Debt

Lines of Credit

We have committed and uncommitted lines of credit. We have a $2.5 billion committed line of credit ("Credit Agreement") with a consortium of banks expiring on October 12, 2016. We have the ability to classify borrowings under the Credit Agreement as long-term. The Credit Agreement provides support for up to $1.5 billion of commercial paper issuances, as well as back-up liquidity in the event that any of our convertible notes are put back to us. The issuance of commercial paper reduces the amount available under the Credit Agreement. At March 31, 2013, there were no outstanding commercial paper issuances or borrowings under the Credit Agreement. At March 31, 2013 and December 31, 2012, we had various uncommitted lines of credit aggregating $919.7 million and $878.2 million, respectively.

Our available and unused lines of credit at March 31, 2013 and December 31, 2012 were (in millions):



	2013		2012


Credit Agreement	$	2,500.0	$	2,500.0
Uncommitted lines of credit	919.7		878.2


Available and unused lines of credit	$	3,419.7	$	3,378.2

The Credit Agreement contains financial covenants that restrict our ability to incur indebtedness as defined in the agreement. These financial covenants limit the Leverage Ratio of total consolidated indebtedness to total consolidated EBITDA to no more than 3 times for the most recently ended 12 month period (under the Credit Agreement, EBITDA is defined as earnings before interest, taxes, depreciation and amortization). We are also required to maintain a minimum Interest Coverage Ratio of consolidated EBITDA to interest expense of at least 5 times for the most recently ended 12 month period. At March 31, 2013 we were in compliance with these covenants, as our Leverage Ratio was 2.1 times and our Interest Coverage Ratio was 11.0 times. The Credit Agreement does not limit our ability to declare or pay dividends.

Short-Term Borrowings

Short-term borrowings of $11.6 million and $6.4 million at March 31, 2013 and December 31, 2012, respectively, represent bank overdrafts and credit lines of our international subsidiaries. The bank overdrafts and credit lines are treated as unsecured loans pursuant to the agreements supporting the facilities. Due to the short-term nature of these instruments, carrying value approximates fair value.

Long-Term Notes Payable

Long-term notes payable at March 31, 2013 and December 31, 2012 were (in millions):



	2013		2012


5.90% Senior Notes due April 15, 2016	$	1,000.0	$	1,000.0
6.25% Senior Notes due July 15, 2019	500.0		500.0
4.45% Senior Notes due August 15, 2020	1,000.0		1,000.0
3.625% Senior Notes due May 1, 2022	1,250.0		1,250.0
Other notes and loans	0.4		0.4


	3,750.4		3,750.4
Unamortized premium (discount) on Senior Notes, net	15.6		16.0
Deferred gain from termination of interest rate swaps on Senior Notes due 2016	21.3		23.1


	3,787.3		3,789.5
Less current portion	0.4		0.4


Long-term notes payable	$	3,786.9	$	3,789.1

Convertible Debt

Convertible debt at March 31, 2013 and December 31, 2012 was (in millions):



	2013		2012


Convertible Notes - due July 31, 2032	$	252.7	$	252.7
Convertible Notes - due June 15, 2033	0.1		0.1
Convertible Notes - due July 1, 2038	406.6		406.6


	659.4		659.4
Less current portion	—		—


Convertible debt	$	659.4	$	659.4

On June 15, 2013, our 2038 Notes can be put back to us for repurchase and on July 31, 2013, our 2032 Notes can be put back to us for repurchase.