NOTE 11 — DEBT

Short-term Debt

As of December 31, 2015, we had $3.0 billion of commercial paper issued and outstanding, with a weighted-average interest rate of 0.21% and maturities ranging from 77 days to 92 days. As of June 30, 2015, we had $5.0 billion of commercial paper issued and outstanding, with a weighted-average interest rate of 0.11% and maturities ranging from 8 days to 63 days. The estimated fair value of this commercial paper approximates its carrying value.

In November 2015, we renewed our $5.0 billion credit facility set to expire on November 4, 2015. We currently have two $5.0 billion credit facilities that expire on November 1, 2016 and November 14, 2018, respectively. These credit facilities serve as a back-up for our commercial paper program. As of December 31, 2015, we were in compliance with the only financial covenant in both credit agreements, which requires us to maintain a coverage ratio of at least three times earnings before interest, taxes, depreciation, and amortization to interest expense, as defined in the credit agreements. No amounts were drawn against these credit facilities during any of the periods presented.

Long-term Debt

As of December 31, 2015, the total carrying value and estimated fair value of our long-term debt, including the current portion, were $41.4 billion and $42.1 billion, respectively. This is compared to a carrying value and estimated fair value of our long-term debt of $30.3 billion and $30.5 billion, respectively, as of June 30, 2015. These estimated fair values are based on Level 2 inputs.

The components of our long-term debt, including the current portion, and the associated interest rates were as follows as of December 31, 2015 and June 30, 2015:

Due Date

Face Value

December 31,
2015

Face Value

June 30,
2015

Stated
Interest

Rate

Effective
Interest

Rate

(In millions)

Notes

September 25, 2015

1,750

1.625%

1.795%

February 8, 2016

750

750

2.500%

2.642%

November 15, 2017

600

600

0.875%

1.084%

May 1, 2018

450

450

1.000%

1.106%

November 3, 2018 ^(a)

1,750

1.300%

1.396%

December 6, 2018

1,250

1,250

1.625%

1.824%

June 1, 2019

1,000

1,000

4.200%

4.379%

February 12, 2020

1,500

1,500

1.850%

1.935%

October 1, 2020

1,000

1,000

3.000%

3.137%

November 3, 2020 ^(a)

2,250

2.000%

2.093%

February 8, 2021

500

500

4.000%

4.082%

December 6, 2021 ^(b)

1,901

1,950

2.125%

2.233%

February 12, 2022

1,500

1,500

2.375%

2.466%

November 3, 2022 ^(a)

1,000

2.650%

2.717%

November 15, 2022

750

750

2.125%

2.239%

May 1, 2023

1,000

1,000

2.375%

2.465%

December 15, 2023

1,500

1,500

3.625%

3.726%

February 12, 2025

2,250

2,250

2.700%

2.772%

November 3, 2025 ^(a)

3,000

3.125%

3.176%

December 6, 2028 ^(b)

1,901

1,950

3.125%

3.218%

May 2, 2033 ^(b)

598

613

2.625%

2.690%

February 12, 2035

1,500

1,500

3.500%

3.604%

November 3, 2035 ^(a)

1,000

4.200%

4.260%

June 1, 2039

750

750

5.200%

5.240%

October 1, 2040

1,000

1,000

4.500%

4.567%

February 8, 2041

1,000

1,000

5.300%

5.361%

November 15, 2042

900

900

3.500%

3.571%

May 1, 2043

500

500

3.750%

3.829%

December 15, 2043

500

500

4.875%

4.918%

February 12, 2045

1,750

1,750

3.750%

3.800%

November 3, 2045 ^(a)

3,000

4.450%

4.492%

February 12, 2055

2,250

2,250

4.000%

4.063%

November 3, 2055 ^(a)

1,000

4.750%

4.782%

Total

41,600

30,463

(a)	In November 2015, we issued $13.0 billion of debt securities.

(b)	Euro-denominated debt securities.

*	Not applicable

The notes in the table above are senior unsecured obligations and rank equally with our other senior unsecured debt outstanding. Interest on these notes is paid semi-annually, except for the euro-denominated debt securities on which interest is paid annually. As of December 31, 2015 and June 30, 2015, the aggregate unamortized discount for our long-term debt, including the current portion, was $171 million and $156 million, respectively.