SHORT-TERM AND LONG-TERM DEBT

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

SHORT-TERM AND LONG-TERM DEBT

SHORT-TERM AND LONG-TERM DEBT

The following summarizes information concerning short-term debt (in thousands of dollars):

	March 31, 2017		December 31, 2016
Outstanding lines of credit	$	16,861	$	16,392
Outstanding commercial paper	404,694		369,748
	$	421,555	$	386,140

The increase in commercial paper from December 31, 2016 was used to fund general working capital needs and share repurchase.

Long-term debt consisted of the following (in thousands of dollars):

	March 31, 2017			December 31, 2016
4.60% senior notes due 2045	$	1,000,000		$	1,000,000
3.75% senior notes due 2046	400,000			400,000
British pound term loan and revolving credit facility	185,666			187,506
Euro term loan and revolving credit facility	122,463			120,900
Canadian dollar revolving credit facility	105,176			100,521
Other	73,309			71,109
	1,886,614			1,880,036
Less current maturities	(20,069		)	(19,966		)
Debt issuance costs and discounts	(18,828		)	(19,124		)
	$	1,847,717		$	1,840,946

The estimated fair value of the Company’s 3.75% Senior Notes due 2046 (3.75% Notes) and 4.60% Senior Notes due 2045 (4.60% Notes) was based on available external pricing data and current market rates for similar debt instruments, among other factors, which are classified as level 2 inputs within the fair value hierarchy. The fair value of the 3.75% Notes was approximately $380 million and $371 million as of March 31, 2017 and December 31, 2016, respectively. The fair value of the 4.60% Notes was approximately $1.1 billion as of March 31, 2017 and December 31, 2016, respectively. The carrying value of other long-term debt approximates fair value due to their variable interest rates.