Commercial Paper and Long-Term Debt

Commercial paper and senior unsecured long-term debt consisted of the following:



	June 30, 2017						December 31, 2016
(in millions, except percentages)	Par Value		Carrying Value		Fair Value		Par Value		Carrying Value		Fair Value
Commercial paper	$	2,254	$	2,254	$	2,254	$	3,633	$	3,633	$	3,633
Floating rate notes due January 2017	—		—		—		750		750		750
6.000% notes due June 2017	—		—		—		441		446		450
1.450% notes due July 2017	750		750		750		750		750		751
1.400% notes due October 2017	625		625		625		625		624		626
6.000% notes due November 2017	156		158		159		156		159		163
1.400% notes due December 2017	750		750		750		750		751		750
6.000% notes due February 2018	1,100		1,104		1,129		1,100		1,107		1,153
1.900% notes due July 2018	1,500		1,498		1,506		1,500		1,496		1,507
1.700% notes due February 2019	750		748		749		750		748		748
1.625% notes due March 2019	500		501		497		500		501		498
2.300% notes due December 2019	500		498		505		500		498		504
2.700% notes due July 2020	1,500		1,495		1,532		1,500		1,495		1,523
3.875% notes due October 2020	450		450		474		450		450		474
4.700% notes due February 2021	400		409		432		400		409		433
2.125% notes due March 2021	750		746		748		750		745		741
3.375% notes due November 2021	500		498		521		500		497		519
2.875% notes due December 2021	750		750		767		750		748		760
2.875% notes due March 2022	1,100		1,063		1,125		1,100		1,057		1,114
3.350% notes due July 2022	1,000		996		1,044		1,000		995		1,030
0.000% notes due November 2022	15		11		12		15		11		12
2.750% notes due February 2023	625		612		630		625		609		622
2.875% notes due March 2023	750		772		762		750		771		753
3.750% notes due July 2025	2,000		1,987		2,107		2,000		1,986		2,070
3.100% notes due March 2026	1,000		995		1,005		1,000		994		986
3.450% notes due January 2027	750		745		771		750		745		762
3.375% notes due April 2027	625		618		639		—		—		—
4.625% notes due July 2035	1,000		991		1,124		1,000		991		1,090
5.800% notes due March 2036	850		837		1,076		850		837		1,034
6.500% notes due June 2037	500		491		675		500		491		643
6.625% notes due November 2037	650		641		896		650		640		850
6.875% notes due February 2038	1,100		1,075		1,562		1,100		1,075		1,497
5.700% notes due October 2040	300		296		383		300		296		366
5.950% notes due February 2041	350		345		458		350		345		437
4.625% notes due November 2041	600		588		661		600		588		634
4.375% notes due March 2042	502		483		539		502		483		509
3.950% notes due October 2042	625		606		633		625		606		609
4.250% notes due March 2043	750		734		793		750		734		765
4.750% notes due July 2045	2,000		1,972		2,297		2,000		1,972		2,203
4.200% notes due January 2047	750		738		791		750		737		759
4.250% notes due April 2047	725		717		773		—		—		—
Total commercial paper and long-term debt	$	31,802	$	31,547	$	34,154	$	33,022	$	32,770	$	34,728

In 2017, the Company repaid $926 million in debt assumed in the first quarter in connection with an acquisition. The Company’s long-term debt obligations also included $389 million and $200 million of other financing obligations, of which $98 million and $80 million were classified as current as of June 30, 2017 and December 31, 2016, respectively.

Commercial Paper and Bank Credit Facilities

Commercial paper consists of short-duration, senior unsecured debt privately placed on a discount basis through broker-dealers. As of June 30, 2017, the Company’s outstanding commercial paper had a weighted-average annual interest rate of 1.3%.

The Company has $3.0 billion five-year, $2.0 billion three-year and $1.0 billion 364-day revolving bank credit facilities with 23 banks, which mature in December 2021, December 2019 and December 2017, respectively. These facilities provide liquidity support for the Company’s commercial paper program and are available for general corporate purposes. As of June 30, 2017, no amounts had been drawn on any of the bank credit facilities. The annual interest rates, which are variable based on term, are calculated based on the London Interbank Offered Rate (LIBOR) plus a credit spread based on the Company’s senior unsecured credit ratings. If amounts had been drawn on the bank credit facilities as of June 30, 2017, annual interest rates would have ranged from 2.0% to 2.3%.

Debt Covenants

The Company’s bank credit facilities contain various covenants, including covenants requiring the Company to maintain a defined debt to debt-plus-shareholders’ equity ratio of not more than 55%. The Company was in compliance with its debt covenants as of June 30, 2017.