in addition to the committed credit facilities discussed above , certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs . these credit arrangements , which amounted to approximately $ 2.9 billion at december 31 , 2015 , and $ 3.2 billion at december 31 , 2014 , are for the sole use of our subsidiaries . borrowings under these arrangements amounted to $ 825 million at december 31 , 2015 , and $ 1.2 billion at december 31 , 2014 . commercial paper program 2013 we have commercial paper programs in place in the u.s . and in europe . at december 31 , 2015 and december 31 , 2014 , we had no commercial paper outstanding . effective april 19 , 2013 , our commercial paper program in the u.s . was increased by $ 2.0 billion . as a result , our commercial paper programs in place in the u.s . and in europe currently have an aggregate issuance capacity of $ 8.0 billion . we expect that the existence of the commercial paper program and the committed credit facilities , coupled with our operating cash flows , will enable us to meet our liquidity requirements . sale of accounts receivable 2013 to mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions . these arrangements allow us to sell , on an ongoing basis , certain trade receivables without recourse . the trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets . we sell trade receivables under two types of arrangements , servicing and non-servicing . pmi 2019s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets , which remained outstanding with the unaffiliated financial institutions . the trade receivables sold that remained outstanding under these arrangements as of december 31 , 2015 , 2014 and 2013 were $ 888 million , $ 120 million and $ 146 million , respectively . the net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows . for further details , see item 8 , note 23 . sale of accounts receivable to our consolidated financial statements . debt 2013 our total debt was $ 28.5 billion at december 31 , 2015 , and $ 29.5 billion at december 31 , 2014 . our total debt is primarily fixed rate in nature . for further details , see item 8 , note 7 . indebtedness . the weighted-average all-in financing cost of our total debt was 3.0% ( 3.0 % ) in 2015 , compared to 3.2% ( 3.2 % ) in 2014 . see item 8 , note 16 . fair value measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt . the amount of debt that we can issue is subject to approval by our board of directors . on february 21 , 2014 , we filed a shelf registration statement with the u.s . securities and exchange commission , under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period . our debt issuances in 2015 were as follows : ( in millions ) type face value interest rate issuance maturity u.s . dollar notes ( a ) $ 500 1.250% ( 1.250 % ) august 2015 august 2017 u.s . dollar notes ( a ) $ 750 3.375% ( 3.375 % ) august 2015 august 2025 ( a ) interest on these notes is payable annually in arrears beginning in february 2016 . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2014 and 10.5 years at the end of 2015 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below. .
what is the interest expense in 2015 assuming that all the debt is interest bearing debt , ( in billions ) ?
in addition to the committed credit facilities discussed above , certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs . these credit arrangements , which amounted to approximately $ 2.9 billion at december 31 , 2015 , and $ 3.2 billion at december 31 , 2014 , are for the sole use of our subsidiaries . borrowings under these arrangements amounted to $ 825 million at december 31 , 2015 , and $ 1.2 billion at december 31 , 2014 . commercial paper program 2013 we have commercial paper programs in place in the u.s . and in europe . at december 31 , 2015 and december 31 , 2014 , we had no commercial paper outstanding . effective april 19 , 2013 , our commercial paper program in the u.s . was increased by $ 2.0 billion . as a result , our commercial paper programs in place in the u.s . and in europe currently have an aggregate issuance capacity of $ 8.0 billion . we expect that the existence of the commercial paper program and the committed credit facilities , coupled with our operating cash flows , will enable us to meet our liquidity requirements . sale of accounts receivable 2013 to mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions . these arrangements allow us to sell , on an ongoing basis , certain trade receivables without recourse . the trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets . we sell trade receivables under two types of arrangements , servicing and non-servicing . pmi 2019s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets , which remained outstanding with the unaffiliated financial institutions . the trade receivables sold that remained outstanding under these arrangements as of december 31 , 2015 , 2014 and 2013 were $ 888 million , $ 120 million and $ 146 million , respectively . the net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows . for further details , see item 8 , note 23 . sale of accounts receivable to our consolidated financial statements . debt 2013 our total debt was $ 28.5 billion at december 31 , 2015 , and $ 29.5 billion at december 31 , 2014 . our total debt is primarily fixed rate in nature . for further details , see item 8 , note 7 . indebtedness . the weighted-average all-in financing cost of our total debt was 3.0% ( 3.0 % ) in 2015 , compared to 3.2% ( 3.2 % ) in 2014 . see item 8 , note 16 . fair value measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt . the amount of debt that we can issue is subject to approval by our board of directors . on february 21 , 2014 , we filed a shelf registration statement with the u.s . securities and exchange commission , under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period . our debt issuances in 2015 were as follows : ( in millions ) type face value interest rate issuance maturity u.s . dollar notes ( a ) $ 500 1.250% ( 1.250 % ) august 2015 august 2017 u.s . dollar notes ( a ) $ 750 3.375% ( 3.375 % ) august 2015 august 2025 ( a ) interest on these notes is payable annually in arrears beginning in february 2016 . the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes . the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2014 and 10.5 years at the end of 2015 . 2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below. .