LONG-TERM DEBT

During 2019, we issued $6.09 billion of medium-term notes, of which $3.59 billion were at fixed interest rates and $2.50 billion were at floating interest rates, primarily indexed to LIBOR. At December 31, 2019, the outstanding medium-term notes had remaining maturities ranging up to 8 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)
	2019				2018
	Balance			Avg. Rate	Balance			Avg. Rate
Medium-term notes	$	22,739		2.6%	$	22,226		2.6%
Unamortized discount and debt issuance costs	(47		)		(57		)
Medium-term notes, net	22,692				22,169
Bank borrowings	642			6.6%	646			5.8%
Total	$	23,334			$	22,815

Long-term debt outstanding as of December 31, 2019, matures as follows:



(Millions of dollars)
2020	$	6,194
2021	7,732
2022	4,744
2023	2,167
2024	2,157
Thereafter	340
Total	$	23,334

The above table includes $29 million of medium-term notes that could be called by us at some point in the future at par.

Medium-term notes of $1.50 billion matured January 10, 2020 and were excluded from Current maturities of long-term debt as of December 31, 2019 due to an issuance on January 9, 2020 of two $750 million medium-term notes, maturing in 2021 and 2022. The table above reflects the maturity dates of the new medium-term notes.