instruments that are due through 2022. |
4 | Refer to Note 5 for additional information about our fair value hedging strategy. |
5 | As of December 31, 2013 and 2012, the fair value of our long-term debt, including the current portion, was $20,352 million and $17,157 million, respectively. The fair value of our long-term debt is estimated based on quoted prices for those or similar instruments. |
6 | The above notes and debentures include various restrictions, none of which is presently significant to our Company. |
Maturities of Long-Term Debt | |||
2014 | $ | 1,024 | |
2015 | 2,573 | ||
2016 | 2,681 | ||
2017 | 1,394 | ||
2018 | 3,298 |