Debt

The carrying value of long-term debt at September 30, 2014 and December 31, 2013 consists of the following:



	September 30, 2014			December 31, 2013
Senior unsecured notes:
5.000%, due 2014	$	—		$	518.0
1.250%, due 2015	625.0			624.9
5.250%, due 2016	—			1,109.6
2.375%, due 2017	399.3			399.6
5.875%, due 2017	527.6			545.1
1.875%, due 2018	612.4			614.5
2.300%, due 2018	647.9			647.5
2.250%, due 2019	848.1			—
7.000%, due 2019	441.6			452.9
4.350%, due 2020	692.5			688.9
3.700%, due 2021	699.4			699.4
3.125%, due 2022	846.6			846.3
3.300%, due 2023	997.1			996.9
3.500%, due 2024	796.0			—
5.950%, due 2034	447.3			447.3
5.850%, due 2036	771.9			775.6
6.375%, due 2037	644.1			651.4
5.800%, due 2040	208.3			216.2
4.625%, due 2042	893.9			893.9
4.650%, due 2043	994.4			994.4
4.650%, due 2044	798.3			—
5.100%, due 2044	599.2			599.1
4.850%, due 2054	249.4			—
Senior convertible debentures:
2.750%, due 2042	972.3			966.0
Surplus notes:
9.000%, due 2027	24.9			24.9
Variable rate debt:
Commercial paper program	425.8			379.2
Total long-term debt	15,163.3			14,091.6
Current portion of long-term debt	(625.0		)	(518.0		)
Long-term debt, less current portion	$	14,538.3		$	13,573.6

On September 15, 2014, we redeemed the $500.0 outstanding principal balance of our 5.000% senior unsecured notes due 2014, plus applicable premium for early redemption and accrued and unpaid interest to the redemption date, for cash totaling $512.3. We recognized a loss on extinguishment of debt of $2.3 for the redemption of these notes.

On September 11, 2014, we redeemed the $1,097.9 outstanding principal balance of our 5.250% senior unsecured notes due 2016, plus applicable premium for early redemption and accrued and unpaid interest to the redemption date, for cash totaling $1,178.2. We recognized a loss on extinguishment of debt of $67.6 for the redemption of these notes.

Additionally, during the three and nine months ended September 30, 2014, we repurchased $11.3 and $50.4, respectively, of outstanding principal amount of certain other senior unsecured notes, plus applicable premium for early redemption plus accrued and unpaid interest, for cash totaling $13.6 and $59.1, respectively. We recognized a loss on extinguishment of debt of $4.9 and $10.9, respectively, for the three and nine months ended September 30, 2014 for the repurchase of these notes.

On August 12, 2014, we issued $850.0 of 2.250% notes due 2019, $800.0 of 3.500% notes due 2024, $800.0 of 4.650% notes due 2044, and $250.0 of 4.850% notes due 2054 under our shelf registration statement. We used the proceeds from this offering in part to fund the purchase price of the 5.000% and 5.250% senior unsecured notes discussed above, and the remaining net proceeds are being used for general corporate purposes. Interest on the notes is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2015. The notes have a call feature that allows us to repurchase the notes at any time at our option and a put feature that allows a note holder to require us to repurchase the notes upon the occurrence of both a change in control event and a downgrade of the notes below an investment grade rating.

We have an unsecured surplus note with an outstanding principal balance of $24.9 at September 30, 2014.

We have a senior revolving credit facility, or the Facility, with certain lenders for general corporate purposes. The Facility, as amended, provides credit up to $2,000.0, and matures on September 29, 2016. There were no amounts outstanding under this Facility as of September 30, 2014 or at any time during the three and nine months then ended.

We have an authorized commercial paper program of up to $2,500.0, the proceeds of which may be used for general corporate purposes. At September 30, 2014, we had $425.8 outstanding under this program.

We have outstanding senior convertible debentures due 2042, or the Debentures, which are governed by an indenture between us and The Bank of New York Mellon Trust Company, N.A., as trustee. We have accounted for the Debentures in accordance with the cash conversion guidance in FASB guidance for debt with conversion and other options. As a result, the value of the embedded conversion option has been bifurcated from its debt host and recorded as a component of “additional paid-in capital” (net of deferred taxes and equity issuance costs) in our consolidated balance sheets. The following table summarizes at September 30, 2014 the related balances, conversion rate and conversion price of the Debentures:



Outstanding principal amount	$	1,500.0
Unamortized debt discount	527.7
Net debt carrying amount	972.3
Equity component carrying amount	543.6
Conversion rate (shares of common stock per $1,000 of principal amount)	13.3489
Effective conversion price (per $1,000 of principal amount)	74.9117

We have $100.0 in outstanding short-term borrowings from various Federal Home Loan Banks at September 30, 2014 with fixed interest rates of 0.200%.