Borrowings

The components of long-term debt are as follows:



(Dollars in Millions)	2016			Effective Rate %			2015		Effective Rate %
2.15% Notes due 2016	$	—		—			900		2.22
3 month LIBOR+0.07% FRN due 2016	—			—			800		0.48
0.70% Notes due 2016	—			—			398		0.74
5.55% Debentures due 2017	1,000			5.55			1,000		5.55
1.125% Notes due 2017	699			1.15			700		1.15
5.15% Debentures due 2018	899			5.18			899		5.15
1.65% Notes due 2018	600			1.70			602		1.70
4.75% Notes due 2019 (1B Euro 1.0449)⁽²⁾/(1B Euro 1.0882)⁽³⁾	1,041		⁽²⁾	5.83			1,085	⁽³⁾	5.83
1.875% Notes due 2019	499			1.93			502		1.93
0.89% Notes due 2019	299			1.20			—		—
1.125% Notes due 2019	699			1.13			—		—
3% Zero Coupon Convertible Subordinated Debentures due 2020	84			3.00			137		3.00
2.95% Debentures due 2020	546			3.15			545		3.15
3.55% Notes due 2021	447			3.67			448		3.67
2.45% Notes due 2021	348			2.48			349		2.48
1.65% Notes due 2021	997			1.65			—		—
0.250% Notes due 2022 (1B Euro 1.0449)⁽²⁾	1,041		⁽²⁾	0.26			—		—
6.73% Debentures due 2023	249			6.73			250		6.73
3.375% Notes due 2023	807			3.17			811		3.17
2.05% Notes due 2023	497			2.09			—		—
0.650% Notes due 2024(750MM Euro 1.0449)⁽²⁾	779		⁽²⁾	0.68			—		—
5.50% Notes due 2024 (500MM GBP 1.2237)⁽²⁾/(500MM GBP 1.4818)⁽³⁾	605		⁽²⁾	6.75			737	⁽³⁾	6.75
2.45% Notes due 2026	1,989			2.47			—		—
1.150% Notes due 2028(750MM Euro 1.0449)⁽²⁾	775		⁽²⁾	1.21			—		—
6.95% Notes due 2029	296			7.14			297		7.14
4.95% Debentures due 2033	497			4.95			500		4.95
4.375% Notes due 2033	857			4.24			864		4.24
1.650% Notes due 2035 (1.5B Euro 1.0449)⁽²⁾	1,549		⁽²⁾	1.68			—		—
3.55% Notes due 2036	987			3.59			—		—
5.95% Notes due 2037	990			5.99			996		5.99
5.85% Debentures due 2038	695			5.85			700		5.86
4.50% Debentures due 2040	537			4.63			540		4.63
4.85% Notes due 2041	296			4.89			298		4.89
4.50% Notes due 2043	495			4.52			499		4.52
3.70% Notes due 2046	1,970			3.74			—		—
Other	77			—			104		—
Subtotal	24,146		⁽⁴⁾	3.33	%	⁽¹⁾	14,961	⁽⁴⁾	4.06	⁽¹	⁾
Less current portion	1,704						2,104
Total long-term debt	$	22,442					12,857


⁽¹⁾	Weighted average effective rate.


⁽²⁾	Translation rate at January 1, 2017.


⁽³⁾	Translation rate at January 3, 2016.


⁽⁴⁾	The excess of the fair value over the carrying value of debt was $1.6 billion in 2016 and $1.7 billion in 2015.

Fair value of the long-term debt was estimated using market prices, which were corroborated by quoted broker prices and significant other observable inputs.

The Company has access to substantial sources of funds at numerous banks worldwide. In September 2016, the Company secured a new 364-day Credit Facility. Total credit available to the Company approximates $10 billion, which expires on September 14, 2017. Interest charged on borrowings under the credit line agreements is based on either bids provided by banks, the prime rate or London Interbank Offered Rates (LIBOR), plus applicable margins. Commitment fees under the agreements are not material.

Throughout 2016, the Company continued to have access to liquidity through the commercial paper market. Short-term borrowings and the current portion of long-term debt amounted to approximately $4.7 billion at the end of 2016, of which $2.7 billion was borrowed under the Commercial Paper Program. The remainder principally represents local borrowing by international subsidiaries.

Throughout 2015, the Company continued to have access to liquidity through the commercial paper market. Short-term borrowings and the current portion of long-term debt amounted to approximately $7.0 billion at the end of 2015, of which $4.6 billion was borrowed under the Commercial Paper Program. The remainder principally represents local borrowing by international subsidiaries.

Aggregate maturities of long-term obligations commencing in 2017 are:



(Dollars in Millions)
2017	2018	2019	2020	2021	After 2021
$1,704	1,561	2,538	629	1,795	15,919