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.