Borrowings (Tables)

12 Months Ended

Dec. 31, 2015

Borrowings

Short-Term Debt

($ in millions)
At December 31:	2015		2014
Commercial paper	$	600	$	650
Short-term loans		590		480
Long-term debt—current maturities		5,271		4,601	*
Total	$	6,461	$	5,731	*
* Reclassified to reflect adoption of the FASB guidance on debt issuance costs in consolidated financial statements. Refer to note B,
"Accounting Changes," for additional information.

Pre-Swap Borrowings (Long-Term Debt)

($ in millions)
At December 31:		Maturities	2015		2014
U.S. dollar notes and debentures (average interest rate at December 31, 2015):
2.80%	2016–2017		$	9,351	$	9,254		**
3.34%	2018–2019			7,591		6,835
1.46%	2020–2021			3,717		6,555
2.35%		2022		1,900		1,000
3.38%		2023		1,500		1,500
3.63%		2024		2,000		2,000
7.00%		2025		600		600
6.22%		2027		469		469
6.50%		2028		313		313
5.88%		2032		600		600
8.00%		2038		83		83
5.60%		2039		745		745
4.00%		2042		1,107		1,107
7.00%		2045		27		27
7.13%		2096		316		316
				30,319		31,404
Other currencies (average interest rate at December 31, 2015, in parentheses):
Euros (1.8%)	2016–2025			4,892		5,463
Pound sterling (2.7%)	2017–2022			1,555		1,176
Japanese yen (0.4%)	2017–2022			1,180		733
Swiss francs (6.3%)	2020			9		162
Canadian (2.2%)		2017		360		432
Other (13.8%)	2016–2020			506		367
				38,820		39,737
Less: net unamortized discount				838		853
Less: net unamortized debt issuance costs				74		83	**
Add: fair value adjustment*				790		792
				38,699		39,593	**
Less: current maturities				5,271		4,601	**
Total			$	33,428	$	34,991	**

* The portion of the company’s fixed-rate debt obligations that is hedged is reflected in the ConsolidatedStatement 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.

** Reclassified to reflect adoption of the FASB guidance on debt issuance costs in consolidated financial statements. Refer to note B, “Accounting Changes,” for additional information.

Post-Swap Borrowing (Long-Term Debt, Including Current Portion)

($ in millions)
	2015					2014**
For the year ended December 31:	Amount		Average Rate			Amount		Average Rate
Fixed-rate debt	$	25,499		3.41	%	$	27,180		3.09	%
Floating-rate debt*		13,199		0.96	%		12,412		0.82	%
Total	$	38,699				$	39,593

* Includes $7,338 million in 2015 and $5,839 million in 2014 of notional interest rate swaps that effectively convert fixed-rate long-term debt into floating-rate debt. (See note D, “Financial Instruments,” on pages 101 through 105).

** Reclassified to reflect adoption of the FASB guidance on debt issuance costs in consolidated financial statements. Refer to note B, “Accounting Changes,” for additional information.

Pre-swap annual contractual maturities of long-term debt outstanding

($ in millions)
	Total
2016	$	5,273
2017		5,674
2018		4,691
2019		4,003
2020		4,505
2021 and beyond		14,675
Total	$	38,820

Interest on Debt

($ in millions)
For the year ended December 31:	2015		2014		2013
Cost of financing	$	540	$	542	$	587
Interest expense		481		484		405
Net investment derivative activity		(13)		0		(3)
Interest capitalized		0		4		22
Total interest paid and accrued	$	1,008	$	1,030	$	1,011