Eme r s on 2013 Ann u al R e por t 43 Fair v alue m easurements As of September 30 2013 the fair value of commodity contracts and foreign currency contracts was reported in other current assets and accrued expenses No collateral was posted with counterparties and none was held by the Company at year end The maximum collateral that could have been required was 14 The estimated fair value of longterm debt was 4727 and 5088 respectively as of September 30 2013 and 2012 which exceeded the carrying value by 405 and 741 respectively Valuations of derivative contract positions as of September 30 follow assets liabilities assets liabilities 2012 2012 2013 2013 Foreign currency 31 8 18 17 Commodity 9 7 2 8 8 s hort t erm b orrowings and l ines of c redit Shortterm borrowings and current maturities of longterm debt are summarized as follows 2012 2013 Current maturities of longterm debt 560 267 Commercial paper 936 1304 Payable to banks 10 16 Total 1506 1587 Weightedaverage shortterm borrowing interest rate at year end 02 02 The Company periodically issues commercial paper as a source of shortterm fnancing To support shortterm borrowing the Company maintains but has not drawn on a 275 billion fouryear revolving backup credit facility which expires in December 2014 The credit facility contains no fnancial covenants and is not subject to termination based on a change in credit ratings or material adverse changes There were no borrowings against US lines of credit in the last three years 9 l ong t erm d ebt Longterm debt is summarized as follows 2012 2013 4625 notes due October 2012 250 45 notes due May 2013 250 5625 notes due November 2013 250 250 50 notes due December 2014 250 250 4125 notes due April 2015 250 250 475 notes due October 2015 250 250 5125 notes due December 2016 250 250 5375 notes due October 2017 250 250 525 notes due October 2018 400 400 50 notes due April 2019 250 250 4875 notes due October 2019 500 500 425 notes due November 2020 300 300 2625 notes due February 2023 500 60 notes due August 2032 250 250 6125 notes due April 2039 250 250 525 notes due November 2039 300 300 Other 97 72 Longterm debt 4347 4322 Less Current maturities 560 267 Total net 3787 4055