Note 2—Long-Term Debt

Long-term debt consists of the following:

		December 31, 2015					December 31, 2014
	Maturity	Carrying Amount			Approximate Fair Value (1)		Carrying Amount			Approximate Fair Value (1)

$1,500.0 Revolving Credit Facility	July 2018	$	—		$	—	$	—		$	—
$200.0 Credit Agreement	May 2015	N/A			N/A		—			—
$1,500.0 Commercial Paper Program (less unamortized discount of $0.2 and $0.4 at December 31, 2015 and 2014, respectively)	July 2018	823.9			823.9		671.0			671.0
4.00% Senior Notes (less unamortized discount of $0.8 and $0.9 at December 31, 2015 and 2014, respectively)	February 2022	499.2			508.6		499.1			524.5
2.55% Senior Notes (less unamortized discount of $0.7 and $0.9 at December 31, 2015 and 2014, respectively)	January 2019	749.2			750.1		749.1			754.9
1.55% Senior Notes (less unamortized discount of $0.2 and $0.3 at December 31, 2015 and 2014, respectively)	September 2017	374.8			373.2		374.7			373.0
3.125% Senior Notes (less unamortized discount of $0.3 and $0.3 at December 31, 2015 and 2014, respectively)	September 2021	374.7			367.7		374.7			375.3
Notes payable to foreign banks and other debt	2016-2021	5.0			5.0		5.3			5.3
Less deferred debt issuance costs		(13.3		)	—		(17.7		)	—

		2,813.5			2,828.5		2,656.2			2,704.0
Less current portion		0.3			0.3		1.6			1.6

Total long-term debt		$	2,813.2		$	2,828.2	$	2,654.6		$	2,702.4

(1)

The fair values of the Company’s Senior Notes are based on recent bid prices in an active market, and therefore are classified as Level 1 in the fair value hierarchy (Note 3).

Credit Facilities and Commercial Paper

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. The Company also had a $200.0 unsecured credit facility (the “Credit Agreement”) which expired in the second quarter of 2015 and was not renewed. The carrying value of the borrowings under the Revolving Credit Facility approximated their fair value due primarily to their market interest rates and are classified as Level 2 in the fair value hierarchy (Note 3). The Revolving Credit Facility requires payment of certain annual agency and commitment fees and requires that the Company satisfy certain financial covenants.

In September 2014, the Company entered into a commercial paper program (the “Program”) pursuant to which the Company 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 is 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 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 3). The average interest rate on the Commercial Paper as of December 31, 2015 was 0.88%.

In 2014, the Company incurred costs related to the issuance of the Commercial Paper and Senior Notes of $11.1 which are amortized to interest expense over the respective terms of the debt.

Senior Notes

The senior notes 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.

In January 2014, the Company issued $750.0 principal amount of unsecured 2.55% Senior Notes due January 2019 (the “2.55% Senior Notes”) at 99.846% of their face value. Net proceeds from the sale of the 2.55% Senior Notes were used to repay borrowings under the Company’s Revolving Credit Facility.

In September 2014, the Company issued $375.0 principal amount of unsecured 1.55% Senior Notes due September 2017 at 99.898% of their face value (the “1.55% Senior Notes”) and $375.0 principal amount of unsecured 3.125% Senior Notes due September 2021 at 99.912% of their face value (the “3.125% Senior Notes” and together with the 1.55% Senior Notes, “the Notes”). The Company used all of the net proceeds from the Notes to repay the outstanding $600.0 4.75% Senior Notes that were due in November 2014 and to repay amounts outstanding under its Revolving Credit Facility and Credit Agreement.

The maturity of the Company’s debt (exclusive of unamortized deferred debt issuance costs as of December 31, 2015) over each of the next five years ending December 31 and thereafter, is as follows:

2016	$	0.3
2017	375.0
2018	826.9
2019	749.4
2020	0.1
Thereafter	875.1

	$	2,826.8

The Company has a $20.0 uncommitted standby letter of credit facility of which approximately $12.3 was issued at December 31, 2015.