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74
NOTE 9. Long-Term Debt and Short-Term Borrowings
The following debt tables reflect interest rates, including the effects of interest rate swaps, as of December 31, 2013.
Carrying value includes the impact of derivative/hedging activity. Long-term debt and short-term borrowings as of
December 31 consisted of the following:
Long
-
Term Debt
Currency/ Effective Final
(Millions) Fixed vs.
Interest
Maturity Carrying Value
Description / 2013 Principal Amount Floating
Rate
Date 2013 2012
Eurobond (775 million Euros) Euro Fixed 4.30 %
2014
$
1,075
$
1,034
Medium-term note ($1 billion) USD Fixed 1.62 %
2016
995
994
Medium-term note USD Fixed ― %
―
―
850
30-year bond ($750 million) USD Fixed 5.73 %
2037
748
747
Medium-term note ($650 million) USD Fixed 1.10 %
2017
648
647
Medium-term note ($600 million) USD Fixed 2.17 %
2022
592
592
Eurobond (300 million Euros) Euro Fixed 1.97 %
2021
411
―
Eurobond (300 million Euros) Euro Floating 0.57 %
2021
404
―
Eurobond (250 million Euros) Euro Floating 0.43 %
2014
349
349
30-year debenture ($330 million) USD Fixed 6.01 %
2028
346
347
UK borrowing (66 million GBP) GBP Floating 1.35 %
2015
109
106
Floating rate note ($97 million) USD Floating 0.00 %
2041
97
97
Floating rate note ($59 million) USD Floating 0.00 %
2044
59
59
Other borrowings Various 0.64 %
2014-2040
79
80
Total long-term debt
$
5,912
$
5,902
Less: current portion of long-term debt
1,586
986
Long-term debt (excluding current portion)
$
4,326
$
4,916
Short
-
Term Borrowings and Current Portion of Long
-
Term Debt
Effective
Carrying Value
(Millions) Interest Rate
2013 2012
Current portion of long-term debt 3.05 %
$
1,586
$
986
U.S. dollar commercial paper ― %
―
―
Other borrowings 5.35 %
97
99
Total short-term borrowings and current portion of long-term debt
$
1,683
$
1,085
The following weighted-average effective interest rate table reflects the combined effects of interest rate and currency
swaps at December 31, 2013 and 2012.
Weighted
-
Average Effective Interest Rate
Total
At December 31 2013
2012
Short-term
3.18
%
3.91
%
Long-term
2.56
%
3.16
%
Maturities of long-term debt for the five years subsequent to December 31, 2013 are as follows (in millions):
After
2014 2015 2016 2017 2018 2018
Total
$
1,586 $
109 $
996 $
720 $
― $
2,501 $
5,912
Long-term debt payments due in 2014 and 2017 include floating rate notes totaling $156 million (classified as current
portion of long-term debt) and $71 million (included in other borrowings in the long-term debt table), respectively, as a
result of put provisions associated with these debt instruments.
The floating rate notes contain put provisions granting the holders the option to require 3M to repurchase the securities on
certain dates. Under the terms of the floating rate notes due in 2044, holders have an annual put feature. 3M would be