Note 13—Debt

The Company’s debt consists of the following:

	March 31, 2016					December 31, 2015
	Carrying Amount			Approximate Fair Value		Carrying Amount			Approximate Fair Value
Revolving Credit Facility (maximum aggregate principal amount of $2,000.0 and $1,500.0 as of March 31, 2016 and December 31, 2015, respectively)	$	—		$	—	$	—		$	—
$1,500.0 Commercial Paper Program	877.1			877.1		823.9			823.9
1.55% Senior Notes due September 2017	374.8			374.4		374.8			373.2
2.55% Senior Notes due January 2019	749.3			755.0		749.2			750.1
3.125% Senior Notes due September 2021	374.7			381.3		374.7			367.7
4.00% Senior Notes due February 2022	499.3			524.6		499.2			508.6
Notes payable to foreign banks and other debt	6.6			6.6		5.0			5.0
Less deferred debt issuance costs	(15.3		)	—		(13.3		)	—

Total debt	2,866.5			2,919.0		2,813.5			2,828.5
Less current portion	0.3			0.3		0.3			0.3

Total long-term debt	$	2,866.2		$	2,918.7	$	2,813.2		$	2,828.2

Revolving Credit Facility

On March 1, 2016, the Company replaced its $1,500.0 unsecured credit facility (the “2010 Revolving Credit Facility”) with a new $2,000.0 unsecured credit facility (the “2016 Revolving Credit Facility” or “Revolving Credit Facility”). The 2016 Revolving Credit Facility, which matures March 2021, increases the aggregate commitments by $500.0 and gives the Company the ability to borrow at a spread over LIBOR. The Company intends to utilize the new credit facility for general corporate purposes. At March 31, 2016, there were no borrowings under the 2016 Revolving Credit Facility. The 2016 Revolving Credit Facility requires payment of certain annual agency and commitment fees and requires that the Company satisfy certain financial covenants. At March 31, 2016, the Company was in compliance with the financial covenants under the 2016 Revolving Credit Facility.

Commercial Paper Program

The Company has 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. As of March 31, 2016, the maximum aggregate principal amount of the Commercial Paper outstanding under the Program at any time is $1,500.0, which was increased to $2,000.0 effective April 1, 2016. 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 14). The average interest rate on the Commercial Paper as of March 31, 2016 was 0.85%.

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. The fair value of the senior notes is based on recent bid prices in an active market and is therefore classified as Level 1 in the fair value hierarchy (Note 14).