Short-term Borrowings and Current Portion of Long-term Debt

Our short-term borrowings and current portion of long-term debt consists of the followings:



	December 31,
(Dollars in millions)	2015			2014
Commercial paper program	$	—		$	245
Revolving credit facility	967			—
364-day term loan facility	—			175
Other short-term bank loans	214			257
Total short-term borrowings	1,181			677
Current portion of long-term debt	401			50
Short-term borrowings and current portion of long-term debt	$	1,582		$	727
Weighted average interest rate on short-term borrowings outstanding at end of year	2.7		%	1.4		%

Revolving Credit Facility

At December 31, 2015, we had a $2.25 billion unsecured, revolving credit agreement (the “Credit Agreement”) that matures on July 13, 2017. The Credit Agreement can be used for a combination of borrowings, including support for our former commercial paper program and issuances of letters of credit. This agreement required that we maintain a debt-to-total capitalization ratio of less than 60%, and we were in compliance with this covenant at December 31, 2015. On February 1, 2016, we amended our Credit Agreement and reduced borrowing limit to $2 billion. The amended Credit Agreement requires that we maintain a debt-to-total capitalization ratio of less than 70% for the quarters ending March 31 and June 30, 2016, and 60% thereafter.

At December 31, 2015, we had $1.3 billion available under the Credit Agreement. There were $16 million in outstanding letters of credit in addition to borrowings under the Credit Agreement.

364-Day Term Loan Facility

On April 9, 2015, we repaid the remaining $175 million balance of our $400 million, 364-day term loan facility with a syndicate of banks. Previously in 2014, proceeds from this 364-day term loan facility were used to refinance our prior 364-day term loan facility and had substantially similar terms and conditions to our prior 364-day term loan facility.

Other Short-Term Borrowings and Other Debt Activity

We have short-term borrowings with various domestic and international institutions pursuant to uncommitted credit facilities. At December 31, 2015, we had $214 million in short-term borrowings under these arrangements, including $180 million borrowed under a credit agreement entered into in March 2014 that matures on March 20, 2016 (with respect to $150 million) and June 20, 2016 (with respect to the remaining $30 million), with a LIBOR-based weighted average interest rate of 1.95% as of December 31, 2015. In addition, at December 31, 2015, we had $626 million of letters of credit under various uncommitted facilities and $149 million of surety bonds, primarily performance bonds, issued by financial sureties against an indemnification from us.

The carrying value of our short-term borrowings approximates their fair value as of December 31, 2015. The current portion of long-term debt at December 31, 2015, is primarily related to our 5.5% senior notes maturing February 2016 and our capital leases.