LONG-TERM DEBT

During 2018, we issued $6.84 billion of medium-term notes, of which $3.79 billion were at fixed interest rates and $3.05 billion were at floating interest rates, primarily indexed to LIBOR. At December 31, 2018, the outstanding medium-term notes had remaining maturities ranging up to 9 years. Debt issuance costs are capitalized and amortized to Interest expense using the effective yield 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)
	2018				2017
	Balance			Avg. Rate	Balance			Avg. Rate
Medium-term notes	$	22,226		2.6%	$	21,362		2.5%
Unamortized discount and debt issuance costs	(57		)		(59		)
Medium-term notes, net	22,169				21,303
Bank borrowings	646			5.8%	803			5.0%
Total	$	22,815			$	22,106

Long-term debt outstanding as of December 31, 2018, matures as follows:



(Millions of dollars)
2019	$	5,820
2020	6,407
2021	4,884
2022	2,053
2023	2,158
Thereafter	1,493
Total	$	22,815

The above table includes $238 million of medium-term notes that could be called by us at some point in the future at par.