Indebtedness

6 Months Ended

Jun. 30, 2019

Indebtedness:

Short-term Borrowings:

PMI's short-term borrowings, consisting of bank loans to certain PMI subsidiaries at June 30, 2019 and commercial paper and bank loans to certain PMI subsidiaries at December 31, 2018, had a carrying value of $269 million and $730 million, respectively. The fair value of PMI’s short-term borrowings, based on current market interest rates, approximates carrying value.

Long-term Debt:

At June 30, 2019 and December 31, 2018, PMI’s long-term debt consisted of the following:



(in millions)	June 30, 2019		December 31, 2018
U.S. dollar notes, 1.875% to 6.375% (average interest rate 3.466%), due through 2044	$	20,518	$	20,819
Foreign currency obligations:
Euro notes, 0.625% to 3.125% (average interest rate 2.264%), due through 2037	7,743		8,656
Swiss franc notes, 0.750% to 2.000% (average interest rate 1.337%), due through 2024	1,177		1,374
Other (average interest rate 3.234%), due through 2024	182		180
	29,620		31,029
Less current portion of long-term debt	4,762		4,054
	$	24,858	$	26,975

Other foreign currency debt above includes mortgage debt in Switzerland and finance lease obligations at June 30, 2019 and December 31, 2018.

PMI's debt issuances in the first six months of 2019 were as follows:



(in millions)
Type		Face Value	Interest Rate	Issuance	Maturity

U.S. dollar notes	^(a)	$900	2.875%	May 2019	May 2024
U.S. dollar notes	^(b)	$750	3.375%	May 2019	August 2029

^(a) Interest on these notes is payable semi-annually in arrears beginning in November 2019.

^(b) Interest on these notes is payable semi-annually in arrears beginning in August 2019.

The net proceeds from the sale of the securities listed in the table above have been and will be used for general corporate purposes, including repayment of outstanding commercial paper and refinancing of outstanding 2.000% Notes due 2020 and outstanding Floating Rate Notes due 2020.

Credit Facilities:

On January 28, 2019, PMI entered into an agreement to extend the term of its $2.0 billion 364-day revolving credit facility from February 5, 2019, to February 4, 2020.

At June 30, 2019, PMI's total committed credit facilities were as follows:

(in billions)



Type	Committed Credit Facilities
364-day revolving credit, expiring February 4, 2020	$	2.0
Multi-year revolving credit, expiring February 28, 2021	2.5
Multi-year revolving credit, expiring October 1, 2022	3.5
Total facilities	$	8.0

At June 30, 2019, there were no borrowings under these committed credit facilities, and the entire committed amounts were available for borrowing.