DEBT

Short-Term Borrowings

As of March 31, 2016 and December 31, 2015, the Company’s short-term borrowings were $3.1 million and $3.0 million, respectively, and consisted of borrowings made by the Company’s subsidiary in Argentina. The short-term borrowings in Argentina had a weighted-average interest rate of 39.0% as of March 31, 2016.

Revolving Credit Facility

As of March 31, 2016 and December 31, 2015, the Company had no borrowings from its $750.0 million revolving credit facility, and the Company had $750.0 million available at March 31, 2016. The revolving credit facility contains financial covenants and the Company was in compliance with these financial covenants as of March 31, 2016. Any borrowings under the facility are repayable at maturity in June 2019.

Long-Term Debt

The components of long-term debt were as follows:



(Dollars in millions)	March 31, 2016			December 31, 2015
Principal Value:
4.900% Notes due 2019 (“2019 Notes”)	$	700.0		$	700.0
3.000% Notes due 2020 (“2020 Notes”)	750.0			750.0
4.125% Notes due 2025 (“2025 Notes”)	750.0			750.0
5.900% Notes due 2039 (“2039 Notes”)	300.0			300.0
4.600% Notes due 2044 (“2044 Notes”)	500.0			500.0
Sub-total	3,000.0			3,000.0
Adjustments to Principal Value:
Unamortized basis adjustment for settled interest rate swaps	6.6			7.0
Unamortized bond discount	(4.7		)	(4.8		)
Unamortized debt issuance costs	(21.1		)	(21.6		)
Fair-value interest rate swaps	31.8			0.4
Long-term debt	$	3,012.6		$	2,981.0

Using quoted prices in markets that are not active, long-term debt is classified as Level 2 in the fair value hierarchy. The Company determined that the fair value of its long-term debt was $3,201.3 million as of March 31, 2016.

The components of interest expense-net were as follows:



	Three Months Ended March 31,
(Dollars in millions)	2016			2015
Interest expense	$	29.0		$	16.4
Interest income	(2.8		)	(2.6		)
Interest expense-net	$	26.2		$	13.8

The increase in interest expense-net was driven by interest expense on the November 2015 issuance of the 2020 Notes and the 2025 Notes.