The Company’s outstanding borrowings consisted of the following (in millions):



	June 30, 2012			December 31, 2011
Due in less than one year:
Commercial paper	$	390.0		$	297.0
Floating rate notes (effective rate of 1.0%) due 2013	300.0			300.0
Due in greater than one year (a):
6.500% notes (effective rate of 5.6%) due 2014	500.0			500.0
5.930% notes due 2016 (b)	1,000.0			1,000.0
3.650% notes (effective rate of 4.4%) due 2018	400.0			400.0
5.253% notes due 2020 (b)	324.9			324.9
6.200% notes due 2036 (b)	500.0			500.0
6.200% notes due 2040 (b)	250.0			250.0
Other borrowings	5.8			8.8
Total borrowings at par value	3,670.7			3,580.7
Fair value hedge accounting adjustments, net (a)	22.4			23.9
Unamortized discount, net	(20.0		)	(21.4		)
Total borrowings at carrying value (c)	$	3,673.1		$	3,583.2

____________________

(a)

The Company utilizes interest rate swaps designated as fair value hedges to effectively change the interest rate payments on a portion of its notes from fixed-rate payments to short-term LIBOR-based variable rate payments in order to manage its overall exposure to interest rates. The changes in fair value of these interest rate swaps result in an offsetting hedge accounting adjustment recorded to the carrying value of the related note. These hedge accounting adjustments will be reclassified as reductions to or increases in “Interest expense” in the Condensed Consolidated Statements of Income over the life of the related notes, and cause the effective rate of interest to differ from the notes’ stated rate.


(b)	The difference between the stated interest rate and the effective interest rate is not significant.


(c)	As of June 30, 2012, the Company's weighted-average effective rate on total borrowings was approximately 4.7%.