Short-Term Borrowings and Capital Lease Obligations

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Short-Term Borrowings and Capital Lease Obligations

SHORT-TERM BORROWINGS AND CAPITAL LEASE OBLIGATIONS

December 31,	2014		2013
Other loans - various currencies	$	17	$	44
Long-term debt payable within one year	1,405		1,674
Capital lease obligations	1		3
	$	1,423	$	1,721

The estimated fair value of the company's short-term borrowings, including interest rate financial instruments, was determined using level 2 inputs within the fair value hierarchy, as described in Note 1 to the Consolidated Financial Statements. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's short-term borrowings was $1,424 and $1,730 at December 31, 2014 and 2013, respectively.

Unused bank credit lines were approximately $4,900 and $4,400 at December 31, 2014 and 2013, respectively. These lines are available to support short-term liquidity needs and general corporate purposes including letters of credit and have a remaining life of up to four years. Outstanding letters of credit were $349 and $352 at December 31, 2014 and 2013, respectively. These letters of credit support commitments made in the ordinary course of business.

The weighted-average interest rate on short-term borrowings outstanding at December 31, 2014 and 2013 was 1.7% and 3.0%, respectively. The decrease in the interest rate for 2014 was primarily due to long-term debt maturing within one year.