NOTE 11 — DEBT

Short-term Debt

As of December 31, 2016, we had $25.1 billion of commercial paper issued and outstanding, with a weighted-average interest rate of 0.78% and maturities ranging from 43 days to 266 days. As of June 30, 2016, we had $12.9 billion of commercial paper issued and outstanding, with a weighted-average interest rate of 0.43% and maturities ranging from 1 day to 99 days. The estimated fair value of this commercial paper approximates its carrying value.

In November 2016, we entered into a $5.0 billion credit facility which replaced our $5.0 billion credit facility that expired on November 1, 2016. We currently have two $5.0 billion credit facilities that expire on October 31, 2017 and November 14, 2018, respectively. These credit facilities serve as a back-up for our commercial paper program. As of December 31, 2016, 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, 2016, the total carrying value and estimated fair value of our long-term debt, including the current portion, were $59.9 billion and $60.8 billion, respectively. As of June 30, 2016, the total carrying value and estimated fair value of our long-term debt were $40.6 billion and $44.0 billion, respectively. 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, 2016 and June 30, 2016:

Due Date	Face Value December 31, 2016		Face Value June 30, 2016		Stated Interest Rate		Effective Interest Rate


	(In millions)

Notes

November 15, 2017		600		600		0.875%		1.084%
May 1, 2018		450		450		1.000%		1.106%
November 3, 2018		1,750		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%
August 8, 2019 ^(a)		2,500		*		1.100%		1.203%
November 1, 2019 ^(c)		18		*		0.500%		0.500%
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		2,250		2,250		2.000%		2.093%
February 8, 2021		500		500		4.000%		4.082%
August 8, 2021 ^(a)		2,750		*		1.550%		1.642%
December 6, 2021 ^(b)		1,846		1,944		2.125%		2.233%
February 12, 2022		1,500		1,500		2.375%		2.466%
November 3, 2022		1,000		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%
August 8, 2023 ^(a)		1,500		*		2.000%		2.101%
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		3,000		3,000		3.125%		3.176%
August 8, 2026 ^(a)		4,000		*		2.400%		2.464%
December 6, 2028 ^(b)		1,846		1,944		3.125%		3.218%
May 2, 2033 ^(b)		580		611		2.625%		2.690%
February 12, 2035		1,500		1,500		3.500%		3.604%
November 3, 2035		1,000		1,000		4.200%		4.260%
August 8, 2036 ^(a)		2,250		*		3.450%		3.510%
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		3,000		3,000		4.450%		4.492%
August 8, 2046 ^(a)		4,500		*		3.700%		3.743%
February 12, 2055		2,250		2,250		4.000%		4.063%
November 3, 2055		1,000		1,000		4.750%		4.782%
August 8, 2056 ^(a)		2,250		*		3.950%		4.033%


Total	$	60,490	$	40,949

(a)	In August 2016, we issued $19.8 billion of debt securities.

(b)	Euro-denominated debt securities.

(c)	Remaining notes that were acquired as part of the LinkedIn acquisition. See Note 8 – Business combinations for further information.

*	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. Effective July 1, 2016, we retrospectively adopted accounting guidance that requires debt issuance costs to be recorded as a deduction from the carrying amount of the debt liability, consistent with debt discounts. As of December 31, 2016 and June 30, 2016, the combined aggregate unamortized discount and debt issuance costs associated with our long-term debt, including the current portion, were $585 million and $392 million, respectively.