Debt

The following table sets forth the Company’s long-term debt at December 31, (in millions):



	Maturity	2016		2015
Senior notes at 5.95%, net of unamortized discount and unamortized debt issuance costs	2018	$	299.3	$	298.8
Senior notes at 3.625%, net of unamortized discount and unamortized debt issuance costs	2022	297.5		297.1
Senior notes at 3.35%, net of unamortized discount and unamortized debt issuance costs	2026	393.7		—
TOTAL LONG-TERM DEBT		$	990.5	$	595.9

In March 2016, the Company completed a public debt offering of $400 million of long-term unsecured, unsubordinated notes maturing in March 2026 and bearing interest at a fixed rate of 3.35% (the "2026 Notes"). Net proceeds from the issuance were $393.4 million after deducting the discount on the notes and offering expenses paid by the Company.

In November 2010, the Company completed a public debt offering for $300 million of long-term unsecured, unsubordinated notes maturing in November 2022 (“2022 Notes”) and bearing interest at a fixed rate of 3.625%. Prior to the issuance of the 2022 Notes, the Company entered into a forward interest rate lock which resulted in a $1.6 million loss. This amount was recorded in Accumulated other comprehensive loss, net of tax, and is being amortized over the life of the 2022 Notes.

In May 2008, the Company completed a public offering for $300 million of long-term senior unsecured, unsubordinated notes maturing in May 2018 (the “2018 Notes”). The 2018 Notes bear interest at a fixed rate of 5.95%. Prior to the issuance of the 2018 Notes, the Company entered into a forward interest rate lock which resulted in a $1.2 million gain. This amount was recorded in Accumulated other comprehensive loss, net of tax, and is being amortized over the life of the notes.

The 2018 Notes, 2022 Notes and 2026 Notes are all fixed rate indebtedness, are callable at any time with a make whole premium and are only subject to accelerated payment prior to maturity in the event of a default (including as a result of the Company's failure to meet certain non-financial covenants) under the indenture governing the notes, as modified by the supplemental indentures creating such notes, or upon a change in control event as defined in such indenture. The Company was in compliance with all non-financial covenants as of December 31, 2016.

At December 31, 2016 and 2015, the Company had $3.2 million and $48.2 million, respectively, of short-term debt outstanding.

There were no commercial paper borrowings outstanding at December 31, 2016. Short-term debt at December 31, 2015 includes $48.0 million of commercial paper borrowings to partially fund the Class A Cash Consideration paid on December 23, 2015 in connection with the Reclassification. Refer to Note 15 — Capital Stock, for more information about the Reclassification.

Short-term debt at December 31, 2016 and 2015 also includes $3.2 million and $0.2 million, respectively of other borrowings to support our international operations in China and Brazil.

Other information related to short-term debt at December 31, is summarized below:



	2016		2015
Interest rate on short-term debt:
At year end^(a)	6.89	%	0.47	%
Paid during the year (weighted average)	0.72	%	4.54	%


(a)	The interest rate at December 31, 2016 reflects short term borrowings which are predominately related to our operations in China and Brazil and reflect market interest rates in those regions.

On December 16, 2015 the Company entered into a five-year revolving credit agreement (the "Credit Agreement") with a syndicate of lenders that provides a $750 million committed revolving credit facility. The revolving credit facility serves as a backup to the Company's commercial paper program. Commitments under the Credit Agreement may be increased to an aggregate amount not the exceed $1.250 billion. The interest rate applicable to borrowing under the Credit Agreement is generally either the adjusted LIBOR plus an applicable margin (determined by reference to a ratings based grid) or the alternative base rate. The single financial covenant in the Credit Agreement, which the Company is in compliance with, requires that total debt not exceed 55% of total capitalization as of the last day of each fiscal quarter of the Company. Annual commitment fees to support availability under the credit facility are not material. As of December 31, 2016 the revolving credit facility has not been drawn against.

The Company also maintains other lines of credit that are primarily used to support the issuance of letters of credit. Interest rates and other terms of borrowing under these lines of credit vary from country to country, depending on local market conditions. At December 31, 2016 and 2015 these lines totaled $51.4 million and $54.6 million, respectively, of which $21.0 million and $22.5 million was utilized to support letters of credit and the remaining amount was unused. The annual commitment fees associated with these lines of credit are not material.

Interest and fees paid related to total indebtedness was $37.1 million, $29.5 million and $29.4 million in 2016, 2015 and 2014, respectively.