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Long-Term Debt and Financing Arrangements
 9 Months Ended
Oct. 01, 2016
Long-Term Debt and Financing Arrangements
Long-Term Debt and Financing Arrangements
Long-term debt and financing arrangements at October 1, 2016 and January 2, 2016 are as follows:
 
 
October 1, 2016
 
January 2, 2016
(Millions of Dollars)
Interest Rate
Original Notional
Unamortized Discount
Unamortized Gain/(Loss) Terminated Swaps
Purchase Accounting FV Adjustment
Deferred Financing Fees
Carrying Value
 
Carrying Value
Notes payable due in 2018
2.45%
$
632.5

$
—

$
—

$
—

$
(3.6
)
$
628.9

 
$
627.5

Notes payable due in 2018 (junior subordinated)
2.25%
345.0

—

—

—

(0.9
)
344.1

 
343.8

Notes payable due 2021
3.40%
400.0

(0.2
)
17.8

—

(1.7
)
415.9

 
405.9

Notes payable due 2022
2.90%
754.3

(0.4
)
—

—

(3.8
)
750.1

 
749.6

Notes payable due 2028
7.05%
150.0

—

12.8

12.4

—

175.2

 
167.0

Notes payable due 2040
5.20%
400.0

(0.2
)
(35.2
)
—

(3.3
)
361.3

 
360.1

Notes payable due 2052 (junior subordinated)
5.75%
750.0

—

—

—

(19.6
)
730.4

 
729.9

Notes payable due 2053 (junior subordinated)
5.75%
400.0

—

4.9

—

(8.4
)
396.5

 
394.2

Other, payable in varying amounts through 2022
0.00% - 2.53%
19.9

—

—

—

—

19.9

 
19.2

Total long-term debt, including current maturities
 
$
3,851.7

$
(0.8
)
$
0.3

$
12.4

$
(41.3
)
$
3,822.3

 
$
3,797.2

Less: Current maturities of long-term debt
 
 
 
 
 
 
(7.2
)
 
(5.1
)
Long-term debt
 
 
 
 
 
 
$
3,815.1

 
$
3,792.1


In the first quarter of 2016, the Company adopted ASU 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires debt issuance costs related to recognized debt liabilities to be presented in the balance sheet as a direct deduction from the debt liability rather than an asset. Accordingly, at October 1, 2016, approximately $41.3 million of deferred debt issuance costs were presented as a direct deduction within Long-Term Debt on the Company's Condensed Consolidated Balance Sheets. Furthermore, the Company reclassified approximately $45 million of deferred debt issuance costs from Other Assets to Long-Term Debt as of January 2, 2016.
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.
As of October 1, 2016, the Company had $89.3 million of borrowings outstanding against the Company’s $2.0 billion commercial paper program and at January 2, 2016, the Company had no commercial paper borrowings outstanding. As of October 1, 2016, the Company has not drawn on its $1.75 billion committed credit facility.