filings.toolsItem 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
| LONG-TERM DEBT OBLIGATIONS |
The following summary of our long-term debt obligations includes:
| • | scheduled principal repayments for the next five years and after, |
| • | weighted average interest rates for debt maturing in each of the next five years and after and |
| • | estimated fair values of outstanding obligations. |
We estimate the fair value of long-term debt based on quoted market prices we received for the same types and issues of our debt or on the discounted value of the future cash flows using market yields for the same type and comparable issues of debt. Changes in market rates of interest affect the fair value of our fixed-rate debt.
SUMMARY OF LONG-TERM DEBT OBLIGATIONS AS OF DECEMBER 31, 2015
| DOLLAR AMOUNTS IN MILLIONS | ||||||||||||||||||||||||
| 2016 | 2017 | 2018 | 2019 | 2020 | THEREAFTER | TOTAL | FAIR VALUE | |||||||||||||||||
| Fixed-rate debt | $ | — | $ | 281 | $ | 62 | $ | 500 | $ | — | $ | 3,503 | $ | 4,346 | $ | 5,070 | ||||||||
| Average interest rate | — | % | 6.95 | % | 7.00 | % | 7.38 | % | — | % | 7.09 | % | 7.12 | % | N/A | |||||||||
| Variable-rate debt | $ | — | $ | — | $ | — | $ | — | $ | 550 | $ | — | $ | 550 | $ | 550 | ||||||||
| Average interest rate | — | % | — | % | — | % | — | % | 2.07 | % | — | % | 2.07 | % | N/A |
WEYERHAEUSER COMPANY > 2015 ANNUAL REPORT AND FORM 10-K 55
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