SHORT AND LONG-TERM DEBT

3 Months Ended

Apr. 03, 2016

SHORT AND LONG-TERM DEBT

Short-term Debt

As a source of short-term financing, we utilize cash on hand and commercial paper or bank loans with an original maturity of three months or less. We maintain a $1.0 billion unsecured revolving credit facility, which currently expires in November 2020. The agreement also includes an option to increase borrowings by an additional $400,000 with the consent of the lenders.

The credit agreement contains certain financial and other covenants, customary representations, warranties and events of default. As of April 3, 2016, we were in compliance with all covenants pertaining to the credit agreement, and we had no significant compensating balance agreements that legally restricted these funds. For more information, refer to the Consolidated Financial Statements included in our 2015 Annual Report on Form 10-K.

In addition to the revolving credit facility, we maintain lines of credit with domestic and international commercial banks. We had short-term foreign bank loans against these lines of credit for $219,622 and $313,520 in April 3, 2016 and December 31, 2015, respectively. Commitment fees relating to our revolving credit facility and lines of credit are not material.

At April 3, 2016, we had outstanding commercial paper totaling $300,942, at a weighted average interest rate of 0.39%. At December 31, 2015, we had outstanding commercial paper totaling $49,993, at a weighted average interest rate of 0.40%.

Long-term Debt

Long-term debt consisted of the following:



	April 3, 2016		December 31, 2015
5.45% Notes due 2016	250,000		250,000
1.50% Notes due 2016	250,000		250,000
1.60% Notes due 2018	300,000		300,000
4.125% Notes due 2020	350,000		350,000
8.8% Debentures due 2021	84,715		84,715
2.625% Notes due 2023	250,000		250,000
3.20% Notes due 2025	300,000		300,000
7.2% Debentures due 2027	193,639		193,639
Other obligations, net of debt issuance costs and unamortized debt discount	93,050		78,660
Total long-term debt	2,071,404		2,057,014
Less—current portion	500,016		499,923
Long-term portion	$	1,571,388	$	1,557,091

Interest Expense

Net interest expense consisted of the following:



	Three Months Ended
	April 3, 2016			April 5, 2015
Interest expense	$	23,525		$	23,024
Less: Capitalized interest	(2,175		)	(3,017		)
Interest expense	21,350			20,007
Interest income	(345		)	(805		)
Interest expense, net	$	21,005		$	19,202