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Debt and Borrowing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2013
Short-Term Borrowings

At December 31, 2013 and 2012, our short-term borrowings and related weighted-average interest rates consisted of:

 

                                                                           
     2013      2012  
     Amount      Weighted-      Amount      Weighted-  
     Outstanding      Average Rate      Outstanding      Average Rate  
     (in millions)             (in millions)         

Commercial paper

    $ 1,410         0.4%       $ –         –   

Bank loans

      226         7.0%         274         7.2%   
  

 

 

        

 

 

     

Total short-term borrowings

    $ 1,636          $ 274      
  

 

 

        

 

 

     
Long-Term Debt

At December 31, 2013 and 2012, our long-term debt consisted of (interest rates were as of December 31, 2013):

 

                                     
     2013     2012  
     (in millions)  

U.S. dollar notes, 4.125% to 7.00% (average effective rate 6.08%),
due through 2040

    $ 9,907      $ 16,887   

Euro notes, 0.72% to 6.25% (average effective rate 3.04%),
due through 2021

      4,448        1,119   

Pound sterling notes, 5.375% to 7.25% (average effective rate 4.94%),
due through 2018

      1,116        1,109   

Other foreign currency obligations

      12        32   

Capital leases and other

      2        4   
  

 

 

    

 

 

  

Total

      15,485        19,151   

Less current portion of long-term debt

      (1,003 )      (3,577 ) 
  

 

 

    

 

 

  

Long-term debt

    $ 14,482      $ 15,574   
  

 

 

    

 

 

  
Aggregate Maturities of Debt Based on Stated Contractual Maturities

As of December 31, 2013, aggregate maturities of our debt based on stated contractual maturities were (in millions):

 

                                                                                                                 
        2014            2015    2016    2017    2018    Thereafter    Total
$999    $1,720    $1,760    $1,621    $1,731    $7,682    $15,513
Interest and Other Expense, Net within Results of Continuing Operations

Interest and other expense, net within our results of continuing operations consisted of:

 

                                                        
     For the Years Ended December 31,  
     2013     2012      2011  
     (in millions)  

Interest expense, debt

    $ 1,017      $ 1,177       $ 1,383   

Loss on debt extinguishment and related expenses

    $ 612      $ –       $ –   

Spin-Off-related financing fees

      –        609         –   

Other expense / (income), net

      (50 )      77         235   
  

 

 

    

 

 

     

 

 

  

Total interest and other expense, net

    $ 1,579      $ 1,863       $ 1,618