Interpreting Bond Footnote Disclosures Bristol-Myers Squibb Co. reports the following long-term debt as part of its MD&A in its 2015 10-K.

($ millions)

Maturity Date Obligations Expiring by Period Total 2016 2017 2018 2019 2020 Later Years Long-term debt . . . . $14,972 $1,761 $1,647 $724 $1,081 $506 $9,253

a. What does this information indicate about Bristol-Myers Squibb’s future payment obligations for 2016 through 2018?

b. What implications does this payment schedule have for our evaluation of Bristol-Myers Squibb’s liquidity and solvency?