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. This agreement also includes an option to increase borrowings by an additional $400,000 with the consent of the lenders. On June 16, 2016, we entered into an additional unsecured revolving credit facility that provided for borrowings up to $500,000. We terminated this facility, which was scheduled to expire on June 15, 2017, effective October 24, 2016.

The credit agreement contains (and the credit agreement terminated effective October 24, 2016) certain financial and other covenants, customary representations, warranties and events of default. As of October 2, 2016, we were in compliance with all covenants pertaining to the credit agreements, 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 $217,017 and $313,520 at October 2, 2016 and December 31, 2015, respectively. Commitment fees relating to our revolving credit facility and lines of credit are not material.

At October 2, 2016, we had outstanding commercial paper totaling $395,366, at a weighted average interest rate of 0.45%. 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:



	October 2, 2016		December 31, 2015
5.45% Notes due 2016 (1)	$	—	$	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
2.30% Notes due 2026 (2)	500,000		—
7.2% Debentures due 2027	193,639		193,639
3.375% Notes due 2046 (2)	300,000		—
Other obligations, net of debt issuance costs and unamortized debt discount	84,136		78,660
Total long-term debt	2,612,490		2,057,014
Less—current portion	250,024		499,923
Long-term portion	$	2,362,466	$	1,557,091


(1)	In September 2016, we repaid $250,000 of 5.45% Notes due in 2016 upon their maturity.


(2)	In August 2016, we issued $500,000 of 2.30% Notes due in 2026 and $300,000 of 3.375% Notes due in 2046 (the "Notes"). Proceeds from the issuance of the Notes, net of discounts and issuance costs, totaled $792,923. The Notes were issued under a shelf registration statement on Form S-3 filed in June 2015 that registered an indeterminate amount of debt securities.

Interest Expense

Net interest expense consisted of the following:



	Three Months Ended						Nine Months Ended
	October 2, 2016			October 4, 2015			October 2, 2016			October 4, 2015
Interest expense	$	25,882		$	22,590		$	72,404		$	68,874
Less: Capitalized interest	(1,141		)	(3,071		)	(4,702		)	(9,314		)
Loss on extinguishment of debt	—			28,326			—			28,326
Interest expense	24,741			47,845			67,702			87,886
Interest income	(354		)	(878		)	(972		)	(2,840		)
Interest expense, net	$	24,387		$	46,967		$	66,730		$	85,046