Borrowings

The components of long-term debt are as follows:



(Dollars in Millions)	2017			Effective Rate %	2016		Effective Rate %
5.55% Debentures due 2017	$	—		—	1,000		5.55
1.125% Notes due 2017	—			—	699		1.15
5.15% Debentures due 2018	900			5.18	899		5.18
1.65% Notes due 2018	597			1.70	600		1.70
4.75% Notes due 2019 (1B Euro 1.1947)⁽²⁾/(1B Euro 1.0449)⁽³⁾	1,192		⁽²⁾	5.83	1,041	⁽³⁾	5.83
1.875% Notes due 2019	496			1.93	499		1.93
0.89% Notes due 2019	300			1.75	299		1.20
1.125% Notes due 2019	699			1.13	699		1.13
3% Zero Coupon Convertible Subordinated Debentures due 2020	60			3.00	84		3.00
2.95% Debentures due 2020	547			3.15	546		3.15
1.950% Notes due 2020	499			1.99	—		—
3.55% Notes due 2021	448			3.67	447		3.67
2.45% Notes due 2021	349			2.48	348		2.48
1.65% Notes due 2021	998			1.65	997		1.65
0.250% Notes due 2022 (1B Euro 1.1947)^(2)/(1B Euro 1.0449)⁽³⁾	1,191		⁽²⁾	0.26	1,041	⁽³⁾	0.26
2.25% Notes due 2022	995			2.31	—		—
6.73% Debentures due 2023	250			6.73	249		6.73
3.375% Notes due 2023	806			3.17	807		3.17
2.05% Notes due 2023	498			2.09	497		2.09
0.650% Notes due 2024 (750MM Euro 1.1947)^(2)/(750MM Euro 1.0449)⁽³⁾	891		⁽²⁾	0.68	779	⁽³⁾	0.68
5.50% Notes due 2024 (500MM GBP 1.3444)⁽²⁾/(500MM GBP 1.2237)⁽³⁾	666		⁽²⁾	6.75	605	⁽³⁾	6.75
2.625% Notes due 2025	747			2.63	—		—
2.45% Notes due 2026	1,990			2.47	1,989		2.47
2.95% Notes due 2027	995			2.96	—		—
1.150% Notes due 2028 (750MM Euro 1.1947)^(2)/(750MM Euro 1.0449)⁽³⁾	887		⁽²⁾	1.21	775	⁽³⁾	1.21
2.900% Notes due 2028	1,492			2.91	—		—
6.95% Notes due 2029	296			7.14	296		7.14
4.95% Debentures due 2033	498			4.95	497		4.95
4.375% Notes due 2033	856			4.24	857		4.24
1.650% Notes due 2035 (1.5B Euro 1.1947)^(2)/(1.5B Euro 1.0449)⁽³⁾	1,774		⁽²⁾	1.68	1,549	⁽³⁾	1.68
3.55% Notes due 2036	987			3.59	987		3.59
5.95% Notes due 2037	991			5.99	990		5.99
3.625% Notes due 2037	1,486			3.64	—		—
5.85% Debentures due 2038	696			5.85	695		5.85
3.400% Notes due 2038	990			3.42	—		—
4.50% Debentures due 2040	538			4.63	537		4.63
4.85% Notes due 2041	296			4.89	296		4.89
4.50% Notes due 2043	495			4.52	495		4.52



3.70% Notes due 2046	1,971			3.74			1,970		3.74
3.75% Notes due 2047	990			3.76			—		—
3.500% Notes due 2048	742			3.52			—		—
Other	75			—			77		—
Subtotal	32,174		⁽⁴⁾	3.19	%	⁽¹⁾	24,146	⁽⁴⁾	3.33	⁽¹	⁾
Less current portion	1,499						1,704
Total long-term debt	$	30,675					22,442


⁽¹⁾	Weighted average effective rate.


⁽²⁾	Translation rate at December 31, 2017.


⁽³⁾	Translation rate at January 1, 2017.


⁽⁴⁾	The excess of the fair value over the carrying value of debt was $2.0 billion in 2017 and $1.6 billion in 2016.

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 2017, the Company secured a new 364-day Credit Facility. Total credit available to the Company approximates $10 billion, which expires on September 13, 2018. 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 2017, 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 $3.9 billion at the end of 2017, of which $2.3 billion was borrowed under the Commercial Paper Program, $1.5 billion is the current portion of the long term debt, and the remainder principally represents local borrowing by international subsidiaries.

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, $1.7 billion is the current portion of the long term debt, and the remainder principally represents local borrowing by international subsidiaries.

Aggregate maturities of long-term obligations commencing in 2018 are:



(Dollars in Millions)
2018	2019	2020	2021	2022	After 2022
$1,499	2,752	1,105	1,797	2,189	22,832