Analysis of Debt

National Oilwell Varco Inc., balance sheet: debt

US$ in millions

	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Current portion of long-term debt and short-term borrowings	2)	152)	1)	1)	351)
Long-term debt, excluding current portion	3,928)	3,014)	3,149)	3,148)	159)
Total debt (carrying amount)	3,930)	3,166)	3,150)	3,149)	510)

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Debt item	Description	The company
Total debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	National Oilwell Varco Inc. total debt increased from 2013 to 2014 and from 2014 to 2015.

	Dec 31, 2015
Selected Financial Data (US$ in millions)
Senior Notes	2,551)
Commercial paper	893)
Other	45)
Total debt (fair value)	3,489)
Financial Ratio
Debt, fair value to carrying amount ratio	0.89

Weighted-average interest rate on debt: 2.89%

Interest rate	Debt amount¹	Interest rate × Debt amount
1.35%	500)	7)
2.60%	1,396)	36)
3.95%	1,096)	43)
Total	2,992)	86)
2.89%

¹ US$ in millions

² Weighted-average interest rate = 100 × 86 ÷ 2,992 = 2.89%

National Oilwell Varco Inc. (NYSE:NOV)