15. DEBT

The tables below summarize our outstanding debt at 30 September 2017 and 2016:

Total Debt



30 September	2017		2016
Short-term borrowings	$	144.0	$	935.8
Current portion of long-term debt	416.4		365.4
Long-term debt	3,402.4		3,909.7
Total Debt	$	3,962.8	$	5,210.9

Short-term Borrowings



30 September	2017		2016
Bank obligations	$	144.0	$	133.1
Commercial paper	—		802.7
Total Short-term Borrowings	$	144.0	$	935.8

The weighted average interest rate of short-term borrowings outstanding at 30 September 2017 and 2016 was 4.6% and 1.1%, respectively.

Cash paid for interest, net of amounts capitalized, was $125.9 in 2017, $120.6 in 2016, and $96.8 in 2015.

Long-term Debt



30 September	Fiscal Year Maturities	2017			2016
Payable in U.S. Dollars
Debentures
8.75%	2021	$	18.4		$	18.4
Medium-term Notes (weighted average rate)
Series E 7.6%	2026	17.2			17.2
Senior Notes
Note 1.2%	2018	400.0			400.0
Note 4.375%	2019	400.0			400.0
Note 3.0%	2022	400.0			400.0
Note 2.75%	2023	400.0			400.0
Note 3.35%	2024	400.0			400.0
Other (weighted average rate)
Variable-rate industrial revenue bonds .87%	2035 to 2050	631.9			769.9
Other .89%	2018 to 2019	10.9			25.7
Payable in Other Currencies
Eurobonds 4.625%	2017	—			337.0
Eurobonds 2.0%	2020	354.4			337.0
Eurobonds 1.0%	2025	354.4			337.0
Eurobonds .375%	2021	413.5			393.2
Other 4.3%	2018 to 2022	25.8			52.9
Capital Lease Obligations
United States 5.0%	2018	.2			.5
Foreign 10.7%	2018 to 2036	10.6			9.7
Total Principal Amount		3,837.3			4,298.5
Less: Unamortized Discount and Debt Issuance Costs		(18.5		)	(23.4		)
Total Long-term Debt		3,818.8			4,275.1
Less: Current portion of long-term debt		(416.4		)	(365.4		)
Long-term Debt		$	3,402.4		$	3,909.7

Maturities of long-term debt in each of the next five years and beyond are as follows:



2018	$	416.4
2019	409.0
2020	356.1
2021	433.3
2022	401.0
Thereafter	1,821.5
Total	$	3,837.3

Various debt agreements to which we are a party include financial covenants and other restrictions, including restrictions pertaining to the ability to create property liens and enter into certain sale and leaseback transactions. As of 30 September 2017, we are in compliance with all the financial and other covenants under our debt agreements.

Additional commitments totaling $23.4 are maintained by our foreign subsidiaries, all of which were borrowed and outstanding at 30 September 2017.

2017 Credit Agreement

On 31 March 2017, we entered into a five-year $2,500.0 revolving credit agreement with a syndicate of banks (the “2017 Credit Agreement”), under which senior unsecured debt is available to both the Company and certain of its subsidiaries. The 2017 Credit Agreement provides a source of liquidity for the Company and supports its commercial paper program. The Company’s only financial covenant is a maximum ratio of total debt to total capitalization (total debt plus total equity) no greater than 70%. No borrowings were outstanding under the 2017 Credit Agreement as of 30 September 2017.

The 2017 Credit Agreement terminates and replaces our previous $2,690.0 revolving credit agreement (the “2013 Credit Agreement”), which was to mature 30 April 2018. No borrowings were outstanding under the previous agreement at the time of its termination, and no early termination penalties were incurred.

Loss on Extinguishment of Debt

In September 2016, we exchanged notes issued to us by Versum in anticipation of the spin-off. The exchange resulted in a loss of $6.9. Refer to Note 4, Materials Technologies Separation, for additional information. In September 2015, we made a payment of $146.6 to redeem 3,000,000 Unidades de Fomento (“UF”) Series E 6.30% Bonds due 22 January 2030 that had a carrying value of $130.0 and resulted in a net loss of $16.6. The fiscal year 2016 and 2015 losses are reflected on the consolidated income statements as “Loss on extinguishment of debt.”