Borrowings

The components of long-term debt are as follows:



(Dollars in Millions)	2015			Effective Rate %			2014		Effective Rate %
2.15% Notes due 2016	$	900		2.22	%		898		2.22
3 month LIBOR+0.07% FRN due 2016	800			0.48			800		0.31
0.70% Notes due 2016	398			0.74			398		0.74
5.55% Debentures due 2017	1,000			5.55			1,000		5.55
1.125% Notes due 2017	700			1.15			697		1.15
5.15% Debentures due 2018	899			5.15			898		5.15
1.65% Notes due 2018	602			1.70			597		1.70
4.75% Notes due 2019 (1B Euro 1.0882)⁽²⁾/(1B Euro 1.2199)⁽³⁾	1,085		⁽²⁾	5.83			1,216	⁽³⁾	5.83
1.875% Notes due 2019	502			1.93			497		1.93
3% Zero Coupon Convertible Subordinated Debentures due 2020	137			3.00			158		3.00
2.95% Debentures due 2020	545			3.15			543		3.15
3.55% Notes due 2021	448			3.67			446		3.67
2.45% Notes due 2021	349			2.48			349		2.48
6.73% Debentures due 2023	250			6.73			250		6.73
3.375% Notes due 2023	811			3.17			812		3.17
5.50% Notes due 2024 (500MM GBP 1.4818)⁽²⁾/(500MM GBP 1.5542)⁽³⁾	737		⁽²⁾	6.75			772	⁽³⁾	6.75
6.95% Notes due 2029	297			7.14			297		7.14
4.95% Debentures due 2033	500			4.95			500		4.95
4.375% Notes due 2033	864			4.24			865		4.23
5.95% Notes due 2037	996			5.99			995		5.99
5.85% Debentures due 2038	700			5.86			700		5.86
4.50% Debentures due 2040	540			4.63			539		4.63
4.85% Notes due 2041	298			4.89			298		4.89
4.50% Notes due 2043	499			4.52			499		4.52
Other	104			—			105		—
Subtotal	14,961		⁽⁴⁾	4.06	%	⁽¹⁾	15,129	⁽⁴⁾	4.08	⁽¹	⁾
Less current portion	2,104						7
Total long-term debt	$	12,857					15,122


⁽¹⁾	Weighted average effective rate.


⁽²⁾	Translation rate at January 3, 2016.


⁽³⁾	Translation rate at December 28, 2014.


⁽⁴⁾	The excess of the fair value over the carrying value of debt was $1.7 billion in 2015 and $2.2 billion in 2014.

Fair value of the non-current debt was estimated using market prices, which were corroborated by quoted broker prices and significant other observable inputs.

The Company has access to substantial sources of funds at numerous banks worldwide. In September 2015, the Company secured a new 364-day Credit Facility. Total credit available to the Company approximates $10 billion, which expires on September 15, 2016. Interest charged on borrowings under the credit line agreements is based on either bids provided by banks, the prime rate or London Interbank Offered Rates (LIBOR), plus applicable margins. Commitment fees under the agreements are not material.

Throughout 2015, the Company continued to have access to liquidity through the commercial paper market. Short-term borrowings and the current portion of long-term debt amounted to approximately $7.0 billion at the end of 2015, of which $4.6 billion was borrowed under the Commercial Paper Program. The remainder principally represents local borrowing by international subsidiaries.

Aggregate maturities of long-term obligations commencing in 2016 are:



(Dollars in Millions)
2016	2017	2018	2019	2020	After 2020
$2,104	1,790	1,501	1,587	683	7,296