Note 12—Debt

The Company’s debt consists of the following:

	June 30, 2015						December 31, 2014
	Carrying Amount			Approximate Fair Value			Carrying Amount			Approximate Fair Value
$1,500.0 Revolving Credit Facility	$	—		$	—		$	—		$	—
$1,500.0 Commercial Paper Program	757.8			757.8			671.0			671.0
$200.0 Credit Agreement	—			—			—			—
1.55% Senior Notes due September 2017	374.7			375.0			374.7			373.0
2.55% Senior Notes due January 2019	749.2			758.9			749.1			754.9
3.125% Senior Notes due September 2021	374.7			373.7			374.7			375.3
4.00% Senior Notes due February 2022	499.2			514.2			499.1			524.5
Notes payable to foreign banks and other debt	4.0			4.0			5.3			5.3

Total debt	2,759.6			2,783.6			2,673.9			2,704.0
Less current portion	(0.4		)	(0.4		)	(1.6		)	(1.6		)

Total long-term debt	$	2,759.2		$	2,783.2		$	2,672.3		$	2,702.4

Credit Facilities and Commercial Paper Program

The Company has a $1,500.0 unsecured credit facility (the “Revolving Credit Facility”) with a maturity date of July 2018 which gives the Company the ability to borrow at a spread over LIBOR. Additionally, the Company had a $200.0 unsecured credit facility which expired in the second quarter of 2015 and was not renewed.

The Company has a commercial paper program (the “Program”) pursuant to which it issues short-term unsecured commercial paper notes (“Commercial Paper”) in one or more private placements. Amounts available under the Program are borrowed, repaid and re-borrowed from time to time. The maturities of the Commercial Paper vary, but may not exceed 397 days from the date of issue. The Commercial Paper is sold under customary terms in the commercial paper market and may be issued at a discount from par, or, alternatively, may be sold at par and bear varying interest rates on a fixed or floating basis. The Program was rated A-2 by Standard & Poor’s and P-2 by Moody’s and is backstopped by the Revolving Credit Facility. The maximum aggregate principal amount of the Commercial Paper outstanding under the Program at any time is $1,500.0. The Commercial Paper is classified as long-term debt in the accompanying Condensed Consolidated Balance Sheets since the Company has the intent and ability to refinance the Commercial Paper on a long-term basis using the Revolving Credit Facility. The carrying value of Commercial Paper borrowings approximated their fair value given that the Commercial Paper is actively traded. As such, the Commercial Paper is classified as Level 1 in the fair value hierarchy (Note 13). The average interest rate on the Commercial Paper as of June 30, 2015 was 0.50%.

Senior Notes

All of the Company’s outstanding senior notes, which are listed in the table above, are unsecured and rank equally in right of payment with the Company’s other unsecured senior indebtedness. Interest on each series of the senior notes is payable semiannually. The Company may, at its option, redeem some or all of any series senior notes at any time by paying 100% of the principal amount, plus accrued and unpaid interest, if any, to the date of repurchase, and if redeemed prior to the date of maturity, a make-whole premium. Fair values of the senior notes are based on recent bid prices in an active market and are therefore classified as Level 1 in the fair value hierarchy (Note 13).