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49
2015 Annual Report
Debt Issuances
Information on significant long-term debt issued during fiscal 2015 is as follows:
(Amounts in millions)
Issue Date Principal Amount Maturity Date Fixed vs. Floating Interest Rate Proceeds
April 8, 2014 850 Euro April 8, 2022 Fixed 1.900% $ 1,161
April 8, 2014 650 Euro April 8, 2026 Fixed 2.550% 885
April 22, 2014 500 USD April 21, 2017 Fixed 1.000% 499
April 22, 2014 1,000 USD April 22, 2024 Fixed 3.300% 992
April 22, 2014 1,000 USD April 22, 2044 Fixed 4.300% 985
October 22, 2014 500 USD April 22, 2024 Fixed 3.300% 508
Total $5,030
Information on significant long-term debt issued during fiscal 2014 is as follows:
(Amounts in millions)
Issue Date Principal Amount Maturity Date Fixed vs. Floating Interest Rate Proceeds
April 11, 2013 1,000 USD April 11, 2016 Fixed 0.600% $ 997
April 11, 2013 1,250 USD April 11, 2018 Fixed 1.130% 1,244
April 11, 2013 1,750 USD April 11, 2023 Fixed 2.550% 1,738
April 11, 2013 1,000 USD April 11, 2043 Fixed 4.000% 988
October 2, 2013 1,000 USD December 15, 2018 Fixed 1.950% 995
October 2, 2013 750 USD October 2, 2043 Fixed 4.750% 738
Total $6,700
During fiscal 2015 and 2014, the Company also received additional proceeds from other, smaller long-term debt issuances by several of its non-U.S.
operations. The proceeds in both fiscal years were used to pay down and refinance existing debt and for other general corporate purposes.
Maturities
On February 3, 2014, $500 million of 3.000% Notes matured and were repaid; on April 14, 2014, $1.0 billion of 1.625% Notes matured and were repaid;
on May 15, 2014, $1.0 billion of 3.200% Notes matured and were repaid; and on August 6, 2014, ¥100 billion of floating rate Notes matured and were repaid.
On April 15, 2013, $1.0 billion of 4.250% Notes matured and were repaid; on May 1, 2013, $1.5 billion of 4.550% Notes matured and were repaid; on
June 1, 2013, $500 million of 7.250% Notes matured and were repaid; on August 5, 2013, ¥25 billion of 2.010% and ¥50 billion of floating rate Notes
matured and were repaid; and on October 25, 2013, $750 million of 0.750% Notes matured and were repaid.
During fiscal 2015 and 2014, the Company also repaid other, smaller long-term debt as it matured in several of its non-U.S. operations.
7 Fair Value Measurements
The Company records and discloses certain financial and non-financial assets and liabilities at fair value. The fair value of an asset is the price at which
the asset could be sold in an ordinary transaction between unrelated, knowledgeable and willing parties able to engage in the transaction. The fair
value of a liability is the amount that would be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that
would be paid to settle the liability with the creditor. Assets and liabilities recorded at fair value are measured using the fair value hierarchy, which
prioritizes the inputs used in measuring fair value. The levels of the fair value hierarchy are:
• Level 1: observable inputs such as quoted prices in active markets;
• Level 2: inputs other than quoted prices in active markets that are either directly or indirectly observable; and
• Level 3: unobservable inputs for which little or no market data exists, therefore requiring the Company to develop its own assumptions.
Notes to Consolidated Financial Statements