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Debt Obligations and Commitments | 12 Months Ended
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Dec. 26, 2015
Debt Obligations and Commitments [Abstract] |
Debt Obligations And Commitments | Debt Obligations and Commitments The following table summarizes the Company’s debt obligations:
| 2015 |  |  | 2014 |
Short-term debt obligations |  |  |
Current maturities of long-term debt | $ | 3,109 |  |  | $ | 4,096 |
Commercial paper (0.3% and 0.1%) | 770 |  |  | 746 |
Other borrowings (10.0% and 17.7%) | 192 |  |  | 234 |
| $ | 4,071 |  |  | $ | 5,076 |
Long-term debt obligations |  |  |
Notes due 2015 (1.4%) | $ | — |  |  | $ | 4,093 |
Notes due 2016 (2.6% and 2.6%) | 3,087 |  |  | 3,099 |
Notes due 2017 (1.2% and 1.6%) | 4,392 |  |  | 2,004 |
Notes due 2018 (3.6% and 4.4%) | 4,122 |  |  | 3,410 |
Notes due 2019 (3.7% and 3.7%) | 1,627 |  |  | 1,631 |
Notes due 2020 (2.4% and 3.8%) | 3,830 |  |  | 1,983 |
Notes due 2021-2046 (3.9% and 4.0%) | 15,228 |  |  | 11,657 |
Other, due 2016-2021 (4.3% and 4.4%) | 36 |  |  | 40 |
| 32,322 |  |  | 27,917 |
Less: current maturities of long-term debt obligations | (3,109 | ) |  | (4,096 | )
Total | $ | 29,213 |  |  | $ | 23,821 |
The interest rates in the above table reflect weighted-average rates at year-end. In 2015, we issued the following senior notes:
Interest Rate |  |  | Maturity Date |  | Amount |  |
Floating rate |  |  | April 2018 |  | $ | 250 |  |
1.250 | % |  | April 2018 |  | 500 |  |
1.850 | % |  | April 2020 |  | 750 |  |
2.750 | % |  | April 2025 |  | 1,000 |  |
Floating rate |  |  | July 2017 |  | 600 |  |
1.125 | % |  | July 2017 |  | 650 |  |
3.100 | % |  | July 2022 |  | 800 |  |
3.500 | % |  | July 2025 |  | 700 |  |
4.600 | % |  | July 2045 |  | 500 |  |
Floating rate |  |  | October 2017 |  | 700 |  |
1.000 | % |  | October 2017 |  | 450 |  |
2.150 | % |  | October 2020 |  | 1,100 |  |
4.450 | % |  | April 2046 |  | 750 |  |
|  |  |  | $ | 8,750 |  | (a)
(a) | Represents gross proceeds from issuances of long-term debt excluding debt issuance costs and discounts.
The net proceeds from the issuances of the above notes were used for general corporate purposes, including the repayment of commercial paper. In 2015, we entered into a new five-year unsecured revolving credit agreement (Five-Year Credit Agreement) which expires on June 8, 2020. The Five-Year Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.7225 billion, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $4.5 billion. Additionally, we may, once a year, request renewal of the agreement for an additional one-year period. Also, in 2015, we entered into a new 364-day unsecured revolving credit agreement (364-Day Credit Agreement) which expires on June 6, 2016. The 364-Day Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.7225 billion, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $4.5 billion. We may request renewal of this facility for an additional 364-day period or convert any amounts outstanding into a term loan for a period of up to one year, which would mature no later than the anniversary of the then effective termination date. The Five-Year Credit Agreement and the 364-Day Credit Agreement together replaced our $3.7725 billion five-year credit agreement dated as of June 9, 2014 and our $3.7725 billion 364-day credit agreement dated as of June 9, 2014. Funds borrowed under the Five-Year Credit Agreement and the 364-Day Credit Agreement may be used for general corporate purposes. Subject to certain conditions, we may borrow, prepay and reborrow amounts under these agreements. As of December 26, 2015, there were no outstanding borrowings under the Five-Year Credit Agreement or the 364-Day Credit Agreement. In addition, as of December 26, 2015, our international debt of $193 million was related to borrowings from external parties including various lines of credit. These lines of credit are subject to normal banking terms and conditions and are fully committed at least to the extent of our borrowings. Long-Term Contractual Commitments (a) The following table summarizes our long-term contractual commitments by period:
` | Payments Due by Period
| Total |  |  | 2016 |  |  | 2017 – 2018 |  |  | 2019 – 2020 |  |  | 2021 and beyond |
Long-term debt obligations (b) | $ | 28,907 |  |  | $ | — |  |  | $ | 8,396 |  |  | $ | 5,447 |  |  | $ | 15,064 |
Interest on debt obligations (c) | 10,431 |  |  | 987 |  |  | 1,770 |  |  | 1,325 |  |  | 6,349 |
Operating leases | 1,860 |  |  | 387 |  |  | 660 |  |  | 380 |  |  | 433 |
Purchasing commitments (d) | 1,767 |  |  | 635 |  |  | 798 |  |  | 220 |  |  | 114 |
Marketing commitments (d) | 2,251 |  |  | 428 |  |  | 773 |  |  | 627 |  |  | 423 |
| $ | 45,216 |  |  | $ | 2,437 |  |  | $ | 12,397 |  |  | $ | 7,999 |  |  | $ | 22,383 |
(a) | Based on year-end foreign exchange rates. Reserves for uncertain tax positions are excluded from the table above as we are unable to reasonably predict the ultimate amount or timing of any such settlements.
(b) | Excludes $3,109 million related to current maturities of debt, $306 million related to the fair value adjustments for debt acquired in acquisitions and interest rate swaps and $162 million related to unamortized discount.
(c) | Interest payments on floating-rate debt are estimated using interest rates effective as of December 26, 2015.
(d) | Primarily reflects non-cancelable commitments as of December 26, 2015.
Most long-term contractual commitments, except for our long-term debt obligations, are not recorded on our balance sheet. Operating leases primarily represent building leases. Non-cancelable purchasing commitments are primarily for oranges and orange juice. Non-cancelable marketing commitments are primarily for sports marketing. Bottler funding to independent bottlers is not reflected in our long-term contractual commitments as it is negotiated on an annual basis. Accrued liabilities for pension and retiree medical plans are not reflected in our long-term contractual commitments. See Note 7 for additional information regarding our pension and retiree medical obligations. Off-Balance-Sheet Arrangements It is not our business practice to enter into off-balance-sheet arrangements, other than in the normal course of business. See Note 8 regarding contracts related to certain of our bottlers. See “Our Liquidity and Capital Resources” in Management’s Discussion and Analysis of Financial Condition and Results of Operations for further unaudited information on our borrowings.

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