Debt

Short-Term Borrowings and Current Portion of Long-Term Debt: As of June 30, 2016 and December 31, 2015, we had no outstanding short-term borrowings or long-term debt due within one year.

Long-Term Debt: Summarized below are the carrying values of our senior notes at June 30, 2016 and December 31, 2015:



	June 30, 2016		December 31, 2015
1.900% senior notes due 2017	$	501.3	$	499.9
2.125% senior notes due 2018	997.3		996.7
2.300% senior notes due 2018	402.5		400.2
2.250% senior notes due 2019	511.9		502.6
2.875% senior notes due 2020	1,491.8		1,490.9
3.950% senior notes due 2020	521.4		504.9
3.250% senior notes due 2022	1,060.1		1,010.5
3.550% senior notes due 2022	992.9		992.4
4.000% senior notes due 2023	746.7		706.0
3.625% senior notes due 2024	1,001.6		994.9
3.875% senior notes due 2025	2,483.6		2,461.8
5.700% senior notes due 2040	247.2		247.2
5.250% senior notes due 2043	392.9		392.8
4.625% senior notes due 2044	986.7		986.6
5.000% senior notes due 2045	1,974.2		1,974.0
Total long-term debt	$	14,312.1	$	14,161.4

At June 30, 2016, the fair value of our outstanding Senior Notes was $15.135 billion and represented a Level 2 measurement within the fair value measurement hierarchy.

From time to time, we have used treasury rate locks and forward starting interest rate swap contracts to hedge against changes in interest rates in anticipation of issuing fixed-rate notes. As of June 30, 2016, a balance of $64.4 million in losses remained in accumulated OCI related to the settlement of these derivative instruments and will be recognized as interest expense over the life of the notes.

At June 30, 2016, we were party to pay-floating, receive-fixed interest rate swap contracts designated as fair value hedges of fixed-rate notes as described in Note 7. Our swap contracts outstanding at June 30, 2016 effectively convert the hedged portion of our fixed-rate notes to floating rates. From time to time we terminate the hedging relationship on certain of our swap contracts by settling the contracts or by entering into offsetting contracts. Any net proceeds received or paid in these settlements are accounted for as a reduction or increase of current and future interest expense associated with the previously hedged notes. As of June 30, 2016, we had a balance of $30.2 million of unamortized gains recorded as a component of our debt as a result of past swap contract settlements. There were no settlement of swap contracts during the six-month period ended June 30, 2016. As of December 31, 2015, we had a balance of $33.1 million of unamortized gains recorded as a component of our debt as a result of past swap contract settlements. In July 2016, we settled all of our outstanding swap contracts which resulted in the receipt of net proceeds of $195.6 million, which will be accounted for as a reduction of current and future interest expense associated with the previously hedged notes.

Commercial Paper: In April 2016 our Board of Directors authorized an increase in the maximum amount of commercial paper issuable to $2.000 billion. As of June 30, 2016 and December 31, 2015 we had available capacity to issue up to $2.000 billion and $1.750 billion of Commercial Paper, respectively, and there were no borrowings under the program.

Senior Unsecured Credit Facility: We maintain a senior unsecured revolving credit facility (Credit Facility) that provides revolving credit in the aggregate amount of $2.000 billion which was increased from $1.750 billion in April 2016. In April 2016, the term of the Credit Facility was also extended from April 17, 2020 to April 17, 2021. Amounts may be borrowed in U.S. Dollars for general corporate purposes. The Credit Facility currently serves as backup liquidity for our Commercial Paper borrowings. At June 30, 2016 and December 31, 2015 there was no outstanding borrowing against the Credit Facility. The Credit Facility contains affirmative and negative covenants, including certain customary financial covenants. We were in compliance with all financial covenants as of June 30, 2016.