Indebtedness

9 Months Ended

Sep. 30, 2020

Indebtedness:

Short-term Borrowings:

PMI's short-term borrowings, consisting of bank loans to certain PMI subsidiaries at September 30, 2020 and December 31, 2019, had a carrying value of $152 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 September 30, 2020 and December 31, 2019, PMI’s long-term debt consisted of the following:


(in millions)	September 30, 2020		December 31, 2019
U.S. dollar notes, 1.125% to 6.375% (average interest rate 3.342%), due through 2044	$	19,732	$	19,783
Foreign currency obligations:
Euro notes, 0.125% to 3.125% (average interest rate 1.983%), due through 2039	8,811		9,822
Swiss franc notes, 1.625% to 2.000% (average interest rate 1.830%), due through 2024	597		899
Other (average interest rate 3.019%), due through 2025	198		203
	29,338		30,707
Less current portion of long-term debt	1,992		4,051
	$	27,346	$	26,656

Other foreign currency debt above includes mortgage debt in Switzerland and finance lease obligations at September 30, 2020 and December 31, 2019.

PMI's debt issuances in the first nine months of 2020 were as follows:

(in millions)

Type

Face Value

Interest Rate

Issuance

Maturity

U.S. dollar notes

^(a)

$750

1.125%

May 2020

May 2023

U.S. dollar notes

^(a)

$750

1.500%

May 2020

May 2025

U.S. dollar notes

^(a)

$750

2.100%

May 2020

May 2030

^(a) Interest on these notes is payable semi-annually in arrears beginning in November 2020.

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 September 30, 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 September 30, 2020, there were no borrowings under these committed credit facilities, and the entire committed amounts were available for borrowing.