Debt

Notes payable and long-term debt consisted of the following:



	June 30, 2015				December 31, 2014
	Outstanding		Weighted Average Rate		Outstanding		Weighted Average Rate
Notes payable
Commercial paper ⁽¹⁾	$	—	—	%	$	145	0.3	%
Sigma-Aldrich Japan GK credit facilities ⁽²⁾	—		—		—		—
Other short-term credit facilities ⁽³⁾	—		—		—		—
Total notes payable	$	—	—	%	$	145	0.3	%
Long-term debt
Senior notes, due November 1, 2020 ⁽⁴⁾	$	300	3.4	%	$	300	3.4	%
Total long-term debt	$	300	3.4	%	$	300	3.4	%

(1)

The Company has a $600 five-year revolving credit facility with a syndicate of banks in the United States that supports the Company's commercial paper program. The facility matures on May 10, 2018. At June 30, 2015 and December 31, 2014, the Company did not have any borrowings outstanding under this facility. The amount available under the facility is reduced by the amount of commercial paper outstanding. The carrying value of the commercial paper outstanding approximates its fair value. The facility contains financial covenants that require the maintenance of a ratio of consolidated debt to total capitalization of no more than 65.0 percent and an aggregate amount of subsidiary debt plus consolidated secured debt of no more than 25.0 percent of total net worth, as defined in the underlying credit agreement. The Company's total consolidated debt as a percentage of total capitalization and aggregate amount of subsidiary debt plus consolidated secured debt as a percentage of total net worth were 8.3 percent and 0.0 percent, respectively, at June 30, 2015.


(2)	Sigma-Aldrich Japan GK has a credit facility with a total commitment of 1 billion Japanese Yen (approximately $9), expiring April 30, 2016. No borrowings were outstanding under the facility at both June 30, 2015 and December 31, 2014.


(3)	There were no borrowings under these facilities, which have total commitments in U.S. Dollar equivalents of approximately $2, at June 30, 2015 and December 31, 2014.

(4)

The Company has $300 of 3.375 percent Senior Notes due November 1, 2020. Interest on the notes is payable May 1 and November 1 of each year. The notes may be redeemed, in whole or in part at the Company’s option, (i) at any time at specific redemption prices plus accrued interest or (ii) three months prior to the maturity date at a redemption price equal to 100 percent of the principal amount plus accrued interest.

The Company has provided a guarantee for any outstanding borrowings from the short-term credit facility of its wholly-owned Japanese subsidiary. At June 30, 2015, there were no existing events of default that would require the Company to honor this guarantee.

Total interest expense incurred on short-term and long-term debt, net of amounts capitalized, was $1 and $2 for the three months ended June 30, 2015 and 2014, respectively. Total interest expense incurred on short-term and long-term debt, net of amounts capitalized, was $3 and $4 for the six months ended June 30, 2015 and 2014, respectively.

The fair value of long-term debt was approximately $307 and $312 at June 30, 2015 and December 31, 2014, respectively. The fair value of long-term debt was based upon a discounted cash flow analysis that used the aggregate cash flows from principal and interest payments over the life of the debt and current market interest rates.