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Borrowings (Tables)
 9 Months Ended
Sep. 30, 2015
Borrowings  
Short-Term Debt
At September 30,At December 31,
(Dollars in millions)20152014
Commercial paper$1,600$650
Short-term loans653480
Long-term debt – current maturities5,2864,601
Total$7,538$5,731
Long-Term Debt
Long-Term Debt
Pre-Swap Borrowing
BalanceBalance
(Dollars in millions)Maturities9/30/201512/31/2014
U.S. dollar notes and debentures (average interest rate at September 30, 2015):
1.41%2015–2016$5,274$9,254
3.91%2017–20188,7736,835
2.24%2019–20216,6136,555
1.88%20221,0001,000
3.38%20231,5001,500
3.63%20242,0002,000
7.00%2025600600
6.22%2027469469
6.50%2028313313
5.88%2032600600
8.00%20388383
5.60%2039745745
4.00%20421,1071,107
7.00%20452727
7.13%2096316316
$29,420$31,404
Other currencies (average interest rate at September 30, 2015, in parentheses):\
Euros (1.8%)2015–2025$5,033$5,463
Pound sterling (2.7%)2017–20221,5971,176
Japanese yen (0.5%)2017–2019734733
Swiss francs (6.3%)202010162
Canadian (2.2%)2017373432
Other (10.9%)2015–2020176367
$37,343$39,737
Less: net unamortized discount840853
Add: fair value adjustment*904792
$37,407$39,675
Less: current maturities5,2864,601
Total$32,122$35,073

* The portion of the company’s fixed-rate debt obligations that is hedged is reflected in the Consolidated Statement of Financial Position as an amount equal to the sum of the debt’s carrying value plus a fair value adjustment representing changes in the fair value of the hedged debt obligations attributable to movements in benchmark interest rates.
Pre-swap annual contractual maturities of long-term debt outstanding
(Dollars in millions)Total
2015 (for Q4)$68
20165,257
20175,345
20184,673
20194,023
2020 and beyond17,977
Total$37,343
Interest on Debt
(Dollars in millions)
For the nine months ended September 30:20152014
Cost of financing$407$407
Interest expense346366
Net investment derivative activity(6)1
Interest capitalized(1)3
Total interest paid and accrued$746$777