December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
(in millions, except percentages) | Par Value | Carrying Value | Fair Value | Par Value | Carrying Value | Fair Value | ||||||||||||||||||
Commercial Paper | $ | 1,115 | $ | 1,115 | $ | 1,115 | $ | 1,587 | $ | 1,587 | $ | 1,587 | ||||||||||||
4.875% notes due February 2013 | — | — | — | 534 | 534 | 536 | ||||||||||||||||||
4.875% notes due April 2013 | — | — | — | 409 | 411 | 413 | ||||||||||||||||||
4.750% notes due February 2014 | 172 | 173 | 173 | 172 | 178 | 180 | ||||||||||||||||||
5.000% notes due August 2014 | 389 | 397 | 400 | 389 | 411 | 414 | ||||||||||||||||||
Floating-rate notes due August 2014 | 250 | 250 | 250 | — | — | — | ||||||||||||||||||
4.875% notes due March 2015 (a) | 416 | 431 | 436 | 416 | 444 | 453 | ||||||||||||||||||
0.850% notes due October 2015 (a) | 625 | 624 | 628 | 625 | 623 | 627 | ||||||||||||||||||
5.375% notes due March 2016 (a) | 601 | 641 | 657 | 601 | 660 | 682 | ||||||||||||||||||
1.875% notes due November 2016 | 400 | 398 | 408 | 400 | 397 | 412 | ||||||||||||||||||
5.360% notes due November 2016 | 95 | 95 | 107 | 95 | 95 | 110 | ||||||||||||||||||
6.000% notes due June 2017 | 441 | 479 | 506 | 441 | 489 | 528 | ||||||||||||||||||
1.400% notes due October 2017 (a) | 625 | 613 | 617 | 625 | 622 | 626 | ||||||||||||||||||
6.000% notes due November 2017 | 156 | 168 | 178 | 156 | 170 | 191 | ||||||||||||||||||
6.000% notes due February 2018 | 1,100 | 1,116 | 1,271 | 1,100 | 1,120 | 1,339 | ||||||||||||||||||
1.625% notes due March 2019 (a) | 500 | 489 | 481 | — | — | — | ||||||||||||||||||
3.875% notes due October 2020 (a) | 450 | 435 | 474 | 450 | 442 | 499 | ||||||||||||||||||
4.700% notes due February 2021 | 400 | 416 | 436 | 400 | 417 | 466 | ||||||||||||||||||
3.375% notes due November 2021 (a) | 500 | 472 | 494 | 500 | 512 | 533 | ||||||||||||||||||
2.875% notes due March 2022 (a) | 1,100 | 981 | 1,046 | 1,100 | 998 | 1,128 | ||||||||||||||||||
0.000% notes due November 2022 | 15 | 9 | 10 | 15 | 9 | 11 | ||||||||||||||||||
2.750% notes due February 2023 (a) | 625 | 563 | 572 | 625 | 619 | 631 | ||||||||||||||||||
2.875% notes due March 2023 (a) | 750 | 729 | 698 | — | — | — | ||||||||||||||||||
5.800% notes due March 2036 | 850 | 845 | 935 | 850 | 845 | 1,025 | ||||||||||||||||||
6.500% notes due June 2037 | 500 | 495 | 593 | 500 | 495 | 659 | ||||||||||||||||||
6.625% notes due November 2037 | 650 | 645 | 786 | 650 | 645 | 860 | ||||||||||||||||||
6.875% notes due February 2038 | 1,100 | 1,084 | 1,370 | 1,100 | 1,084 | 1,510 | ||||||||||||||||||
5.700% notes due October 2040 | 300 | 298 | 329 | 300 | 298 | 364 | ||||||||||||||||||
5.950% notes due February 2041 | 350 | 348 | 397 | 350 | 348 | 440 | ||||||||||||||||||
4.625% notes due November 2041 | 600 | 593 | 567 | 600 | 593 | 641 | ||||||||||||||||||
4.375% notes due March 2042 | 502 | 486 | 459 | 502 | 486 | 521 | ||||||||||||||||||
3.950% notes due October 2042 | 625 | 611 | 530 | 625 | 611 | 622 | ||||||||||||||||||
4.250% notes due March 2043 | 750 | 740 | 673 | — | — | — | ||||||||||||||||||
Total U.S. dollar denominated debt | 16,952 | 16,739 | 17,596 | 16,117 | 16,143 | 18,008 | ||||||||||||||||||
Cetip Interbank Deposit Rate (CDI) + 1.3% Subsidiary floating debt due October 2013 | — | — | — | 147 | 148 | 150 | ||||||||||||||||||
CDI + 1.45% Subsidiary floating debt due October 2014 | — | — | — | 147 | 149 | 150 | ||||||||||||||||||
110% CDI Subsidiary floating debt due December 2014 | — | — | — | 147 | 151 | 147 | ||||||||||||||||||
CDI + 1.6% Subsidiary floating debt due October 2015 | — | — | — | 74 | 76 | 76 | ||||||||||||||||||
Brazilian Extended National Consumer Price Index (IPCA) + 7.61% Subsidiary floating debt due October 2015 | — | — | — | 73 | 87 | 90 | ||||||||||||||||||
Total Brazilian real denominated debt (in U.S. dollars) | — | — | — | 588 | 611 | 613 | ||||||||||||||||||
Total commercial paper and long-term debt | $ | 16,952 | $ | 16,739 | $ | 17,596 | $ | 16,705 | $ | 16,754 | $ | 18,621 |
(a) | Fixed-rate debt instruments hedged with interest rate swap contracts. See below for more information on the Company’s interest rate swaps. |
(in millions) | ||||
2014 | $ | 1,969 | ||
2015 | 1,086 | |||
2016 | 1,140 | |||
2017 | 1,266 | |||
2018 | 1,116 | |||
Thereafter | 10,283 |
Type of Fair Value Hedge | Notional Amount | Fair Value | Balance Sheet Location | |||||||
(in billions) | (in millions) | |||||||||
December 31, 2013 | ||||||||||
Interest rate swap contracts | $ | 6.2 | $ | 163 | Other liabilities | |||||
December 31, 2012 | ||||||||||
Interest rate swap contracts | $ | 2.8 | $ | 14 | Other assets | |||||
11 | Other liabilities |
For the Years Ended December 31, | ||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||
Hedge - interest rate swap (loss) gain recognized in interest expense | $ | (166 | ) | $ | 3 | $ | 190 | |||||
Hedged item - long-term debt gain (loss) recognized in interest expense | 166 | (3 | ) | (190 | ) | |||||||
Net impact on the Company’s Consolidated Statements of Operations | $ | — | $ | — | $ | — |