Short-Term Borrowings and Capital Lease Obligations

12 Months Ended

Dec. 31, 2015

Short-Term Borrowings and Capital Lease Obligations

SHORT-TERM BORROWINGS AND CAPITAL LEASE OBLIGATIONS



December 31,	2015		2014
Other loans - various currencies	$	49	$	17
Long-term debt payable within one year	1,115		1,405
Capital lease obligations	1		—
	$	1,165	$	1,422

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 $1,190 and $1,424 at December 31, 2015 and 2014, respectively.

Unused bank credit lines were approximately $4,900 at December 31, 2015 and 2014, 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 three years. Outstanding letters of credit were $203 and $349 at December 31, 2015 and 2014, 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, 2015 and 2014 was 4.1% and 1.7%, respectively. The increase in the interest rate for 2015 was primarily due to long-term debt maturing within one year.