LONG-TERM BORROWINGS AND CAPITAL LEASE OBLIGATIONS



December 31,	2015		2014
U.S. dollar:
Medium-term notes due 2038 – 2041¹	$	111	$	114
3.25% notes due 2015^2,3	—		1,001
4.75% notes due 2015²	—		400
1.95% notes due 2016²	348		499
2.75% notes due 2016²	223		500
5.25% notes due 2016²	541		600
6.00% notes due 2018⁴	1,314		1,338
5.75% notes due 2019	499		499
4.625% notes due 2020	998		998
3.625% notes due 2021	999		999
4.25% notes due 2021	499		499
2.80% notes due 2023	1,250		1,250
6.50% debentures due 2028	299		299
5.60% notes due 2036	396		396
4.90% notes due 2041	494		494
4.15% notes due 2043	749		749
Other loans^2,5	25		29
Other loans- various currencies²	32		—
	8,777		10,664
Less short-term portion of long-term debt	1,115		1,405
	7,662		9,259
Less debt issuance costs	32		38
	7,630		9,221
Capital lease obligations	12		12
Total	$	7,642	$	9,233


^1.	Average interest rates on medium-term notes were 0.1% and 0.0% at December 31, 2015 and 2014, respectively.


^2.	Includes long-term debt due within one year.


^3.	At December 31, 2014, the company had outstanding interest rate swap agreements with gross notional amounts of $1,000 that matured in 2015. The fair value of outstanding swaps was an asset of $1 at December 31, 2014.


^4.	During 2008, the interest rate swap agreement associated with these notes was terminated. The gain will be amortized over the remaining life of the bond, resulting in an effective yield of 3.85%.


^5.	Average interest rates on other loans were 4.3% and 4.2% at December 31, 2015 and 2014, respectively.

In connection with the spin-off of Chemours, as discussed in Note 3, the company received a dividend from Chemours in May 2015 of $3,923 comprised of a cash distribution of $3,416 and a distribution in-kind of $507 of 7% senior unsecured notes due 2025.

In 2015, DuPont exchanged the Chemours Notes Received for $488 of company debt due in 2016 as follows: $152 of 1.95% notes, $277 of 2.75% notes, and $59 of 5.25% notes. The company paid a premium of $20, recorded in interest expense in the company's Consolidated Income Statements in 2015, in connection with the early retirement of the $488 of 2016 notes. This debt for debt exchange was considered an extinguishment.

Maturities of long-term borrowings are $4, $1,349, $503 and $1,003 for the years 2017, 2018, 2019 and 2020, respectively, and $4,803 thereafter.

The estimated fair value of the company's long-term borrowings, 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 long-term borrowings was $7,860 and $9,970 at December 31, 2015 and 2014, respectively.