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Note 7 Interest expense

Note 7 Interest expense

 

FOR THE YEAR ENDED DECEMBER 31

2016   2015  

Interest expense on long-term debt

(852 ) (875 )

Interest expense on other debt

(86 ) (84 )

Capitalized interest

50   50  

Total interest expense

(888 ) (909 )

Interest expense on long-term debt includes interest on finance leases of $153 million and $161 million for 2016 and 2015, respectively.

Capitalized interest was calculated using an average rate of 3.95% and 4.08% for 2016 and 2015, respectively, which represents the weighted average interest rate on our outstanding long-term debt.

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