Long-Term Debt and Credit Facilities

Long-term debt consisted of the following at December 31:



	Weighted Average Interest Rate	Maturities			2015		2014
Notes	2.1%	2016	-	2078	$	6,562	$	5,877
Commercial paper	—%	2016			5		255
					6,567		6,132
Less: Current portion of long-term debt					298		488
Total					$	6,269	$	5,644

The weighted-average interest rate on short-term borrowings of $4 in 2015 and $16 in 2014 included in Notes and loans payable in the Consolidated Balance Sheets as of December 31, 2015 and 2014 was 1.8% and 1.9%, respectively.

The Company classifies commercial paper as long-term debt when it has the intent and ability to refinance such obligations on a long-term basis. Excluding commercial paper reclassified as long-term debt, scheduled maturities of long-term debt and capitalized leases outstanding as of December 31, 2015, were as follows:



Years Ended December 31,
2016	$	298
2017	649
2018	698
2019	1,045
2020	248
Thereafter	3,629

The Company has entered into interest rate swap agreements and foreign exchange contracts related to certain of these debt instruments. See Note 7, Fair Value Measurements and Financial Instruments for further information about the Company’s financial instruments.

During the third quarter of 2015, the Company issued $600 of thirty-year notes at a fixed rate of 4.00%. During the second quarter of 2015, the Company issued €500 of euro-denominated four-year notes at a variable rate. During the fourth quarter of 2014, the Company issued $134 of forty-year notes at a variable rate. During the first quarter of 2014, the Company issued $500 of five-year notes at a fixed rate of 1.75% and $500 of ten-year notes at a fixed rate of 3.25%.

The Company’s debt issuances support its capital structure strategy objectives of funding its business and growth initiatives while minimizing its risk-adjusted cost of capital. The debt issuances in 2015 and 2014 were under the Company’s shelf registration statement. The debt issuances during the third quarter of 2015 and the first and fourth quarters of 2014 were U.S. dollar-denominated. Proceeds from the debt issuances in the second and third quarters of 2015 and the first and fourth quarters of 2014 were used for general corporate purposes which included the retirement of commercial paper borrowings. Proceeds from the debt issuances in the first quarter of 2014 were also used to repay and retire $250 of U.S. dollar-denominated notes and €250 of euro-denominated notes, both of which became due in the second quarter of 2014.

At December 31, 2015, the Company had access to unused domestic and foreign lines of credit of $2,976 (including under the facilities discussed below) and could also issue medium-term notes pursuant to an effective shelf registration statement. In November 2011, the Company entered into a five-year revolving credit facility with a capacity of $1,850 with a syndicate of banks. This facility was extended for an additional year in 2012 and again in 2013. In 2014, the Company entered into an amendment of this facility whereby the facility was extended for an additional year to November 2019 and the capacity of the facility was increased to $2,370. The Company also has the ability to draw $165 from a revolving credit facility that expires in November 2016 and $20 from a revolving credit facility that expires in December 2016. Commitment fees related to the credit facilities are not material.

Certain agreements with respect to the Company’s bank borrowings contain financial and other covenants as well as cross-default provisions. Noncompliance with these requirements could ultimately result in the acceleration of amounts owed. The Company is in full compliance with all such requirements and believes the likelihood of noncompliance is remote.