NOTE 5. FINANCING

The carrying value of the components of our long-term debt were as follows ($ in millions):



	June 30, 2017		December 31, 2016
U.S. dollar-denominated commercial paper	$	51.5	$	347.9
Euro-denominated commercial paper	172.0		26.8
Variable interest rate term loan	500.0		500.0
1.80% senior unsecured notes due 2019	298.6		298.3
2.35% senior unsecured notes due 2021	745.2		744.8
3.15% senior unsecured notes due 2026	890.4		890.1
4.30% senior unsecured notes due 2046	546.7		546.8
Other	3.7		3.3
Long-term debt	$	3,208.1	$	3,358.0

Net discounts, premiums and issuance costs of $19.0 million and $20.1 million as of June 30, 2017 and December 31, 2016, respectively, and have been netted against the aggregate principal amounts of the components of debt table above. Refer to Note 10 of our 2016 Annual Report on Form 10-K for a full description of our debt financing.

We generally satisfy any short-term liquidity needs that are not met through operating cash flows and available cash primarily through issuances of commercial paper under our U.S. dollar and Euro-denominated commercial paper programs (“Commercial Paper Programs”). Credit support for the Commercial Paper Programs is provided by a five-year $1.5 billion senior unsecured revolving credit facility that expires on June 16, 2021 (the “Revolving Credit Facility”) which can also be used for working capital and other general corporate purposes. As of June 30, 2017, no borrowings were outstanding under the Revolving Credit Facility.

The details of our Commercial Paper Programs as of June 30, 2017 were as follows ($ in millions):



	Amount Outstanding		Weighted average annual interest rate		Weighted average remaining maturity (in days)
U.S. dollar-denominated	$	51.5	1.48	%	6
Euro-denominated	$	172.0	(0.07	)%	37

We classified our borrowings outstanding under the Commercial Paper Programs as of June 30, 2017 as long-term debt in the accompanying Consolidated Condensed Balance Sheets as we had the intent and ability, as supported by availability under the Revolving Credit Facility referenced above, to refinance these borrowings for at least one year from the balance sheet date.

As of June 30, 2017, we were in compliance with all of our debt covenants.

Registration Rights Agreement

During 2016, we issued in a private placement $2.5 billion of senior unsecured notes in multiple series with maturity dates ranging from June 15, 2019 to June 15, 2046 (collectively, the “Private Notes”). In connection with the issuance of the Private Notes, we entered into a registration rights agreement, pursuant to which we were obligated to use commercially reasonable efforts to file with the SEC, and cause to be declared effective, a registration statement with respect to an offer to exchange each series of Private Notes for registered notes (“Registered Notes”) with substantially identical terms (“Exchange Offer”). Accordingly, on May 5, 2017 we filed a Form S-4 with the SEC (the “Registration Statement”), which Registration Statement was declared effective on May 17, 2017. On May 17, 2017, we launched the Exchange Offer, which expired on June 14, 2017. All Private Notes were tendered and exchanged for Registered Notes in the Exchange Offer.