Notes to Consolidated Financial Statements continued Note 6 Debt Changes to debt during 2017 are as follows: (dollars in millions) Debt Maturing within One Year Long-term Debt Total Balance at January 1, 2017 $ 2,645 $ 105,433 $ 108,078 Proceeds from long-term borrowings 103 27,604 27,707 Proceeds from asset-backed long-term borrowings 4,290 4,290 Repayments of long-term borrowings and capital leases obligations (8,191) (15,646) (23,837) Repayments of asset-backed long-term borrowings (400) (400) Decrease in short-term obligations, excluding current maturities (170) (170) Reclassifications of long-term debt 9,255 (9,255) Other 211 1,216 1,427 Balance at December 31, 2017 $ 3,453 $ 113,642 $ 117,095 Debt maturing within one year is as follows: (dollars in millions) At December 31, 2017 2016 Long-term debt maturing within one year $ 3,303 $2,477 Short-term notes payable 150 168 Total debt maturing within one year $ 3,453 $2,645 Credit facilities In September 2016, we amended our $8.0 billion credit facility to increase the availability to $9.0 billion and extend the maturity to September 2020. As of December 31, 2017, the unused borrowing capacity under our $9.0 billion credit facility was approximately $8.9 billion. The credit facility does not require us to comply with financial covenants or maintain specified credit ratings, and it permits us to borrow even if our business has incurred a material adverse change. We use the credit facility for the issuance of letters of credit and for general corporate purposes. In March 2016, we entered into a credit facility insured by Eksportkreditnamnden Stockholm, Sweden (EKN), the Swedish export credit agency. As of December 31, 2017, we had an outstanding balance of $0.8 billion. We used this credit facility to finance network equipment-related purchases. In July 2017, we entered into credit facilities insured by various export credit agencies with the ability to borrow up to $4.0 billion to finance equipment-related purchases. The facilities have borrowings available, portions of which extend through October 2019, contingent upon the amount of eligible equipment-related purchases made by Verizon. At December 31, 2017, we had not drawn on these facilities. In January 2018, we drew down $0.5 billion. 2017 Annual Report | Verizon Communications Inc. and Subsidiaries 69
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