Short-Term Debt

12 Months Ended

Dec. 31, 2019



	At December 31
	2019			2018
Commercial paper¹	$	4,654		$	7,503
Notes payable to banks and others with originating terms of one year or less	228			28
Current maturities of long-term debt²	5,054			4,999
Current maturities of long-term finance leases	18			18
Redeemable long-term obligations
Long-term debt	3,078			3,078
Subtotal	13,032			15,626
Reclassified to long-term debt	(9,750		)	(9,900		)
Total short-term debt	$	3,282		$	5,726
¹Weighted-average interest rates at December 31, 2019 and 2018, were 1.69 percent and 2.43 percent, respectively.
²Net of unamortized discounts and issuance costs: $0 in 2019 and $1 in 2018.

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, 2019, the company had no interest rate swaps on short-term debt.

At December 31, 2019, the company had $9,750 in 364-day committed credit facilities with various major banks that enable the refinancing of short-term obligations on a long-term basis. The credit facilities allow the company to convert any amounts outstanding into a term loan for a period of up to one year. This supports 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 facility 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 this facility at December 31, 2019.

The company classified $9,750 and $9,900 of short-term debt as long-term at December 31, 2019 and 2018, 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.