5. DEBT AND INTEREST

Short-term Debt

The following table provides the components of the Company’s short-term debt obligations as of March 31, 2019 and December 31, 2018.





	March 31		December 31
(millions)	2019		2018
Short-term debt
Commercial paper		$787.5		$165.4
Notes payable		43.9		176.8
Long-term debt, current maturities		300.9		401.4
Total		$1,132.3		$743.6

Line of Credit

As of March 31, 2019, the Company had in place a $2.0 billion multi-year credit facility which expires in November 2022. The credit facility has been established with a diverse syndicate of banks and supports the Company’s U.S. and Euro commercial paper programs. There were no borrowings under the Company’s credit facility as of either March 31, 2019 or December 31, 2018.

Commercial Paper

The Company’s commercial paper program is used as a source of liquidity and consists of a $2.0 billion U.S. commercial paper program and a $2.0 billion Euro commercial paper program. The maximum aggregate amount of commercial paper that may be issued by the Company under its commercial paper programs may not exceed $2.0 billion.

As of March 31, 2019, the Company had $398.0 million (€350.0 million) of commercial paper outstanding under its Euro program and $389.5 million outstanding under its U.S. program. As of December 31, 2018, the Company had $141.4 million (€125.0 million) of commercial paper outstanding under its Euro program and $24.0 million outstanding under its U.S. program.

Notes Payable

The Company’s notes payable consists of uncommitted credit lines with major international banks and financial institutions, primarily to support global cash pooling structures. As of March 31, 2019 and December 31, 2018, the Company had $43.9 million and $176.8 million, respectively, outstanding under these credit lines.

Long-term Debt

The following table provides the components of the Company’s long-term debt obligations, including current maturities, as of March 31, 2019 and December 31, 2018.




	Maturity	March 31		December 31
(millions)	by Year	2019		2018

Long-term debt
Public notes (2019 principal amount)
Three year 2016 senior notes ($400 million)	2019		-		399.7
Five year 2015 senior notes ($300 million)	2020		299.6		299.5
Ten year 2011 senior notes ($1.02 billion)	2021		1,017.7		1,017.6
Five year 2017 senior notes ($500 million)	2022		497.1		496.9
Seven year 2016 senior notes ($400 million)	2023		398.1		398.0
Seven year 2016 senior notes (€575 million)	2024		648.3		644.1
Ten year 2015 senior notes (€575 million)	2025		650.3		646.3
Ten year 2016 senior notes ($750 million)	2026		743.9		743.8
Ten year 2017 senior notes ($500 million)	2027		495.0		494.8
Thirty year 2011 senior notes ($458 million)	2041		451.7		451.6
Thirty year 2016 senior notes ($250 million)	2046		246.1		246.1
Thirty year 2017 senior notes ($700 million)	2047		609.4		609.0
Private notes (2019 principal amount)
Series B private placement senior notes ($250 million)	2023		249.5		249.4
Finance lease obligations and other			2.4		6.2
Total debt			6,309.1		6,703.0
Long-term debt, current maturities			(300.9)		(401.4)
Total long-term debt			$6,008.2		$6,301.6

Public Notes

The Company’s public notes may be redeemed by the Company at its option at redemption prices that include accrued and unpaid interest and a make-whole premium. Upon the occurrence of a change of control accompanied by a downgrade of the public notes below investment grade rating, within a specified time period, the Company would be required to offer to repurchase the public notes at a price equal to 101% of the aggregate principal amount thereof, plus any accrued and unpaid interest to the date of repurchase. The public notes are senior unsecured and unsubordinated obligations of the Company and rank equally with all other senior and unsubordinated indebtedness of the Company.

Private Notes

The Company’s private notes may be redeemed by the Company at its option at redemption prices that include accrued and unpaid interest and a make-whole premium. Upon the occurrence of specified changes of control involving the Company, the Company would be required to offer to repurchase the private notes at a price equal to 100% of the aggregate principal amount thereof, plus any accrued and unpaid interest to the date of repurchase. Additionally, the Company would be required to make a similar offer to repurchase the private notes upon the occurrence of specified merger events or asset sales involving the Company, when accompanied by a downgrade of the private notes below investment grade rating, within a specified time period. The private notes are unsecured senior obligations of the Company and rank equal in right of payment with all other senior indebtedness of the Company. The private notes shall be unconditionally guaranteed by subsidiaries of the Company in certain circumstances, as described in the note purchase agreement as amended.

Covenants

The Company is in compliance with its debt covenants as of March 31, 2019.

Net Interest Expense

Interest expense and interest income recognized during the first quarter of 2019 and 2018 were as follows:


	First Quarter Ended
	March 31
(millions)	2019		2018
Interest expense		$56.1		$61.0
Interest income		(6.7)		(4.6)
Interest expense, net		$49.4		$56.4