LONG-TERM DEBT

During 2016, we issued $4.09 billion of medium-term notes, of which $3.21 billion were at fixed interest rates and $886 million were at floating interest rates, primarily indexed to LIBOR. At December 31, 2016, the outstanding medium-term notes had remaining maturities ranging up to 11 years. Debt issuance costs are capitalized and amortized to Interest expense using the straight-line method over the term of the debt issuance. The balance of our medium-term notes contains unamortized fair value adjustments for debt in a fair value hedge relationship.

Long-term debt outstanding as of December 31, was comprised of the following:



(Millions of dollars)
	2016				2015
	Balance			Avg. Rate	Balance			Avg. Rate
Medium-term notes	$	19,731		2.4%	$	20,611		2.4%
Unamortized discount and debt issuance costs	(64		)		(37		)
Medium-term notes, net	19,667				20,574
Bank borrowings	870			4.5%	995			4.0%
Total	$	20,537			$	21,569

Long-term debt outstanding as of December 31, 2016, matures as follows:



(Millions of dollars)
2017	$	6,155
2018	5,359
2019	3,680
2020	1,144
2021	1,682
Thereafter	2,517
Total	$	20,537

The above table includes $78 million of medium-term notes that could be called by us at some point in the future at par.

During September 2016, $381 million of medium-term notes with varying interest rates and maturity dates were exchanged for $366 million of 1.93 percent medium-term notes due in 2021 and $15 million in cash. In addition, a debt exchange premium of $33 million was paid.