NOTE 10 — DEBT

The Company’s current and long-term debt and available financing consist of the following:

	Debt at June 30						Available financing at June 30, 2015
(In millions)	2015			2014			Committed		Uncommitted
4.375% Senior Notes, due June 15, 2045 (“2045 Senior Notes”)	$	294.0		$	—		$	—	$	—
3.70% Senior Notes, due August 15, 2042 (“2042 Senior Notes”)	249.0			249.0			—		—
6.00% Senior Notes, due May 15, 2037 (“2037 Senior Notes”)	296.6			296.6			—		—
5.75% Senior Notes, due October 15, 2033 (“2033 Senior Notes”)	197.9			197.8			—		—
2.35% Senior Notes, due August 15, 2022 (“2022 Senior Notes”)	249.6			249.8			—		—
5.55% Senior Notes, due May 15, 2017 (“2017 Senior Notes”)	313.9			321.1			—		—
Commercial paper	—			—			—		1,000.0
Loan participation notes	—			—			—		150.0
Other long-term borrowings	6.5			10.4			—		—
Other current borrowings	29.8			18.4			—		163.0
Revolving credit facility	—			—			1,000.0		—

	1,637.3			1,343.1			$	1,000.0	$	1,313.0

Less current debt including current maturities	(29.8		)	(18.4		)

	$	1,607.5		$	1,324.7

As of June 30, 2015, the Company’s long-term debt consisted of the following:

Notes	Issue Date	Price		Yield		Principal	Unamortized Debt Discount		Interest rate swap adjustments		Semi-annual interest payments
($ in millions)

2045 Senior Notes (1)	June 2015	97.999	%	4.497	%	$ 300.0	$ (6.0	)	$—		June 15/ December 15
2042 Senior Notes (2)	August 2012	99.567		3.724		250.0	(1.0	)	—		February 15/ August 15
2037 Senior Notes (3)	May 2007	98.722		6.093		300.0	(3.4	)	—		May 15/ November 15
2033 Senior Notes (4)	September 2003	98.645		5.846		200.0	(2.1	)	—		April 15/ October 15
2022 Senior Notes (2)	August 2012	99.911		2.360		250.0	(0.2	)	(0.2	)	February 15/ August 15
2017 Senior Notes	May 2007	99.845		5.570		300.0	(0.1	)	14.0		May 15/ November 15

(1) In April and May 2015, in anticipation of the issuance of the 2045 Senior Notes, the Company entered into a series of forward-starting interest rate swap agreements on a notional amount totaling $300.0 million at a weighted-average all-in rate of 2.38%. The forward-starting interest rate swap agreements were settled upon the issuance of the new debt and the Company recognized a gain in OCI of $17.5 million that will be amortized against interest expense over the life of the 2045 Senior Notes. As a result of the forward-starting interest rate swap agreements, the debt discount and debt issuance costs, the effective interest rate on the 2045 Senior Notes will be 4.216% over the life of the debt.

(2) In September 2012, the Company used the net proceeds of the 2022 Senior Notes and 2042 Senior Notes to redeem the $230.1 million principal amount of its 7.75% Senior Notes due November 1, 2013 at a price of 108% of the principal amount and recorded a pre-tax expense on the extinguishment of debt of $19.1 million representing the call premium of $18.6 million and the pro-rata write-off of $0.5 million of issuance costs and debt discount. In June 2015, the Company entered into interest rate swap agreements with a notional amount totaling $250.0 million to effectively convert the fixed rate interest on its outstanding 2022 Senior Notes to variable interest rates based on three-month LIBOR plus a margin.

(3) In April 2007, in anticipation of the issuance of the 2037 Senior Notes, the Company entered into a series of forward-starting interest rate swap agreements on a notional amount totaling $210.0 million at a weighted-average all-in rate of 5.45%. The forward-starting interest rate swap agreements were settled upon the issuance of the new debt and the Company recognized a loss in OCI of $0.9 million that is being amortized to interest expense over the life of the 2037 Senior Notes. As a result of the forward-starting interest rate swap agreements, the debt discount and debt issuance costs, the effective interest rate on the 2037 Senior Notes will be 6.181% over the life of the debt.

(4) In May 2003, in anticipation of the issuance of the 2033 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $195.0 million at a weighted-average all-in rate of 4.53%. The treasury lock agreements were settled upon the issuance of the new debt and the Company received a payment of $15.0 million that is being amortized against interest expense over the life of the 2033 Senior Notes. As a result of the treasury lock agreements, the debt discount and debt issuance costs, the effective interest rate on the 2033 Senior Notes will be 5.395% over the life of the debt.

The Company has a $1.0 billion commercial paper program under which it may issue commercial paper in the United States. At June 30, 2015, the Company had no commercial paper outstanding. At August 14, 2015, the Company had $220.0 million of commercial paper outstanding, which may be refinanced on a periodic basis as it matures at then-prevailing market interest rates.

The Company has a $1.0 billion senior unsecured revolving credit facility (the “Facility”) that the Company extended by one year and is currently set to expire on July 15, 2020. The Company has a remaining option to extend the Facility one more year. At June 30, 2015, no borrowings were outstanding under the Facility. The Facility may be used for general corporate purposes. Up to the equivalent of $350 million of the Facility is available for multi-currency loans. The interest rate on borrowings under the Facility is based on LIBOR or on the higher of prime, which is the rate of interest publicly announced by the administrative agent, or ½% plus the Federal funds rate. The Company incurred costs of approximately $1.0 million to establish the Facility, which costs are being amortized over the term of the Facility. The Facility has an annual fee of $0.6 million, payable quarterly, based on the Company’s current credit ratings. The Facility also contains a cross-default provision whereby a failure to pay other material financial obligations in excess of $150.0 million (after grace periods and absent a waiver from the lenders) would result in an event of default and the acceleration of the maturity of any outstanding debt under the Facility.

The Company maintains uncommitted credit facilities in various regions throughout the world. Interest rate terms for these facilities vary by region and reflect prevailing market rates for companies with strong credit ratings. During fiscal 2015 and 2014, the monthly average amount outstanding was approximately $15.4 million and $13.7 million, respectively, and the annualized monthly weighted-average interest rate incurred was approximately 11.3% and 9.2%, respectively.

Refer to Note 14 — Commitments and Contingencies for the Company’s projected debt service payments, as of June 30, 2015, over the next five fiscal years.