Debt

Lines of Credit

We have a $2.5 billion committed line of credit (“Credit Agreement”) with a consortium of banks expiring on October 12, 2016. We have the ability to classify borrowings under the Credit Agreement as long-term. The Credit Agreement supports the issuance of up to $1.5 billion of commercial paper issuances and such issuances reduce the amount available under the Credit Agreement. At March 31, 2014 and December 31, 2013 there were no outstanding commercial paper issuances or borrowings under the Credit Agreement. We also have uncommitted lines of credit aggregating $1,046.1 million and $1,051.5 million at March 31, 2014 and December 31, 2013, respectively.

Available and unused lines of credit at March 31, 2014 and December 31, 2013 were (in millions):



	2014		2013

Credit Agreement	$	2,500.0	$	2,500.0
Uncommitted lines of credit	1,046.1		1,051.5
Available and unused lines of credit	$	3,546.1	$	3,551.5

The Credit Agreement contains financial covenants that require us to maintain a Leverage Ratio of consolidated indebtedness to consolidated EBITDA to no more than 3 times for the most recently ended 12-month period (under the Credit Agreement, EBITDA is defined as earnings before interest, taxes, depreciation and amortization) and an Interest Coverage Ratio of consolidated EBITDA to interest expense of at least 5 times for the most recently ended 12-month period. At March 31, 2014 we were in compliance with these covenants, as our Leverage Ratio was 1.9 times and our Interest Coverage Ratio was 10.8 times. The Credit Agreement does not limit our ability to declare or pay dividends.

Short-Term Borrowings

Short-term borrowings of $7.5 million and $5.9 million at March 31, 2014 and December 31, 2013, respectively, represent bank overdrafts and credit lines of our international subsidiaries. The bank overdrafts and credit lines are treated as unsecured loans pursuant to the agreements supporting the facilities. Due to the short-term nature of these instruments, carrying value approximates fair value.

Long-Term Notes Payable

Long-term notes payable at March 31, 2014 and December 31, 2013 were (in millions):



	2014		2013

5.90% Senior Notes due April 15, 2016	$	1,000.0	$	1,000.0
6.25% Senior Notes due July 15, 2019	500.0		500.0
4.45% Senior Notes due August 15, 2020	1,000.0		1,000.0
3.625% Senior Notes due May 1, 2022	1,250.0		1,250.0
Other notes and loans	0.5		0.5
	3,750.5		3,750.5
Unamortized premium (discount) on Senior Notes, net	14.4		14.7
Deferred gain from termination of interest rate swaps on Senior Notes due 2016	14.1		15.9
	3,779.0		3,781.1
Less current portion	0.4		0.4
Long-term notes payable	$	3,778.6	$	3,780.7

Convertible Debt

Convertible debt at March 31, 2014 and December 31, 2013 was (in millions):



	2014		2013

Convertible Notes - due July 31, 2032	$	252.7	$	252.7
Less current portion	252.7		—
Convertible debt	$	—	$	252.7

Holders of the Convertible Notes due July 31, 2032 (the “2032 Notes”) have the right to put the notes back to us for cash on July 31 of each year and we have the right to redeem the notes for cash at any time on or after July 31, 2014. There are no events that accelerate the noteholders’ put rights. At March 31, 2014, the 2032 Notes were classified as current in our balance sheet.

If the 2032 Notes become convertible and the holders of our 2032 Notes exercise their conversion right, the conversion obligation is equal to a conversion value determined on the day of conversion, calculated by multiplying the share price at the close of business on that day by 18.373 shares (subject to any adjustments required by the Indenture governing the 2032 Notes). We satisfy the conversion value by paying the initial principal amount of the note in cash and the balance of the conversion value in cash or shares, at our option. The put obligation can only be satisfied in cash.