Short-Term Debt



	At December 31
	2017			2016
Commercial paper¹	$	5,379		$	10,410
Notes payable to banks and others with originating terms of one year or less	—			50
Current maturities of long-term debt²	6,720			6,253
Current maturities of long-term capital leases	15			14
Redeemable long-term obligations
Long-term debt	3,078			3,113
Capital leases	—			—
Subtotal	15,192			19,840
Reclassified to long-term debt	(10,000		)	(9,000		)
Total short-term debt	$	5,192		$	10,840
¹Weighted-average interest rates at December 31, 2017 and 2016, were 1.30 percent and 0.74 percent, respectively.
²Net of unamortized discounts and issuance costs.

Redeemable long-term obligations consist primarily of tax-exempt variable-rate put bonds that are included as current liabilities because they become redeemable at the option of the bondholders during the year following the balance sheet date.

The company may periodically enter into interest rate swaps on a portion of its short-term debt. At December 31, 2017, the company had no interest rate swaps on short-term debt.

At December 31, 2017, the company had $10,000 in committed credit facilities with various major banks that enable the refinancing of short-term obligations on a long-term basis. The credit facilities consist of a 364-day facility which enables borrowing of up to $9,575 and allows the company to convert any amounts outstanding into a term loan for a period of up to one year, and a $425 five-year facility expiring in December 2020. These facilities support commercial paper borrowing and can also be used for general corporate purposes. The company’s practice has been to continually replace expiring commitments with new commitments on substantially the same terms, maintaining levels management believes appropriate. Any borrowings under the facilities would be unsecured indebtedness at interest rates based on the London Interbank Offered Rate or an average of base lending rates published by specified banks and on terms reflecting the company’s strong credit rating. No borrowings were outstanding under these facilities at December 31, 2017.

The company classified $10,000 and $9,000 of short-term debt as long-term at December 31, 2017 and 2016, respectively. Settlement of these obligations is not expected to require the use of working capital within one year, and the company has both the intent and the ability, as evidenced by committed credit facilities, to refinance them on a long-term basis.