Long-Term Debt and Financing Arrangements

Long-term debt and financing arrangements at June 29, 2013 and December 29, 2012 follow:



	Interest Rate	2013			2012
Notes payable due 2016	5.75%	323.4			326.8
Notes payable due in 2018 (junior subordinated)	4.25%	632.5			632.5
Notes payable due 2021	3.40%	391.0			417.1
Notes payable due 2022	2.90%	799.3			799.3
Notes payable due 2028	7.05%	154.0			169.6
Notes payable due 2040	5.20%	353.0			404.4
Notes payable due 2052 (junior subordinated)	5.75%	750.0			750.0
Other, payable in varying amounts through 2021	0.00% – 6.62%	37.6			37.2
Total long-term debt, including current maturities		$	3,440.8		$	3,536.9
Less: Current maturities of long-term debt		(11.9		)	(10.4		)
Long-term debt		$	3,428.9		$	3,526.5

At June 29, 2013, the Company's carrying value of the $300.0 million note payable due in 2016 includes $14.0 million associated with fair value adjustments made in purchase accounting as well as $9.4 million pertaining to the unamortized gain on a previously terminated fixed-to-floating interest rate swap.

At June 29, 2013, the Company had a fixed-to-floating interest rate swap on its $400.0 million notes payable due in 2021. The carrying value of the notes payable due in 2021 includes $15.4 million pertaining to the unamortized gain on previously terminated swaps partially offset by $24.1 million pertaining to fair value adjustments of the active swap and $0.3 million unamortized discount on the notes.

At June 29, 2013, the Company had a fixed-to-floating interest rate swap on its $150.0 million notes payable due in 2028. The carrying value of the notes payable due in 2028 includes $15.9 million associated with fair value adjustments made in purchase accounting slightly offset by $11.9 million pertaining to fair value adjustment of the swap.

At June 29, 2013, the Company had a fixed-to-floating interest rate swap on its $400.0 million notes payable due in 2040. The carrying value of the notes payable due in 2040 includes a $46.7 million loss pertaining to the fair value adjustment of the swap and $0.3 million pertaining to unamortized discount on the notes.

Unamortized gains and fair value adjustments associated with interest rate swaps and the impact of terminated swaps are more fully discussed in Note I, Derivative Financial Instruments.

In June 2013, the Company terminated its four year $1.2 billion committed credit facility with the concurrent execution of a new five year $1.5 billion committed credit facility (the “Credit Agreement”). Borrowings under the Credit Agreement may include U.S. Dollars up to the $1.5 billion commitment or in Euro or Pounds Sterling subject to a foreign currency sub-limit of $400.0 million and bear interest at a floating rate dependent upon the denomination of the borrowing. Repayments must be made on June 27, 2018 or upon an earlier termination date of the Credit Agreement, at the election of the Company. Simultaneously, the Company terminated its $1.0 billion 364 day committed credit facility with the concurrent execution of a new $500 million 364 day committed credit facility (the "Facility"). The Facility contains a one year term-out provision and borrowings under the Facility may include U.S. Dollars up to the $500 million commitment or in Euro or Pounds Sterling subject to a foreign currency sub-limit of $250 million and bear interest at a floating rate dependent upon the denomination of the borrowing. Repayments must be made by June 26, 2014, unless the one year term-out election is made, or upon an earlier termination date of the Facility, at the election of the Company. The Credit Agreement and Facility are designated to be a liquidity back-stop for the Company's $2.0 billion commercial paper program. As of June 29, 2013, the Company has not drawn on either of these commitments.

At June 29, 2013, the Company had $1.3 billion of borrowings outstanding against the Company’s $2.0 billion commercial paper program. At December 29, 2012, the Company had no commercial paper borrowings outstanding.