Note 2—Long-Term Debt

Long-term debt consists of the following:


		December 31, 2016				December 31, 2015
		Carrying		Approximate		Carrying		Approximate
	Maturity	Amount		Fair Value (1)		Amount		Fair Value (1)
Revolving Credit Facility	March 2021	$	—	$	—	$	—	$	—
Commercial Paper Program (less unamortized discount of $0.4 and $0.2 at December 31, 2016 and 2015, respectively)	March 2021		1,018.9		1,018.9		823.9		823.9
4.00% Senior Notes (less unamortized discount of $0.6 and $0.8 at December 31, 2016 and 2015, respectively)	February 2022		499.4		523.7		499.2		508.6
2.55% Senior Notes (less unamortized discount of $0.5 and $0.7 at December 31, 2016 and 2015, respectively)	January 2019		749.5		758.3		749.2		750.1
1.55% Senior Notes (less unamortized discount of $0.1 and $0.2 at December 31, 2016 and 2015, respectively)	September 2017		374.9		375.4		374.8		373.2
3.125% Senior Notes (less unamortized discount of $0.2 and $0.3 at December 31, 2016 and 2015, respectively)	September 2021		374.8		380.4		374.7		367.7
Notes payable to foreign banks and other debt	2017-2022		5.5		5.5		5.0		5.0
Less deferred debt issuance costs			(12.3)		—		(13.3)		—
Total debt			3,010.7		3,062.2		2,813.5		2,828.5
Less current portion			375.2		375.7		0.3		0.3
Total long-term debt		$	2,635.5	$	2,686.5	$	2,813.2	$	2,828.2

(1)

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

Credit Facility

On March 1, 2016, the Company replaced its $1,500.0 unsecured credit facility with a new $2,000.0 unsecured credit facility (the “Revolving Credit Facility”). The 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 Revolving Credit Facility for general corporate purposes. 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). At December 31, 2016, there were no borrowings under the Revolving Credit Facility. The Revolving Credit Facility requires payment of certain annual agency and commitment fees and requires that the Company satisfy certain financial covenants.

Commercial Paper

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 bears 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. Effective April 1, 2016, the maximum aggregate principal amount of the Commercial Paper outstanding under the Program at any time was increased by $500.0 from $1,500.0 to $2,000.0. 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, 2016 and 2015 was 1.06% and 0.88%, respectively.

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 of 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 1.55% Senior Notes are due in September 2017 and are therefore recorded, net of the related unamortized discount and debt issuance costs, within Current portion of long-term debt in the accompanying Consolidated Balance Sheets as of December 31, 2016.

The maturity of the Company’s debt (exclusive of unamortized deferred debt issuance costs as of December 31, 2016) over each of the next five years ending December 31 and thereafter, is as follows:


2017	$	375.7
2018		0.3
2019		749.8
2020		0.1
2021		1,396.8
Thereafter		500.3
	$	3,023.0

The Company has a $20.0 uncommitted standby letter of credit facility of which approximately $12.7 was issued at December 31, 2016.