Long-Term Debt and Notes Payable

3 Months Ended

Mar. 31, 2015

Long-Term Debt and Notes Payable

Long-Term Debt and Short-Term Borrowings

The following table summarizes the Company’s debt as of March 31, 2015 and December 31, 2014:

(in millions)	March 31, 2015		December 31, 2014
Long-term debt consists of:
2.75% notes due 2018	$	250.0	$	250.0
4.45% notes due 2023	300.0		300.0
6.55% notes due 2036	199.3		199.3
Total long-term debt	$	749.2	$	749.2
Short-term borrowings consists of:
Revolving credit facility	$	—	$	100.0
Commercial paper	126.7		—
Other	0.8		0.8
Total short-term borrowings	$	127.5	$	100.8

On March 2, 2015, the Company entered into a commercial paper program (the “CP Program”) pursuant to which it may issue short-term, unsecured commercial paper notes (the “Notes”) pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of the Notes outstanding under the CP Program at any time not to exceed $500 million. The Notes will have maturities of up to 397 days from date of issue. The Notes will rank at least pari passu with all of our other unsecured and unsubordinated indebtedness. At March 31, 2015, Notes with a principal amount of $127 million were outstanding.  The net proceeds of the issuances of the Notes were used to repay amounts under our revolving credit facility and for general corporate purposes.