Indebtedness

3 Months Ended

Mar. 31, 2020

Indebtedness:

Short-term Borrowings:

PMI's short-term borrowings, consisting of commercial paper and bank loans to certain PMI subsidiaries at March 31, 2020 and bank loans to certain PMI subsidiaries at December 31, 2019, had a carrying value of $1,438 million and $338 million, respectively. The fair value of PMI’s short-term borrowings, based on current market interest rates, approximates carrying value.

Long-term Debt:

At March 31, 2020 and December 31, 2019, PMI’s long-term debt consisted of the following:



(in millions)	March 31, 2020		December 31, 2019
U.S. dollar notes, 1.875% to 6.375% (average interest rate 3.567%), due through 2044	$	17,489	$	19,783
Foreign currency obligations:
Euro notes, 0.125% to 3.125% (average interest rate 1.983%), due through 2039	8,331		9,822
Swiss franc notes, 1.000% to 2.000% (average interest rate 1.521%), due through 2024	915		899
Other (average interest rate 3.009%), due through 2025	197		203
	26,932		30,707
Less current portion of long-term debt	1,933		4,051
	$	24,999	$	26,656

Other foreign currency debt above includes mortgage debt in Switzerland and finance lease obligations at March 31, 2020 and December 31, 2019.

Credit Facilities:

On January 31, 2020, PMI entered into an agreement to amend and extend the term of its $2.0 billion 364-day revolving credit facility from February 4, 2020, to February 2, 2021.

On February 10, 2020, PMI entered into a new $2.0 billion multi-year revolving credit facility, expiring on February 10, 2025. The new credit facility replaced the $2.5 billion multi-year revolving credit facility, which was terminated effective February 10, 2020. PMI had no borrowings outstanding under the terminated facility, which was due to expire on February 28, 2021.

At March 31, 2020, PMI's total committed credit facilities were as follows:

(in billions)



Type	Committed Credit Facilities
364-day revolving credit, expiring February 2, 2021	$	2.0
Multi-year revolving credit, expiring October 1, 2022	3.5
Multi-year revolving credit, expiring February 10, 2025	2.0
Total facilities	$	7.5

At March 31, 2020, there were no borrowings under these committed credit facilities, and the entire committed amounts were available for borrowing.