Indebtedness:

Short-term Borrowings:

PMI's short-term borrowings, consisting of commercial paper and bank loans to certain PMI subsidiaries at September 30, 2017, and bank loans to certain PMI subsidiaries at December 31, 2016, had a carrying value of $2,905 million and $643 million, respectively. The fair value of PMI’s short-term borrowings, based on current market interest rates, approximates carrying value.

Long-term Debt:

At September 30, 2017 and December 31, 2016, PMI’s long-term debt consisted of the following:



(in millions)	September 30, 2017		December 31, 2016
U.S. dollar notes, 1.250% to 6.375% (average interest rate 3.609%), due through 2044	$	21,802	$	19,857
Foreign currency obligations:
Euro notes, 1.750% to 3.125% (average interest rate 2.402%), due through 2036	7,717		6,828
Swiss franc notes, 0.750% to 2.000% (average interest rate 1.269%), due through 2024	1,387		1,312
Other (average interest rate 3.674%), due through 2024	164		427
	31,070		28,424
Less current portion of long-term debt	3,005		2,573
	$	28,065	$	25,851

Other foreign currency debt above includes mortgage debt in Switzerland and capital lease obligations at September 30, 2017 and December 31, 2016. Other foreign currency debt above also includes a bank loan in the Philippines at December 31, 2016.

PMI's debt issuances in the first nine months of 2017 were as follows:



(in millions)
Type		Face Value	Interest Rate	Issuance	Maturity

U.S. dollar notes	^(a)	$700	1.625%	February 2017	February 2019
U.S. dollar notes	^(b)	$300	Floating	February 2017	February 2020
U.S. dollar notes	^(a)	$1,000	2.000%	February 2017	February 2020
U.S. dollar notes	^(a)	$500	2.625%	February 2017	February 2022
U.S. dollar notes	^(c)	$750	2.375%	August 2017	August 2022
U.S. dollar notes	^(c)	$500	3.125%	August 2017	August 2027

^(a) Interest on these notes is payable semi-annually in arrears beginning in August 2017.

^(b) Interest on these notes is payable quarterly in arrears beginning in May 2017.

^(c) Interest on these notes is payable semi-annually in arrears beginning in February 2018.

The net proceeds from the sale of the securities listed in the table above have been and will be used for general corporate purposes.

Credit Facilities:

On January 27, 2017, PMI entered into an agreement to extend the term of its $2.0 billion 364-day revolving credit facility from February 7, 2017 to February 6, 2018.

At September 30, 2017, PMI's total committed credit facilities were as follows:

(in billions)



Type	Committed Credit Facilities
364-day revolving credit, expiring February 6, 2018	$	2.0
Multi-year revolving credit, expiring February 28, 2021	2.5
Multi-year revolving credit, expiring October 1, 2021	3.5
Total facilities	$	8.0

At September 30, 2017, there were no borrowings under these committed credit facilities, and the entire committed amounts were available for borrowing.

On August 29, 2017, PMI entered into an agreement, effective October 1, 2017, to extend the term of its $3.5 billion multi-year revolving credit facility, for an additional year covering the period October 1, 2021 to October 1, 2022.